Major ACORN Donor Scores Big in Second Quarter
- Posted on July 14, 2011 at 7:48pm by
Becket Adams
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JPMorgan Chase & Co., who contributed upwards of $695,132 to president Obama’s 2008 campaign (more than three times the $228,107 McCain received*), reported Thursday that it earned $5.4 billion, or $1.27 per share in the three months ending in June.
The company saw their income rise by 13 percent as the bank collected higher fees from equity and debt underwriting in its investment banking business (“underwriting” is when a financial institution brings newly issued securities to a group of public or private investors).
When a bank underwrites a deal with their client they agree to purchase newly issued securities from the client with the intention of selling them for a profit. The client then pays the bank a premium in order to obtain capital without searching for many smaller buyers. In return for this premium, the bank assumes the risk of holding the newly issued securities, which could lose value and result in a loss.
Profits from JPMorgan’s investment banking, the process by which they assist individuals, corporations and governments in raising capital by underwriting and acting as the client’s agent in the issuance of securities, jumped 49 percent, to $2.1 billion, as the bank collected higher fees.
The bank set aside $2.6 billion for compensation to its investment bankers, down from $2.9 billion in the same period last year. That was above the $1.22 per share that analysts surveyed by FactSet had forecast. JPMorgan earned $4.8 billion, or $1.09 per share, in the same period a year ago.
However, despite rising capital generated from higher fees, their lending business staggered in the second quarter. “Despite low interest rates, the bank lost $454 million in its auto and mortgage loan operations, compared with income of $364 million in the prior year,” The Associated Press reports.
But should this come as a surprise? If you raise your debt fees, why would you expect the same customer base to think about borrowing for an auto loan or a mortgage?
“Even in credit cards, a bright spot in recent quarters, JPMorgan‘s customers weren’t spending as much, reflecting a lack of confidence in the economy. The total amount of credit card debt held by JPMorgan fell 12 percent compared with a year ago as its customers spent less. JPMorgan reduced its loan loss reserves by $1 billion as more people paid their bills on time,” AP reports.
JPMorgan’s stock rose 2 percent to $40.57 in pre-market trading Thursday.
It’s important to note that this is the same company that received $25 billion in government bailout money and has donated $5 million to ACORN since 1998.
It is also important to note that the profit they posted was generated primarily through fee increases and debt collection. Not to say that profit is bad. Far from it. The problem is how they made their profit. They posted losses in every category that involved offering goods and services but made large gains in fees and debts.
According to their own reports, customers aren’t investing in loans or using their credit cards. Why? It may be for a host of reasons (such as the ailing housing market or low consumer confidence). It could also be because their core market is too busy paying of the fee increases. Either way, the conclusion is an unhappy one: the customer, who must pay the fee increase, will not be making any sort of return on their “investment” in the bailouts.
This begs the question, “What was that $25 billion for?” Was it for establishing lines of credit or offering loans? In a report written in 2008, the claim was made that several of the recipients of the bailouts would take the money and “just hoard it to protect themselves.” The fact that their profits have been generated primarily through fee increases–as opposed to the sale of a genuine good–makes one begin to wonder whether or not the aforementioned quote was an unfair assessment.
*As clearly stated on Openseecrets.org website, “The organizations themselves did not donate, rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.”
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Comments (59)
KnowingTheFuture
Posted on July 15, 2011 at 1:18amThe greatest heist in American history. The whole system is corrupt. The whole world is corrupt. God’s wrath builds.
Report Post »chazman
Posted on July 15, 2011 at 7:50amI had no idea … time to cancel my accounts.
Report Post »dquak
Posted on July 16, 2011 at 9:21amI cancelled my last remaining account two months ago – not because of this news, but because Chase slapped me with new fees for a supposedly “free” checking account without any real notice: $7 per month for a small checking account. Forget it! Bunch of cheats! I will never bank with them again.
Report Post »jzs
Posted on July 15, 2011 at 1:15amUh, sorry folks, ACORN doesn’t exist anymore. There’s no ACORN to give money to.
Next.
Report Post »SonOfaCommunist
Posted on July 15, 2011 at 5:07amYa, and Barry was born in Hawaii! Wait, no records of his mother ever being a patient for child birth in any of the Hawaiian hospitals. Then ACORN must really have shut down as well. You’re right….next!
Report Post »vdavid
Posted on July 15, 2011 at 6:56amJZS, either you are naive or you just don’t want to accept reality! Apparently you have never heard the story about spots on a leopard. With the Soros’ machine and the hundreds of organizations he controls you don’t think an organization, like ACORN, changes its name, but still uses the same TAX ID NUMBER is the same organization? You may want to do a little more research before you make a claim that ACORN doesn’t exist! Elections are coming up; Obummer needs ACORN, Unions, and any other way to fix an election!
