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At UN, JPMorgan Chase Slammed for Closing Accounts, High Fees, GA?

By Matthew Russell Lee, Exclusive

UNITED NATIONS, March 18 -- JPMorgan Chase came up as a topic, and target, in a closed door meeting at the UN of the Group of 77 and China on March 18, several Permanent Representative exclusively told Inner City Press.

  The ambassadors complained that while JPMogan Chase is moving to deny many of their missions bank accounts, the bank also overcharges them when for example they pay or get paid by UN Peacekeeping.

  The idea discussed is to draft and vote on a General Assembly resolution on the topic. The US government is required, under the UN Host Country Agreement, to try to ensure banking services for countries' diplomatic missions.

  It is worth noting that the US on March 18 ordered Syria to close its embassy in Washington. And while the US has several times offered assurances to ambassadors at the UN, the problems have grown worse, effecting more countries.

  JPMorgan Chase was centrally involved in the 2008 predatory lending meltdown that hurt the economies of countries around the world, as Inner City Press has covered in depth. Now, belatedly, there may be fight back in the UN General Assembly, on the issue of bank accounts and fees. Watch this site.


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