# JPMorgan puts $30B toward fixing banking’s ‘systemic racism’



## Mr. Zed da Robot Poon Fed (Oct 9, 2020)

https://apnews.com/article/race-and-ethnicity-small-business-charlotte-jamie-dimon-racial-injustice-3cf34a097380b3b0813a52994fbce648
		


CHARLOTTE, N.C. (AP) — JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system.

The New York bank said it is committing $30 billion over the next five years toward programs that include earmarking more money for getting Black and Latino families into homeownership and providing additional financing to build affordable rental housing units.

“Systemic racism is a tragic part of America’s history,” said JPMorgan Chase CEO Jamie Dimon in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality.”


In the immediate aftermath of the police killing of George Floyd, JPMorgan announced a commitment of $1.75 billion toward programs they said would help address racial inequalities. But since then, as protests have remained constant in some urban centers, there has been a push for banks to do more.

Citigroup announced last month it is committing $1 billion toward closing “the racial wealth gap” in the United States, including $550 million toward homeownership programs for racial minorities.

JPMorgan, which has $3.2 trillion in assets, said it expects the $30 billion to help finance 40,000 additional mortgages for Black and Latino households, another 20,000 loans that will refinance mortgages and help construct 100,000 affordable rental units. Additional funds will go to finance 15,000 small business loans to Black and Latino-owned businesses.

There will also be programs to place 1 million customers in low-cost checking and savings accounts, partly by opening new branches in minority-majority neighborhoods.

Black households are several times more likely to be what is known as unbanked, meaning they do not have a primary checking account with a traditional bank, or underbanked, where households still rely on high-cost financial services like check cashing, pawn shops and payday loans.

American banking still has a long way to go to fix the problems of the past. Banks large and small are still regularly cited for discriminatory practices, including allegations of “redlining” Black homebuyers. Redlining is a practice in which banks deny or avoid providing credit services to consumers because of racial demographics or the neighborhood where they live.

Ed Golding, the executive director of the MIT Golub Center for Finance Policy, said JPMorgan’s investment is impressive but narrowing the gap requires more fundamental changes to the financial system. He noted that there’s a 30% gap between Black and white homeownership, amounting to about 4.5 million households. JPMorgan’s investment would go to a fraction of those.

“We are not going to do it overnight,” said Golding, who served as the head of the Federal Housing Administration under the Obama administration. “I applaud the energy and the direction but it’s going to take massive government policy changes to really move the needle and make up for hundreds of years of systemic racism.”

According to a recent study that Golding co-authored, African Americans on average pay higher mortgage interest payments, insurance premiums and property taxes than white families, adding an average of $67,320 to their homeownership costs. The study said Black families are disadvantaged by a risk-based pricing system, which charges higher mortgage rates for lower down payments and credit scores. Golding called for a system that would pool risk among borrowers.

The Black Lives Matter protests have pushed dozens of companies to announce initiatives and policies to fight racial inequities, from pledges to bring more African Americans into leadership roles, to new investments intended to promote Black owned businesses.

JPMorgan was one of 27 major New York-based companies that joined a program to recruit 100,000 workers from the city’s low-income, predominately Black, Latino and Asian communities over the next 10 years. Mastercard announced a $500 million investment last month in Black communities, including providing Black-owned businesses access to affordable capital. IBM is investing $100 million in technology education at historically Black universities.

Stephanie Creary, an assistant professor of management at University of Pennsylvania’s Wharton School, said many of the programs appear promising because they are strategically targeted.

“That’s when I get excited is when it’s targeted toward something very concrete and that they are not just throwing money at the problem and hoping that people on the other side will figure out what to do with it,” said Creary, who researches diversity and inclusion issues.

But she said the question remains whether companies will continue investing in minority communities at this scale beyond this year.

“We’ve never seen this type of corporate response before and it feels a little hard to trust that it’s going to be long-term,” Creary said. “It feels like a window of opportunity, and right now corporations are paying attention, but one would hope that it becomes an annual moment.”