Report Post »Ailene Wright
Posted on July 15, 2011 at 7:58amThe name has changed. You can call a pile of poo a glorious rose but it is still a pile of poo
Report Post »green_manalishi
Posted on July 15, 2011 at 8:04amA douchbag organization.. by any other name ….is still beholden to El Douchbag (Obama), himself
Report Post »BacktotheFounders
Posted on July 15, 2011 at 1:19pmUh, JZS, you might want to inform yourself before making your comments. You look really dumb.
http://www.foxnews.com/politics/2010/03/25/similar-groups-acorns-place-republicans-foul/
“Just as criminals change their aliases, ACORN is changing its name,” California Rep. Darrell Issa, the top Republican on the House Committee on Oversight and Government Reform, said in a written statement. “But make no mistake about it, just because they change their name, doesn’t mean anything has really changed at all.”
Report Post »Bernice Durdan-Rowland
Posted on July 15, 2011 at 10:02pmSorry, JZS – Acorn is alive and well – all they did was move around and about, changed names and they are in business again !! I do believe they have even moved overseas, somewhere. Remember, Obama was one of their founders in Chicago – the known “gangster” town from the early days of the mafia ………….
Report Post »lylejk
Posted on July 14, 2011 at 11:38pmJP Morgan lost a heck of a lot of my money (IRA) and a few months after 9/11, I lost my job and not much after that I had to cash out what I could in order to survive (ended up losing it all a year later; another story for another time). I did get class action lawsuit material many years later but didn’t pursue it. JP Morgan is a group full of crooked thieves. Best that, if you still can, to divest your money from them if you do have any money with them, and use another investor (or buy gold). :)
Report Post »libertydoc
Posted on July 15, 2011 at 3:52amthis is one of the original gang of progressive thieves who started the US “Federal” reserve system. I am sorry for your loss. We all need to wake up to the crimes of the US banking cartels. “Give me liberty or give me death!!!”
Report Post »jblovesAmerica
Posted on July 15, 2011 at 8:11amI did not know about JP Morgan-being a Liberal Shadow Company-
Report Post »However-Progressive Insurance run by Peter Lewis-is far worse. Cute commercials on TV-but with a larger Liberal Shadow it casts.
Drop JP Morgan
Drop Progressive Insurance-Support pro American Companies
endgamer
Posted on July 14, 2011 at 10:37pmSURE The Rockefeller Family is “banking”. I never missed a payment on my credit card and when the “fit hit the shan” in 2008 My credit card interest rate went from 9.9% to 29.9% after chase too over my Washington Mutual credit card.. I just paid it off and told them to go shove their “new world order” up their A$$!! I have been using the snowball method to pay down my debt.. Almost done. No more borrowing. CASH is king..
Report Post »flyguync
Posted on July 15, 2011 at 12:22amGood for you! Dave Ramsey would be proud!
Report Post »libertydoc
Posted on July 15, 2011 at 3:53amRight on!!
Report Post »honestynow
Posted on July 15, 2011 at 10:52amHave you read Gary Kah’s book “En Route to Global Occupation”? Scary book. Talks about the Fed and the NWO, etc.
Report Post »psst
Posted on July 14, 2011 at 10:23pmThis IS absolutely True.
Report Post »If a LIE is told over a long period of time, and this lie is told often.(over and over and over)enough. People will start to believe it.
For exmple. The democrats are for the poor. Republicans are for the rich.
Who own Wall Streeet,? Jewish bankers owns Wall St. Which party do most Jews votes for?
Even rich non Jews supported Soetoro. I think some of these are non Jews,if they are, it just lends more credence to my point.
Bill Gates,T-Bone Chicken, Buffet,Redstone and many others.
The lemmings have been so dumbed down by the publiK sKrool teacher’s unions, radicalized marxist universities and the marxist controlled MSM, even when it’s proven Wall St & big bidniz gave more to Dems than Repubs, they still say their eyes and ears are lying to them
Actually the marxist dems wants to keep the poor poor. This creates dependency and these people believes the repubs are only for the rich.
Not that some R’s are in the pockets of big bidniz. But many more dems are in these poskets.
Most repubs wants the poor to learn to fish.Dems tell them they are incapable of catching fish.IOW. they are too stupid to learn. So depend on massa fer yer fish to eat.It’s easier.
