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Activists call for JP Morgan boycott By Ed Brayton 4/9/09 12:11 AM A group of activists is joining forces to urge Michigan residents to boycott JP Morgan Chase, a bank that holds a large amount of debt in Chrysler and refuses to allow the automaker to swap equity for debt in order to help them avoid bankruptcy and stay alive. The group includes Marcy Wheeler and Jane Hamsher of Firedoglake and Progress Michigan. Wheeler writes:
JP Morgan Chase wants to push Chrysler into bankruptcy so it can jump the line ahead of retirees and US taxpayers to get paid back.
If JP Morgan Chase does that, 300,000 people will lose their jobs.
That’s sorry thanks we get from a company that has gotten $25 billion in TARP funds from American taxpayers–plus billions more in other benefits from the Wall Street bailout.
My husband and I decided the only way to pressure JP Morgan Chase to negotiate in good faith with Chrysler was to close our Chase accounts. We want our money to go to a bank that is investing in rebuilding Michigan–not bankrupting it.
Now, FDL and Progress Michigan are calling on others to join our Chase boycott.
They have an online petition and a Facebook group set up for the boycott.
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