For Immediate Release
Friday, July 13, 2012
AFSCME’s Saunders: Wall Street’s “Casino Mentality” Behind JP Morgan’s Losses, Economic Woes
Statement of AFSCME Pres. Lee Saunders following the announcement by JP Morgan Chase that London trading losses exceed $4 billionWashington, DC —
JP Morgan and the other Wall Street bank holding companies continue to operate with a casino mentality. Today, JP Morgan Chase announced losses exceeding 4 billion dollar on a foolish bet, yet they spend millions of dollars to weaken bank regulations and defeat further safeguards that will protect working families.
More than 600,000 state and local government public service workers lost their jobs in the great recession, thanks to the risky bets of JP Morgan and other Wall Street firms, while 43 states reduce their pension programs because of it. Nothing less than the very fabric of our country’s retirement security is at stake, and the right of all Americans to be able to live with dignity in their golden years.
AFSCME members are tired of the reckless behavior of Wall Street banks. JP Morgan and other banks created the financial crisis, drove our economy into a ditch, and caused millions of Americans to lose their jobs, their public services, their homes and their retirement security. Today’s losses, as well as the unfolding LIBOR (London Inter-Bank Offer Rate) crisis, are evidence that Wall Street greed and recklessness know no limits. With taxpayers still on the hook for future bailouts, it is time for working families to pull together and demand accountability and regulation of Wall Street banks.
AFSCME’s 1.6 million members are participants in state and local pension plans which collectively hold an estimated 4.5 percent of JP Morgan’s shares.