----------



## Coleslaw (Oct 9, 2020)

Did Obama fuck up on the recession worse than Hoover?


----------



## Bec (Oct 9, 2020)




----------



## Dom Cruise (Oct 9, 2020)

Oh boy, we ready for another 2008 housing crisis?


----------



## TFT-A9 (Oct 9, 2020)

AW SHIT HERE WE GO


----------



## Unassuming Local Guy (Oct 9, 2020)

I am completely behind this initiative as long as the government doesn't bail them out when (not if) their Fuck Whitey Loan Program hemorrhages money and everyone involved in its conception loses billions of dollars.


----------



## LaxerBRO (Oct 9, 2020)

What about those Asians? 

I heard that the model minority is a myth and Asians suffer under this racist system. Why don't you earmark another trillion to help Asians get home loans for 0% down?

Why are Asians Schrodinger's minority?


----------



## TFT-A9 (Oct 9, 2020)

FUCKING MURDER THESE PEOPLE

DRAG THEM INTO THE DAMN STREETS AND TURN THEM INTO HUMAN PINATAS

in Minecraft


----------



## LaxerBRO (Oct 9, 2020)

Unassuming Local Guy said:


> I am completely behind this initiative as long as the government doesn't bail them out when (not if) their Fuck Whitey Loan Program hemorrhages money and everyone involved in its conception loses billions of dollars.



For every million that is lost the C-level executives start losing fingers and toes, we can start with the CEO's pinky.

Out of digits? Just start executing them.


----------



## Coffee Shits (Oct 9, 2020)

Still Too Big To Fail, I see.


----------



## TFT-A9 (Oct 9, 2020)

the absolute fucking BALLS on these people

jesus fuck I'm deliriously angry right now, 2008 was a fucking SHITSHOW, I saw so many damn foreclosures in my area at the time, and they had the goddamn gall to hold out their hands for a bailout

AND THEY'RE DOING IT AGAIN


----------



## The Mass Shooter Ron Soye (Oct 9, 2020)

Put $30 billion forward, get $50 billion back.


----------



## The best and greatest (Oct 9, 2020)

Good for them, hope it works out.


----------



## Irrational Exuberance (Oct 9, 2020)

Why don't any of these idiots get it into their heads to find out the origin of the term "systemic (whatever)" _first_ before they start trying to appease those crying the loudest about it? These people see injustice _everywhere_, so they won't be satisfied with a piddly handout of $30 billion to get Cameron and Jasmine a home when their children can't get to or make it through school, so it's time for another one! We're not seeing as much ROI as we thought, but how dare you think of holding one cent back - injustice anywhere is a threat to justice everywhere!


----------



## Troonos (Oct 9, 2020)

Right, because throwing money at minorities always solves the problems endemic to their garbage cultures.


----------



## UselessIdiot (Oct 9, 2020)

Just another reason to go with small banks instead of fucking Wall St.


----------



## Bec (Oct 9, 2020)

Nowhere man said:


> View attachment 1652309


Rememberd a better image to illustrate this.


----------



## REGENDarySumanai (Oct 9, 2020)

Because critical race theory has worked so well everywhere else. Come on, at least have foresight and hindsight be 20/20.


----------



## Ruin (Oct 9, 2020)

Holy fucking shit. I knew globalists were deluded but I didn't think they'd do literally the exact same thing that caused the 2008 financial crisis.

Yea, civil war is probably inevitable, we can't live peacefully with these people. As long as they exist they will try to hurt ordinary Americans and their families.


----------



## Pentex (Oct 9, 2020)

Considering that JPMorgan is probably the majority owner/controller of the Federal Reserve System, whatever assfucking they  take on making massive loans to Negroes and Hispanics will inevitably be passed on to the rest of America.


