According to JP Morgan’s own financial disclosure the Too Big To Fail bank has decided to use its massive wealth and power to promote cuts to entitlement programs for current and future senior citizens. The group “Fix The Debt Coalition” received $500,00 from JP Morgan.
Despite the fact that JP Morgan received billions in bailout funds from taxpayers and loan guarantees from the Federal Reserve, the bank appears to believe austerity is the best program for the rest of the country. No more moochers.
The Fix The Debt Coalition is an attempt to convince Democrats that other Democrats support Republican ideas. The group is mostly made up of Republicans who are trying to mask hard right economic policy with vacuous Corporate PR. Even for Washington that’s cynical.
Fix The Debt’s leadership structure is also politically balanced: Democrat Erskine Bowles and former Republican Sen. Alan Simpson (Wyo.) serve as the group’s co-chairs, and the two steering committee co-chairs are former Pennsylvania Gov. Ed Rendell (D) and former Sen. Judd Gregg (R-N.H.).
But the bipartisanship is only skin deep, according to campaign finance records and non-profit tax filings reviewed by The Huffington Post, which reveal that Fix The Debt’s biggest backers and partners are Republicans and Republican-allied.
There was a brief moment where JP Morgan’s money almost paid off (with interest) when one of Wall Street’s most favored and supported politicians, Barack Obama, offered up his “Grand Bargain” that included cuts to Social Security and Medicare. Thankfully the deal fell apart. However, that has not stopped the JP Morgan funded Fix The Debt folks from lobbying like crazy.
As the American worker comes out of the Great Recession with even lower wages, JP Morgan has continued to flout the law while snaking massive profits. From a spectacularly fraudulent trade in England to a bribery scandal in China, the bank has gone around the world wreaking havoc. All while here at home JPM funds a thoroughly duplicitous organization promoting cuts to the safety net.
Perhaps now, before the next greed induced financial crisis, is the time we should start to consider the risks in not letting the banksters fail.
Update: Thanks to a user comment, I’m noting that Crandall Bowles, wife of Erskine Bowles of Simpson-Bowles debt commission fame, is on the Board of Directors of JP Morgan Chase. Interesting to keep track of these connections. (h/t Ocoastperson)