If Chrysler LLC's main bank is not willing to help the struggling automaker, concerned consumers should not support JPMorgan Chase, say two advocacy groups that launched an online national boycott Wednesday.Progress Michigan and FireDogLake.com are asking people to close their JPMorgan bank accounts and cut up their credit cards in protest.
Sparking the campaign is the stalemate in negotiations to convince Chrysler's largest debt-holders to help reduce debt as a condition of receiving $6 billion more in federal aid.
[...]
There are plans to add names to a petition on the FireDogLake.com Web site.
A Facebook page called "Americans Boycotting JPMorgan Chase" has been set up and there are plans to post a video of someone closing their account on YouTube in the next day or two, Fifelski said.
Pro-Chrysler groups back a boycott of JPMorgan [Detroit News]
Posted by guest , Apr 09, 2009 1:26PM
So stupid, JPMorgan can't afford to just cut Chrysler huge breaks in this market, quite frankly nor should they ever.
Posted by Anal_yst , Apr 09, 2009 1:29PM
Yes, cut up your credit card, that'll accomplish alot...about as much as a video of some dbag standing in line at their local branch and obnoxiously closing their account (ZOMG!!!!!)
Posted by redpandot , Apr 09, 2009 1:30PM
the rabble is gettin' roused...
Posted by HAM05 , Apr 09, 2009 1:33PM
getting angry at this popullist bullshit is akin to getting angry at your dog when he licks his balls in public, or serena when she got back with dan, or lindsay when she inevitably goes back to the cock. just not worth it anymore.
Posted by guest , Apr 09, 2009 1:35PM
can we talk about that pic of JD?
Posted by guest , Apr 09, 2009 1:37PM
@HAM- I encourage my dog to lick his balls in public, so the analogy doesn't work for me.
Posted by guest , Apr 09, 2009 1:40PM
If the crippled guy won't cut off his good leg to and give it to the unions who are too greedy to negoatiate...you should shoot poke out his eyes.
Posted by guest , Apr 09, 2009 1:51PM
so Chrysler makes shitty cars and over pays the assholes who make them and then borrows money from JP to continue this sharade and now they want JP Morgan a publicly held company to just forgive debt? and if they dont these shitheads want to (in their highest hopes) drag the bank down and make it fail? All to save Chrysler. hmmm
I assume these shit for brained dickheads are UAW scumbags? its scary when you think America is the most advanced nation and these are the animals we have here. Whats worse, they vote.
Posted by HeadlessHorseman , Apr 09, 2009 1:56PM
Conversation in Chrysler's board room with KKR on the speakerphone:
"Maybe we can channel some of this populist rage to force JP Morgan into helping us out while simultaneously letting the labor unions do what they do best"
"How so?"
"I'm all ears!"
"Well it goes like this. We'll paint JP Morgan as the catalyst for all of our fucked up decisions and blame them for not extedending more funds."
"Okay?"
"Then we'll attempt to organize some of these labor union meatheads via YouTube and a couple other websites. We'll direct them to lay seige to their local Chase bank branches under the misguided assumption that some teller in Elkton, Indiana is to blame."
"I like where this is going"
"Eventually these labor union fuck ups will take a few tellers hostage and maybe assualt a branch manager. Then we can jump in and negotiate the release of the branch's employees in exchange for a loan"
"Brilliant!"
"We'll look like heroes!"
Posted by guest , Apr 09, 2009 1:56PM
@7...is that some sort of "Eastern thing"?
~The Dude
Posted by guest , Apr 09, 2009 1:56PM
um, wouldn't JPM love to have people closing their credit card accounts? Aren't credit card companies slashing credit limits and trying to induce people to close accounts (like Amex did offering $300 bucks to cxl accounts) so they can reduce their risk?
So....basically the argument is "do what we say, or we'll lower your risk profile, let you announce lower NCO estimates for the coming quarters and help your stock price!" That'll show 'em.
Also, it's not like they're threatening to BK WalMart or something....it's f'ing Chyrsler. who cares? I wouldn't want to swap bank debt (with some recovery value) into equity that will be worth nothing when they fail anyway.
Posted by HAM05 , Apr 09, 2009 2:00PM
@11 the first problem with your argument is that you're thinking logically.
Posted by guest , Apr 09, 2009 2:00PM
@8 how is this different from the scary wankers that ran their institutions into the ground and then sit back expecting a substantial bonus? They vote, too.