----------



## Meat Target (Oct 9, 2020)

Banking already has tomes upon tomes of laws and regulations that are meant to prevent discrimination and redlining. For example:

If you only do business on one side of a state line, that can be "redlining"
If you feature images of people in your marketing material and they're too white/not diverse enough, that's "discouraging minority customers"
If a customer applies for a loan and you give them initial paperwork in Pashtun because it's the only language they speak, it's discrimination if you give them all subsequent documents in English.
You forgot to put the "Equal Housing Lender" logo on your website? DATS RAYCIS!
Of course, the only banks that get shithammered for things like this are small neighborhood banks with limited fuck you money.


----------



## Fek (Oct 9, 2020)

Unassuming Local Guy said:


> I am completely behind this initiative as long as the government doesn't bail them out when (not if) their Fuck Whitey Loan Program hemorrhages money and everyone involved in its conception loses billions of dollars.


This has absolutely nothing to do with helping minorities on the back of whitey, and everything to do with making even more money (with the subsequent bailout) through volatile lending practices. They aren't going to lose, because "the house always wins."


Homoerotic Cougar-kun said:


> the absolute fucking BALLS on these people
> 
> jesus fuck I'm deliriously angry right now, 2008 was a fucking SHITSHOW, I saw so many damn foreclosures in my area at the time, and they had the goddamn gall to hold out their hands for a bailout
> 
> AND THEY'RE DOING IT AGAIN


They're doing it because they can, and they'll get away with it again..and again..and again, until our flippin' society collapses. There's no one in any position of power out there adequate enough to do anything about it that will lift a finger in opposition, either. The Federal Reserve was brought into being in no small part thanks to fucking JP Morgan (and friends), so don't go thinking the govt. has any real say at all in this shit. Banks like JP Morgan and Chase, Citigroup, etc? They _own America_, and they have for a very long time.

You've seen what sort of power the financial sector wields. You're on this fucking site, so at bare minimum you've seen the price paid by Null for keeping it alive. In what world do you think such blatant severing of potential livelihood would be possible otherwise? No - the banks will lend, cause another horrid recession, and they won't even begin to care.


----------



## DeadFish (Oct 9, 2020)

Fek said:


> This has absolutely nothing to do with helping minorities on the back of whitey, and everything to do with making even more money (with the subsequent bailout) through volatile lending practices. They aren't going to lose, because "the house always wins."
> 
> They're doing it because they can, and they'll get away with it again..and again..and again, until our flippin' society collapses. There's no one in any position of power out there adequate enough to do anything about it that will lift a finger in opposition, either. The Federal Reserve was brought into being in no small part thanks to fucking JP Morgan (and friends), so don't go thinking the govt. has any real say at all in this shit. Banks like JP Morgan and Chase, Citigroup, etc? They _own America_, and they have for a very long time.
> 
> You've seen what sort of power the financial sector wields. You're on this fucking site, so at bare minimum you've seen the price paid by Null for keeping it alive. In what world do you think such blatant severing of potential livelihood would be possible otherwise? No - the banks will lend, cause another horrid recession, and they won't even begin to care.



If they are going nuke the economy then I guess they dont realize they are playing with fire. The current day problems with antifa and Marxists is a result of the 2008 recession. Many lefties I talk to online tell me the bailouts is what radicalized them. Doing the same shit will intensify extremism and get more people baying for banker blood.

The great depression also caused extreme anti capitalism sentiment.  Same pattern. Combusting ecomonies have historically caused people to become politically violent and I guess wall street wants to be on the receiving end of that violence.


----------



## TFT-A9 (Oct 9, 2020)

People right now are pissed, on edge and primed for violence.

If JP Morgan Chase really wants to give everyone having a bad year a laser fucking focus, well, good luck with that.


----------



## Kheapathic (Oct 9, 2020)

> Black households are several times more likely to be what is known as unbanked, meaning they do not have a primary checking account with a traditional bank, or underbanked, where households still rely on high-cost financial services like check cashing, pawn shops and payday loans.



