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Bailed Out JPMorgan Chase Funds ACORN

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Posted on August 24 2009 1:15 am

JPMorgan Chase, which has strong ties to the Obama administration and which has received $25 billion in government bailout money, has given more than $5 million to the ACORN affiliate ACORN Housing since 2001, retired Judge Andrew Napolitano said last week on the “Glenn Beck Program.”

Napolitano said that a bank spokesman told the program, “Our dealings with ACORN have been entirely appropriate,” and noted that other banks continue giving money to ACORN too. ACORN, “the group blamed for helping to cause the mortgage meltdown,” has also been called “a criminal enterprise” that shuffles government money between its 361 different affiliates, he said.

The Obama administration has been trying to distance itself from the group “but not from the funders who are backing it,” Napolitano said, adding that the New York Times has called JPMorgan CEO Jamie Dimon “President Obama’s favorite banker.”

“Dimon also reportedly has a phone hotline to his old pals, [White House] Chief of Staff Rahm Emanuel and Treasury Secretary Tim Geithner,” said Napolitano.

Peter Flaherty, president of the National Legal and Policy Center, said years ago ACORN got the banks –JPMorgan Chase, Bank of America, Citigroup— to begin paying tribute to it in the form of donations, including donations to ACORN Housing, a major affiliate in the ACORN network. “And of most consequence, it included backing off opposition to something called the Community Reinvestment Act of 1977,” said Flaherty. The Community Reinvestment Act is a kind of financial affirmative action program that forces banks to lend to supposedly underserved areas on the theory that banks are racist and actively discriminate against minority borrowers.

This “led to a severe loosening of lending standards, which led to the subprime meltdown and the more general mortgage crisis,” he said, adding:

Banks are supposed to operate differently now. Why are they still supporting ACORN? Has their relationship with ACORN changed at all? Are they demanding more information especially in light of the allegations of voter registration fraud and the embezzlement scandal within ACORN?

Napolitano said President Obama

has referred to Jamie Dimon by saying the following, “There are a lot of banks that are actually pretty well-managed. JPMorgan is a good example. Jamie Dimon, the CEO there — I don’t think he should be punished for doing a pretty good job managing an enormous portfolio.” And let’s see, do I have this right? Not only does the president know him and like him, the mayor of Chicago, where this crowd comes from, his brother, is vice chair of the bank.

“This bank is very political,” said Flaherty. “Obama says Dimon is his favorite banker…and William Daley, the brother of Chicago Mayor Richard Daley, has the title of Midwest director. Now, how many Fortune 500 companies have a Midwest director? Not another one. It’s political protection, pure and simple.”

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