Follow the “munny” From the taxpayers to Soetoto to Wall St. WS sends some as campaign donation back to Soetoro and some to his marxist organizations like ACORN ACORN keeps some and passes some to Soetoro
All funded by the taxpayers of course. Sweet.!! For them dems er marxists
stevoschmidt
Posted on July 14, 2011 at 10:16pmwhen you get money at 0% interest how can you not make money.every bill with geithner’s name on it is just inflation right before your eyes. politicians+federal reserve=reelection
Report Post »beaurocracy- at all costs do what you have to survive
JUSTANOTHEROPINION
Posted on July 14, 2011 at 10:08pmWhat‘s sad about this story is I’m not surprised or shocked, I’m just numb now.
Report Post »Anton Phibes
Posted on July 14, 2011 at 10:05pmI have a mortgage through them, that I am eventually going to refinance. They are the worst bank, with the worst customer service ever. A giant conglomerate monster that is corrupt to its core. Eventually they will fall under the weight of their own greed and stupidity. Now I know they also support The Obamanation. Ye Gads.
You wanna know the real humor here? Obama getting rich off the back of the taxpayers…being paid to play golf. Chase Bank….getting richer off the bailout money…that also came from the taxpayers. Us taxpayers: Flat broke. But they wanna holler about millionaires and billionaires and play up class warfare? Gimme a friggin’ break.
Report Post »dcart888
Posted on July 14, 2011 at 9:50pmIf they are the last standing bank I will not do business with them.
Report Post »Professional Infidel
Posted on July 14, 2011 at 9:57pmme either!
Report Post »RightPolitically
Posted on July 14, 2011 at 9:11pmThe government has gained far too much power to wheel and deal in crony capitalism. Back to the Constitution…….REIGN IN BIG CORRUPT WASHINGTON, D.C.
Report Post »Cheetosareus
Posted on July 14, 2011 at 9:38pmCarry that message to every board on the internet.
Report Post »jeffyfreezone
Posted on July 14, 2011 at 9:55pmThese big banks have been feasting on hard earned taxpayer dollars. Read Charlie Gasparino’s book Bought and Paid for. The rich OWN Obama!
Report Post »macombman
Posted on July 14, 2011 at 9:08pmI‘ll bet he’ll be able to afford President Obama’s 50th birthday bask. Itwll cost over $35,000.00 per couple to attend. I’m not kidding. http://www.youtube.com/watch?v=huhUeVFpHH0
Report Post »CatB
Posted on July 14, 2011 at 9:21pmInteresting that this “bash” is the SAME DAY that Obama threatens to cut of Social Security Payments!
TEA!
Report Post »Cheetosareus
Posted on July 14, 2011 at 9:00pmI thought it was under Republicans that the big banks were making obscene profits and skrewing the little guy. Here it is the middle of Obama’s last term in public office and it seems we have all been laboring under a false premise.
Report Post »mydogtippy
Posted on July 14, 2011 at 9:13pmThey want to say it all Republicans who are in bed with banks and wall street, I think the dems are just as much if not more.How else did they get so rich.
Report Post »CatB
Posted on July 14, 2011 at 9:22pmWatch the Dems .. whatever they are accusing others of is EXACTLY what they are doing!
TEA!
Report Post »forevermax
Posted on July 14, 2011 at 8:55pmObummer will NEVER desert Acorn. He said so. He’ll see to it they always receive funding, even if it means changing their name to something else. The corrupt protecting the corrupt.
Report Post »Mike B
Posted on July 14, 2011 at 8:51pmWhat can we do to level the field? United crooks have control…we need to stop this NOW.
Report Post »republapig
Posted on July 14, 2011 at 8:50pmI wonder how big the bonuses were? I wonder if they paid any more in taxes than the other crooks at GE?
Report Post »momprayn
Posted on July 14, 2011 at 8:44pmSo many criminals…….so little time. Please God – TRUTH AND JUSTICE very, very, very soon !!!!!!!!!
Report Post »Snowleopard {gallery of cat folks}
Posted on July 14, 2011 at 8:48pmIndeed, where we do not find or receive justice in the affairs of men; the Almighty will provide justice in his way, when the evil reaches the point to where he will show it openly to all and then have it come to a stop for all to behold his actions and will on the earth.
Report Post »jb.kibs
Posted on July 14, 2011 at 8:30pmthieves.