And why is that? Is it because banks charge interest for having an account open and maybe low income people have found themselves in debt to the bank, because they dared to have a bank account with a low amount and the bank put them into the negative? So to forgo that problem; they tell the bank to go fuck themselves because it's obviously a shit fucking deal. Or maybe, if people "rely" on check cashing, pawn shops, and payday loans; they're bad with managing their money. Maybe they buy the new Jordans, weave, and get their nails did before buying food for their kids or ensuring the heat stays on in the winter; they have to go what is obviously predatory lendors to get that money. If they have shit to pawn, they have money, it's their priorities that are fucked up.



> According to a recent study that Golding co-authored, African Americans on average pay higher mortgage interest payments, insurance premiums and property taxes than white families, adding an average of $67,320 to their homeownership costs. The study said Black families are disadvantaged by a risk-based pricing system, which charges higher mortgage rates for lower down payments and credit scores. Golding called for a system that would pool risk among borrowers.



It's called risk assessment; when applying for loans (of any kind), the bank looks at your finances and other aspects of your life, then decide what deal to offer you when giving you money. Something tells me these numbers are skewed, mainly by blacks tend to congregate in large cities; where housing is a premium. They probably mixed these numbers in with everyone and really mean to say "Black people in Los Angeles require more money than the white people in somewhere like Nebraska!" Don't try to fucking lie to me with numbers, I know your tricks.



> Stephanie Creary, an assistant professor of management at University of Pennsylvania’s Wharton School, said many of the programs appear promising because they are strategically targeted.
> 
> “That’s when I get excited is when it’s targeted toward something very concrete and that they are not just throwing money at the problem and hoping that people on the other side will figure out what to do with it,” said Creary, who researches diversity and inclusion issues.
> 
> ...



Strategic targeting doesn't do shit if you can't change their hearts and minds at home and on the streets. There's a reason that no matter how much money states can throw at education, certain demographics test scores don't go up; their friends and family influence their behavior, you need to change that, and simply throwing money at the problem isn't the answer. It also won't last; you say you want to invest in non-white business, that's cool. Just don't be surprised when it burns down because some jackass halfway across the country decides to fight the cops and loses. It won't last, because the culture won't change.



> Golding called for a system that would pool risk among borrowers.



This is Obamacare in bank form. The healthy better off people are gonna have to bear a majority of the load for the sick poor.


----------



## usernames can change now! (Oct 9, 2020)

The 2008 global financial crisis wasn't primarily a housing collapse. It was triggered by one, yes, but it was much bigger than just mortgage securities. Sort of a straw that broke the camel.

That said, hahaha credit default swaps on darkies go brrrrr


----------



## assdick42069 (Oct 9, 2020)

Why is everyone bitching and crying when 2008 2: 2LIP2FURIOUS might yaeet the housing market back into affordable territory?


----------



## UselessIdiot (Oct 9, 2020)

This kind of thing of thing Kamala Harris was advocating for back during her first presidential run. I can hardly wait for her to enable another Great Recession and she and left blame it all on Trump/Republicans, and then bail out Wall Street with the little people's money.


----------



## Kheapathic (Oct 10, 2020)

assdick42069 said:


> Why is everyone bitching and crying when 2008 2: 2LIP2FURIOUS might yaeet the housing market back into affordable territory?


If I were to guess, the people with families and shit won't be the ones buying up all the properties; it'll be slum landlords.


----------



## Tovarisz (Oct 11, 2020)

If tossing money at Blacks solved their problems Africa would have been IRL Wakanda by now.


----------



## hawaianlapulapu (Oct 11, 2020)

banking’s ‘systemic racism’??
Actually not having a bank account is the best thing can happen to you if you are poor,
first because you will avoid to make costly mistakes when you are young and just started to work, as credit build youngers use to make stupid desitions like buying cars, cellphones, hollidays and put it to their credit cards, then they will buy homes they cant afford, and the last thing is that the bank will get all your personal information and fuck you because your bad credit and the only way out of the rat race is to go bankrupt and live in a trailer in the woods.


----------



## TFT-A9 (Oct 11, 2020)

Tovarisz said:


> If tossing money at Blacks solved their problems Africa would have been IRL Wakanda by now.


