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-- -- had JPMorgan Chase do not sound like a likely bedfellows but -- next guest -- evidence they have a financial relationship.
JPMorgan gave the money.
-- does intimidation have anything to do it.
Joining us now with some answers pedophile -- from a national legal and policy center festival Peter thanks for joining us by the way.
What what is your evidence and and how much money as JPMorgan Chase given to a cool.
Well that's exactly the point we don't know JPMorgan Chase has failed to disclose.
All of the money that they've given to acorn and acorn related groups.
Not to go to the tax return for the JPMorgan Chase foundation and the most recent one that's available.
Shows a one million dollar gift to acorn housing -- But we believe that's just the tip of the iceberg.
There's a lot of well founded and concern about the over fifty million dollars acorn has receiving taxpayer funds.
But they received much more from the big banks and JPMorgan Chase Citigroup Bank of America so you know for a fact it's in writing that they got at least a million dollars from JPMorgan Chase and you think more and -- -- banks followed suit now my question is why.
I mean -- Colin.
Is not a capitalist organization does not support capitalism it doesn't like profit doesn't like banks -- essentially it is a socialist.
Neo Marxist organizer -- in my personal opinion why all the big banks bending over backwards to get -- money like this.
Blackmail back in the 1970s.
-- realize that a source of support was the banks so they started -- saying bank executives picketing -- at homes and leafy suburbs.
And the reaction was what we do to get these people off our backs -- -- said we'll give us money.
Invest an acorn housing -- And most of all back -- your opposition to the community reinvestment act of 1977.
Now that law.
Drastically loosened lending standards helped to create the sub prime lending crisis that led to the more general mortgage meltdown.
So all these banks are culpable.
And JPMorgan Chase for instance that has a solid balance sheet and are acting as though they had nothing to do with the crisis but they certainly did.
And it's due to their relationship of these anti business groups even though the banks is supposed to be.
You know the primary institutions of capitalism what you've written a book and you've written several articles about this you must have capped a contacted JPMorgan what do they say you what like defending themselves defending their gift -- what -- -- do what they say they're doing.
-- not written a book about this but JPMorgan.
Has said -- publicly that they believe there -- dealings with acorn are appropriate.
I don't know if there illegal but I do think -- it they are inappropriate.
I JPMorgan Chase got 25 billion dollars in taxpayer TARP money last year.
During that same year 1000.
People -- got bonuses of a million dollars or more.
See you think within the building that at least be some passing respect for the wealth generation potential of the free market but that's not the case they find a whole bunch of anti business activists the most significant being acorn and most dangerous because you could -- -- -- would just buying them off.
And a million here a million -- multimillion I wouldn't say that sure.
But look what look what happened it wasn't just buying -- about a -- -- has stopped picketing homes in the suburbs.
Has more than any other single factor.
In our society.
Been a cause of the sub prime landing a meltdown that's -- fact that all of us and and really brought down a financial system as a whole.
Could we got a bit of platinum so I misspoke and you did not write a book my apologies for that maybe I wrote a book a lot of different top I don't get what I want another one -- us what -- beautiful okay if it thanks --
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