JPMorgan Chase has a problem: It’s taking in money faster than it can lend it out.
As long as this trend continues, the biggest bank in America by assets will drift further away from a commercial bank’s core social and economic role of lending.
Given the length of the infiltration and the fact that not one of the 83 million accounts affected got drained, it seems unlikely that theft of funds was the immediate goal of the breach. The more likely scenario is that we are watching a multi-layered crime unfold in real time.
However improbable it might have seemed twenty, five, or even two years ago, Detroit could well be on the verge of a major turnaround that could make it one of the biggest success stories in urban America over the next decade.
This settlement sends a strong message that banks that prey on customers and investors will be held accountable. I will continue to investigate financial institutions that bend the rules for their own benefit, and pursue equal justice for all New York families.
We recognize that jails are not known as good places for rehabilitation and reform. We are not talking about that here, however. What we are talking about is a matter of fairness and equitable treatment.
The film is part of a larger effort by American Express to not only shed light on the problems with the current financial system but to also promote change - including the development of new technologies and products that inexpensively meet the financial needs of everyone.