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J.P. Morgan Under Regulatory Fire

jpmorganchase

In yet another disgusting episode of "Too Big to Fail," this time from the NYT:

"Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath."

Yes, we're all shocked...again.

"The findings appear in a confidential government document, reviewed by The New York Times, that was sent to the bank in March, warning of a potential crackdown by the regulator of the nation’s energy markets."

What's with the secrecy? As if we don't know that we're being screwed by the banks.

"The possible action comes amid showdowns with other agencies. One of the bank’s chief regulators, the Office of the Comptroller of the Currency, is weighing new enforcement actions against JPMorgan over the way the bank collected credit card debt and its possible failure to alert authorities to suspicions about Bernard L. Madoff, according to people who were not authorized to discuss the cases publicly."

Suuuure they are.

"In a meeting last month at the bank’s Park Avenue headquarters, the comptroller’s office delivered an unusually stark message to Jamie Dimon, the chief executive and chairman: the nation’s biggest bank was quickly losing credibility in Washington. The bank’s top lawyers, including Stephen M. Cutler, the general counsel, have also cautioned executives about the bank’s regulatory problems, employees say."

Good Lord. A banker losing credibility in Washington! I'm shocked that Jamie Dimon has any credibility left to lose.

So, what exactly is the Big Bank in trouble for this time?

Continue reading »



180 Seconds of Coal Ash Problems

Every year power plants generate 140 million tons of coal ash, enough to fill a train stretching from the North Pole to the South Pole.

It contains chemicals like arsenic, mercury and lead. It can cause cancer and developmental problems. It poisons fish and wildlife in rivers and lakes.

In some places the ash is dumped into uncovered pits. In others it sits behind leaky dams. It poisons the air. It destroys the water. And the corporate polluters responsible, they claim that cleaning up this toxic mess would hurt their profits

But in 2008, when that dam broke, something changed.

Nearly half a million people asked the EPA for stronger protections. Thousands of citizens attended public meetings. Local and national environmental and public health groups got involved. We brought the coal industry face to face with the people they were hurting. Those people are America, and America spoke with one voice.

"Clean Up Coal Ash!"

But that was then and this is now. Four years later there are still no federal protections. Right now some senators want to pass a bill that will prevent the EPA from ever regulating coal ash. They want to ignore the disaster in Tennessee and avoid deadlines to clean up this toxic waste all across America. But we can't let polluter profits triumph over public health. We have to do something to clean up this mess.

So call your senators. Send this email. And share this video with your friends right now. Together we can clean up this toxic mess. But we have to take action now.

Take Action Now - http://earthjustice.org/coalashaction



Navajo Nation Struggles With Legacy of Uranium Contamination

New Mexico’s long history of uranium mining on Native American lands provides fuel for the front end of the nuclear industry and stores much of the mine tailings and radioactive waste from nuclear weapons and power plants. DemocracyNow! looks at the devastating impact uranium mining continues to have on Native lands with Leona Morgan of Eastern Navajo Diné Against Uranium Mining, a group dedicated to protecting the water, air, land and health of communities in areas impacted by uranium mines.Also joining the discussion is Jay Coghlan of Nuclear Watch New Mexico and former Los Alamos National Laboratory investigator Chuck Montaño.

AMY GOODMAN: We’re broadcasting from Los Alamos, New Mexico, the state home to the Navajo Nation. For decades, they’ve fought uranium mining on their land. Despite a mining moratorium on tribal property, the company Hydro Resources, Inc., is seeking approval to mine near the towns of Crown Point and Church Rock. Uranium has been mined here for more than 50 years, and the impact is still felt. The land is dotted with contaminated tailings, hundreds of abandoned mines that are still not cleaned up. Meanwhile, Navajos have suffered from high cancer rates and respiratory problems.

For more, we’re joined by Leona Morgan, a coordinator with the Eastern Navajo Diné Against Uranium Mining—their mission: to protect the water, air, land and health of communities in areas impacted by uranium mines.

Leona, welcome to Democracy Now! We’re talking about the dawn of the Nuclear Age. We’re broadcasting from Fuller Lodge. It’s where the scientists first came in 1943, part of the secret Manhattan Project, to develop an atomic bomb. Talk about where you come from and how that, in 1943, relates to you.

Full transcript here.