Posted by guest , Apr 09, 2009 2:02PM
Sell the Jeep brand and close the rest of Chrysler down. Make GM file and have St. Obama and St. Geithner pony up the DIP. We know how this will end; let's get on with it.
Who drive's Chryslers anyway? The current bunch is lame IMHO.
They needed to be bailed out in 1980 (Federal loan guarantees), 1996 (remember DaimlerChrysler?), and 2008.
ANYONE SEE A PATTERN HERE????????
Posted by guest , Apr 09, 2009 2:03PM
I think this would actually help JPM. The Michigan economy is not exactly frothy right now, so just think of all the future NCOs that they won't be incurring.
Posted by guest , Apr 09, 2009 2:04PM
Idiots, I'm sure JPM is really concerned with that hot spot of commercial banking activity over there in Detroit.
Please continue with this, maybe pay off your Chase card with whats left of your savings account before you close em both down down.
I'm tempted to go find some auto industry blogs and start rambling some nonsense like these idiots do when they stumble on the financial ones....
Posted by guest , Apr 09, 2009 2:05PM
is that his wife clinging on to him for grim death?
Posted by guest , Apr 09, 2009 2:11PM
@13 its not different but we werent talking about the Ivy League scumbags and frankly those bonuses dont touch the financial implications of what is discussed in this column. I am happy to opine on ivy scumbags stealing bonus money too but thats a diff string.
We are talking about the UAW trying to close Chase to save Chrysler. A topic that,in itself should make you want to move to Africa and save the lions.
Posted by guest , Apr 09, 2009 2:13PM
Everybody chill!! Chrysler has a brilliant hedge fund running their operations. Hedge fund folk are smarter than the rest of us. Just ask one if you don't believe me.
Posted by guest , Apr 09, 2009 2:14PM
Someone needs to send JD a decent set of wine glasses. Ever heard of Riedel?
Posted by guest , Apr 09, 2009 2:19PM
I went down to the trade room to ask our traders about how smart they are and they were all gone for the weekend. I guess they are smart.
Posted by guest , Apr 09, 2009 2:26PM
step 1: refuse to negotiate our salaries even though it's causing our employer to not receive funding it needs
step 2: ???
step 3: Profit
Posted by bondguy007 , Apr 09, 2009 2:28PM
@18, Let's feed the UAW Douche Bags to the lions in Africa, broadcast it via pay-per-view, use the porceeds to bailout the Auto companies, just so they can get back into the same pile of lion shit they be in right now. GM files by 4/30.
Posted by guest , Apr 09, 2009 2:40PM
@8
sharade? really? And you're posting on a site for i-bankers?
Posted by guest , Apr 09, 2009 2:42PM
-@24, ok asswipe, you cross posting from the UAW site?
Posted by guest , Apr 09, 2009 2:48PM
@24 i dont follow you your question. I am not sure you follow your question.
Go back to your PS3 and shut the fuck up. This is adult swim...
Posted by guest , Apr 09, 2009 2:54PM
Wow really?? How much exists in the average checking account of a FireDogLake member... $70?
Posted by guest , Apr 09, 2009 2:57PM
Fucking unions. Go back to Texass.
Posted by guest , Apr 09, 2009 3:04PM
Sayonara, Detroit. Good riddance. I don't think there's a bigger bunch of children than those in UAW.
Posted by guest , Apr 09, 2009 3:09PM
@27 they are UAW and probebly have more loot in the their checking then we do. They are still getting paid per their contracts. Many of them get paid without working and have second jobs...
Sham of the year! Shame of our country.
Posted by bondguy007 , Apr 09, 2009 3:09PM
@28, Teamsters goes back to the distribution docks of Chicago.
Posted by guest , Apr 09, 2009 6:36PM
21 - what's a "trade room?" you mean trading desk? you must work at jt marlin.
Posted by guest , Apr 09, 2009 10:47PM
@10
That's what the CIA agents are doing to its secret cell prisoners in Europe.
Posted by Finnegan , Apr 11, 2009 12:00AM
What are the hedge fund owners of Chrysler doing to help the situation? Anything at all?
Posted by guest , Apr 12, 2009 12:01AM
JPM wants them all to cut up their credit cards. they will be doing JPM a favor.