RELEASE: Bailout Beneficiary JPMorgan Chase takes Destructive Position on Job Creation

Tuesday, June 12, 2012

 CEO to testify before Congress

 Los Angeles, CA – JPMorgan Chase received billions of dollars in bailout money and now is trying to kill valuable construction jobs in California according to a letter released today from Senator Kevin de León (D-Los Angeles) to JPMorgan Chase’s Chairman and Chief Executive Officer James Dimon.

  The letter requests that Dimon intervene to stop JPMorgan Chase’s Century City Asset Management Office from opposing the proposed Century City Center project, a $350 million investment in Los Angeles which will create 4,600 jobs during construction and 1,470 jobs at completion. The annual revenues of the Center are projected at $4.3 million to the City. The construction trades in the area are suffering from 40-60% unemployment rates and could desperately use these jobs.

“It should not be difficult to see that additional employment in California is positive,” said Senator De León in a letter to Mr. Dimon. “I don’t have to remind you about Wall Street’s role in helping to create a global recession that continues to have significant lingering effects on our state’s economy.” The letter highlights Chase’s role as a regular financial partner with the state of California and reiterates the desire to see that continue in a mutually constructive manner.

 Chase Chairman and Chief Executive Officer James Dimon plans to testify before the United States Senate Banking, Housing and Urban Affairs Committee at a special hearing on Wednesday, June 13, 2012 at 10:00 AM titled “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?” Location: SD-G50 Dirksen Senate Office Building, room SD-G50.

The full letter to Mr. Dimon is available here.