Seriously, how much foreign food and monetary aid has just fucking DISAPPEARED into Africa by now? It's hilarious to me that some people STILL think it does any good at all.  It all gets embezzled/stolen by corrupt officials, warlords and the like and lo and behold there are STILL humanitarian nightmares in Africa.


----------



## Tovarisz (Oct 11, 2020)

Homoerotic Cougar-kun said:


> Seriously, how much foreign food and monetary aid has just fucking DISAPPEARED into Africa by now? It's hilarious to me that some people STILL think it does any good at all.  It all gets embezzled/stolen by corrupt officials, warlords and the like and lo and behold there are STILL humanitarian nightmares in Africa.


Nobody believes that, more than that, nobody actually gives a fuck, especially people who donate to charities because it's all done for "You Did Something" Achievement, the bragging rights and woke virtue points that come with it.


----------



## idosometimes (Oct 11, 2020)

LaxerBRO said:


> What about those Asians?
> 
> I heard that the model minority is a myth and Asians suffer under this racist system. Why don't you earmark another trillion to help Asians get home loans for 0% down?
> 
> Why are Asians Schrodinger's minority?


Asians are not involved because they came willingly.  That is the argument.  Forget that messicans are castizo and mestizo descended from those who sailed over from Europeland to rape and murder the people they found.  Asians made the choice to come here so they get nothing.  BIPOCs were all caught in nets by evil white men and put on plantations.  The only remotely asian group that can join in are the pacific islanders because they are fat useless slobs.


----------



## TFT-A9 (Oct 11, 2020)

Tovarisz said:


> Nobody believes that, more than that, nobody actually gives a fuck, especially people who donate to charities because it's all done for "You Did Something" Achievement, the bragging rights and woke virtue points that come with it.


I've seen people who at least like to pretend really hard that they believe they're helping.  That being said, I think one of the greatest problems with being charitable to Africans is that by now I'm pretty sure that few (if any) of them actually ascribe any value to the idea of charity and they hold no real appreciation for it.  It's at best a ", free stuff, neat" thing.  Not a "these people are trying to help our lives improve, we should endeavor to do what we can on our end to see that their charity isn't wasted".  I don't think a lot of Africans even ascribe much value to human life or the abatement of suffering.  They don't really seem to put 2 and 2 together in regards to identifying the causes of their suffering and they don't really seem to give a shit about people dying in poverty and misery because that's just the way it's always been anyway, why fight it? Just look out for Number One and enjoy the ride, whatever it costs anyone else.


----------



## Liber Pater (Oct 11, 2020)

> Golding, who served as the head of the Federal Housing Administration


Wait a minute, I think I've seen this episode before.


LaxerBRO said:


> Why are Asians Schrodinger's minority?


Because low-IQ Hmong child brides are for some reason counted as part of the same census-designated umbrella category as Indian software engineers and Chinese rocket scientists. They can be poor or rich depending on who you want to focus on.


----------



## KeepHopeAlive (Oct 11, 2020)

And the grifting of Americans continues....right on schedule.


----------



## Cedric_Eff (Oct 11, 2020)

Wait. Does this mean people’s bank accounts are compromised?


----------



## Spastic Colon (Oct 11, 2020)

Poor white people have the same problems obtaining mortgages.  This is a class issue, not a race issue.  And a lot of the problem is self-inflicted.  White people living in trailer parks often have trouble managing their money just as much as inner city black people do.  If you don't educate people on how the system works, you aren't going to solve anything.  It's just a wealth transfer -- from those who actually work to those who make money off the labor of others.

I might be wearing a tin foil hat, but I am firmly convinced that everything that is currently going on is by design to bring down the US.  Incompetence is not really enough to account for the levels of fuckery that are being achieved in 2020.  Either everyone in positions of power is retarded to the nth degree or they are bleeding us dry before they jump to the next mark, probably China.


