James Kwak: JPMorgan Ad's Dubious Promises To Boost Lending
At The Baseline Scenario, James Kwak challenges a new JPMorgan ad that pledges to lend $10 billion to small business this year: "according to the ad itself," Kwak writes, "JPMorgan Chase has lent $800 million to small businesses in the first seven weeks of the year. At that rate, they'll get to about $6 billion for the year. After the Washington Mutual acquisition. After the closure of close to two hundred smaller banks that were not considered too big to fail. That's not something to run an ad about."