Report Post »mydogtippy
Posted on July 14, 2011 at 8:24pmNO organizations should donated to acorn.They are conrol by the unions you know the one are Prez said he would stand with them or walk with them on the pick line if he got a new shoes HAHA! ,maybe his buddy G SOROS will buy them,But knowing him we taxers would have to buy them
Report Post »heyjim55
Posted on July 14, 2011 at 8:18pmOh what a surprise JP making a profit, I wonder how long they are going to get away with naked short selling silver??? and manipulating the gold market? They has a employee over a year ago turn them in for fraud and proved it they were selling silver they never had or could get their hands on. Guess what happened to him when JP Morgan found out he exposed their criminal operation? he’s DEAD! he was murdered but who would do such a thing?? JP maybe?? could they afford to pay someone to kill this guy and get away with it? do they have any friends that could help them out with this little problem? I mean sounds drastic but when one looks into what would happen to JP if they were caught and prosecuted for fraud and naked short selling silver they would first go bankrupt over night, BUT! who in the Federal Government would dare prosecute JP Morgan? after all they are part owner of the Federal Reserve Bank and have bought off most of our politicians and everyone at the SEC and every other Federal watchdog commision the FBI maybe would the President order a investigation through are fine and up standing Justice Department I think not the press might be the only place where justice could be forced on them but hey JP Morgan probably owns part of the press as well. They have more to fear from those who bought silver from them and what they might do lets say demand delivery immediately .
Report Post »SiToNiTsOrOs1
Posted on July 14, 2011 at 8:15pmACORN is the epitamy of corruption “with a purpose.“ Working behind the veil of givng to a ”charitable organization,” JP Morgan Chase is contributing to the very demise of our country. Since the beginning of the Community Re-investment Act in the 1970′s, money given to the afore named ACORN is money spent to destroy the American way of life. WE THE PEOPLE are watching. Someday soon, many will stand against this corruption – with force if needed.
Where the hell is Congress?
Report Post »ConsiderThis
Posted on July 14, 2011 at 8:24pmBetter to ask where has Congress been. Because right now the Republican members at least are struggling with how to stop Obama from ramping up so much debt the country will never recover.
Report Post »mydogtippy
Posted on July 14, 2011 at 8:34pmsend request to Issa think I spelled it right,he is the only congressman going after Obama progressive buddes
Report Post »cheezwhiz
Posted on July 14, 2011 at 8:10pmSo now, will the union + ACORN thugs “ protest ” JPMorgan Chase to bring it down
Report Post »or
just yell and scream until they get some money drom JPMC , to shut up ?
vires montesque vincimus
Posted on July 14, 2011 at 8:03pmIsn’t it amazing how the banks and politicians are the few increasing their wealth during this economic crisis,while the rest of us struggle to keep up with the rising cost of…well pretty much everything. We are being played for fools and if we don’t stand up as one and stop it, however that has to be done, then we should just shut up. Talk is useless with these morons. I swore an oath to this country, to give my life if necessary, I still stand by that oath.
Report Post »cheezwhiz
Posted on July 14, 2011 at 8:02pmThis begs the question, “What was that $25 billion for?”
Report Post »———
The answers are in this very report.
Quote
JPMorgan Chase & Co., who contributed upwards of $695,132 to president Obama’s 2008 campaign
Endquote
and
Quote
this is the same company that ……………has donated $5 million to ACORN since 1998.
End quote
mils
Posted on July 14, 2011 at 8:08pmwe own chase stock. we intended to live in retirement on the dividends…well…that’s not gonna happen. we didn’t lose stock, but our dividends are only 10% of what we were receiving and we don’t see an increase in site any time soon….
Where the hell is the money?????????????????????????? the whole thing is totally disgusting
Report Post »cheezwhiz
Posted on July 14, 2011 at 8:18pmJPMC laundered $ 5, 695,132 . 00 of taxpayer money to ACORN and Obama, according to just this one report.
Report Post »Yes it is MONEY LAUNDERING
Psychosis
Posted on July 14, 2011 at 8:02pmit seems pay to play is alive and well in the banking community
its also interesting to note, banks contributed more to democrats than republicans………………like forever
Report Post »CatB
Posted on July 14, 2011 at 9:24pmWhat about that $2,500 “ceiling” on donations???
Report Post »duane38637
Posted on July 14, 2011 at 7:58pmWasnt they exempt from taxes because they are in bed with Obama ? Yes
Report Post »heyjim55
Posted on July 14, 2011 at 8:29pmI believe they were but their in bed with the political class and they are part owners of the Federal Reserve, last time I looked the Fed was owned by eight familes four from the US and Four from Europe and another four to six international Corporations. When you own that much of the world you certainly can get a sweet tax deal.
Report Post »tbl10
Posted on July 15, 2011 at 3:50am@ Heyjim55
Actually there are 12 owners, they each have an equal share, these same families are also nicknamed the Majestic 12. JP Morgan family, Rockeffeller family, Vanderbilt family, Rothschild Family, King of Spains family are all owners. Off the top of my head can’t remember the names of the others, but I do know for a fact their are 12 families. Of course they are also builderberg members aka NWO.
Report Post »