----------



## Tovarisz (Oct 12, 2020)

Spastic Colon said:


> I might be wearing a tin foil hat, but I am firmly convinced that everything that is currently going on is by design to bring down the US.  Incompetence is not really enough to account for the levels of fuckery that are being achieved in 2020.  Either everyone in positions of power is retarded to the nth degree or they are bleeding us dry before they jump to the next mark, probably China.



It is incompetence. Idk if anyone ever noticed or named this pattern/phenomenon but I noticed a long time ago dealing with people in Administration/management that people in power tend to hire a "left hand" as their second in command. Someone just competent enough to get things done but not competent enough to pose a threat to whoever chose them by being more competent. Problem is, the dudes who hire such left hands eventually get promotions and become replaced by their left hands who proceed to do the same thing.

Eventually this results in hilariously stupid people running things into the ground. It applies to business and politics.

Edit: Hell, even entertainment, think Kathleen Kennedy, I think that's the most readily usable example, she was probably making coffee for Spieldberg but got to his power level eventually just by association with him and being in the system long enough. Competent people are gatekept out of various industries because people in power are afraid those people might replace them before they get their promotions.


----------



## Margo Martindale (Oct 13, 2020)




----------



## Vlinny-kun (Oct 14, 2020)

Is it too late to start investing in gold and silver?


----------



## kadoink (Oct 14, 2020)

"extend billions in loans to Black and Latino homebuyers"

JP morgan chase just using the 21st century mentality to create a new generation of slaves that they can own. Fucking lunatics.


----------



## ConfederateIrishman (Oct 14, 2020)

DeadFish said:


> If they are going nuke the economy then I guess they dont realize they are playing with fire. The current day problems with antifa and Marxists is a result of the 2008 recession. Many lefties I talk to online tell me the bailouts is what radicalized them. Doing the same shit will intensify extremism and get more people baying for banker blood.
> 
> The great depression also caused extreme anti capitalism sentiment.  Same pattern. Combusting ecomonies have historically caused people to become politically violent and I guess wall street wants to be on the receiving end of that violence.


They're just going to sucessfully shift anger to identity politics again like they did last time.


----------



## DeadFish (Oct 14, 2020)

ConfederateIrishman said:


> They're just going to sucessfully shift anger to identity politics again like they did last time.


That might work in the short term. The rebel leader was recorded saying stuff about going after billionaires.

Even then they cant make money if a Sudan style shit storm breaks out.

Its a short term fix and I doubt they know or care


----------



## ConfederateIrishman (Oct 14, 2020)

DeadFish said:


> That might work in the short term. The rebel leader was recorded saying stuff about going after billionaires.
> 
> Even then they cant make money if a Sudan style shit storm breaks out.
> 
> Its a short term fix and I doubt they know or care


Well that is the real bitter pill I am currently swallowing; I can see a few scenarios where they lose control, but it is going to be because they empowered something horrific for far too long.


----------



## Distant Stare (Oct 14, 2020)

30 billion dollars constitutes 145 Falcon 9 Launches (62 million), or the net worth of SpaceX.


----------



## Tovarisz (Oct 23, 2020)

Distant Stare said:


> 30 billion dollars constitutes 145 Falcon 9 Launches (62 million), or the net worth of SpaceX.
> 
> View attachment 1662005


Nothing convinces me poor people need more gibs than seeing fatasses talking about being hungry.

"Fuck actual progress, feed my fat ass." and this is why we can't get off this ball of rock, because we have to cater to basic animal instincts and needs of frienzied mobs of lazy retards instead of ignoring them and moving forward.


----------



## UselessIdiot (Oct 23, 2020)

Tovarisz said:


> Nothing convinces me poor people need more gibs than seeing fatasses talking about being hungry.
> 
> "Fuck actual progress, feed my fat ass." and this is why we can't get off this ball of rock, because we have to cater to basic animal instincts and needs of frienzied mobs of lazy retards instead of ignoring them and moving forward.


I surprised the left hasn't removed that picture from the Internet. That woman epitomizes every negative stereotype about black women: morbidly obese, single mother, on gibs and asking for more, bad hair, angry look, etc.


----------

