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November 19, 2013

#AskJPM Blow Up Nothing to Laugh About

“Most have heard by now about JP Morgan Chase’s laughable Twitter campaign blow up over the hashtag #AskJPM. Even JP Morgan Chase has tried to laugh it off with a spokesperson saying “#Badidea! Back to the drawing board!” While it’s good to laugh and not take yourself or others too seriously, this is no laughing matter.

“It is in fact more evidence that Wall Street and its executives are living in a bubble, blissfully ignorant of what is happening in the real world and what they have done to the real world, including inflicting massive economic damage while pocketing billions in bonuses. It is also more proof of Wall Street’s executives believing their own PR and thinking they know it all, safely ensconced in their cocoons of sycophants, servants, er, fellow executives, and hired high priced guns, er, lobbyists, lawyers, PR spinners, and various other purchased mouthpieces and allies, political and otherwise. (Better Markets has detailed this mindset before herehere and here.)

“This was also demonstrated by JP Morgan Chase recently in connection with the dangerous, unlawful and criminal “London Whale” trades. Even though it cost its investors about $40 billion, JP Morgan Chase’s executive in charge of “investor relations” publicly accepted an award for the best spinning of this egregious episode. In accepting the award, she “quipped: ‘Can I just say, ‘Crisis? What Crisis?'” This cavalier indifference to egregious illegal conduct and its impact on real people, taxpayers and regulators, is grossly irresponsible and a disturbing window into the out-of-touch executive suites.”

***

Read Dennis Kelleher’s full Huffington Post blog post here

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