B12 Solipsism

Spreading confusion over the internet since 1994

Archive for the ‘Chase’ tag

Chase Rainbow was uploaded to Flickr

without comments

Will the bigots boycott JP Morgan Chase now?

embiggen by clicking
http://flic.kr/p/J4rBsv

I took Chase Rainbow on June 14, 2016 at 03:37PM

and processed it in my digital darkroom on June 14, 2016 at 10:08PM

Written by eggplant

June 14th, 2016 at 9:26 pm

JPMorgan Chase Seeks Corporate Welfare to Build New HQ in Manhattan

without comments

Where all hopes sank
Where all hopes sank

I’ve heard of food deserts, perhaps New York City has a bank desert here? Why else would taxpayers fund real estate for one of the biggest, wealthiest banks on the planet? Well, other than the obvious reason, corruption. Sweet, sweet corporate welfare, it’s what makes the business world go ‘round…

City and state officials are negotiating with JPMorgan Chase over a potential deal in which the nation’s largest bank would build a vast $6.5 billion corporate campus with two high-rise towers in the new commercial district on the Far West Side of Manhattan.

The talks, which involve one of the largest real estate complexes for a single company in New York City history and a large package of incentives for Chase, have reached a feverish state after nearly falling apart this week.

The negotiations are so delicate that few people are willing to discuss them publicly for fear of alienating one side or another.

But a deal with the bank poses political risks for both the state and the city. Chase had initially sought, by one account, more than $1 billion in concessions from the city and the state while it continues to pare its payroll in the city. According to executives and officials, Chase wants to build the two towers — whose total space would be the equivalent of about two Empire State Buildings — at Hudson Yards on the north side of 33rd Street, between 10th and 11th Avenues. They would become home to 16,000 employees.

(click here to continue reading JPMorgan Chase Seeks Incentives to Build New Headquarters in Manhattan – NYTimes.com.)

JP Morgan Chase Blues
JP Morgan Chase Blues

and additional evidence that Chase must have explicit photos of Governor Andrew Cuomo and NYC Mayor Bill de Blasio in compromising positions, possibly with each other,  on a bed of lobbyist dollars while Jamie Dimon watches:

As is often the case in these kinds of deals, the bank drew up a lengthy list of possible concessions. Chase wanted to cut the mortgage recording tax, the transfer tax and sales taxes on construction materials. It also sought job-training grants, low-cost power from the state, an underground passageway between the two buildings that would require alterations to the newly built No. 7 subway station and financial help with reinforcing the foundation.

The neighborhood, formerly part of Hell’s Kitchen, was rezoned eight years ago for high-rise development by then-Mayor Michael R. Bloomberg. The rezoning included tax breaks and other incentives intended to encourage new construction.

City officials, who estimated that there are already $600 million in tax breaks and other incentives associated with the two sites, have been reluctant to sweeten the deal for Chase.

The Bloomberg administration issued $3 billion in bonds to pay for parks, a new tree-lined boulevard and an extension of the No. 7 subway line from Times Square to the spot where Chase wants to build the new towers.

Officials at the time had assured skeptics that development fees and payments in lieu of taxes from new towers would cover the debt payments. But development has been slower than anticipated, prompting the city to take more than $130 million from the city budget to make the annual debt payments.

Chase has been eager to reduce its costs in New York and move technical and operational employees to lower-cost locations in Delaware, New Jersey and elsewhere.

Austerity for thee, not for me…

How about instead of giving JPMorgan Chase the $600,000,000 -$1,000,000,000 it is asking for, instead New York gives Chase employees an equal amount in tax credits? Sales tax relief, income tax relief, whatever, but only for the employees who make less than $100,000 a year? Sure they’d all have to file 1040 returns, but seems like a better boost to New York’s economy than doling out government cheese to a filthy rich bank.

Written by Seth Anderson

October 17th, 2014 at 8:55 am

Photo Republished at Investigation: What the JPMorgan Chase Energy Scandal Reveals About Fossil Fuel Financing

without comments

JP Morgan Chase Bat Signal 

My photo was used to illustrate this post

As more and more Americans are beginning to share scientists’ long expressed concerns over climate change, revelations of big bank energy market manipulations highlight Wall Street’s entrenched stake in the fossil fuel economy that is heating up the planet. In what critics are calling Enron 2.0, JPMorgan Chase is facing a reported fine in the range of $500 million from the Federal Energy Regulatory Commission (FERC) for manipulating energy markets in California and Michigan. Chase acquired a slew of aging power plants from Bear Stearns when the firm tanked in the 2008 market meltdown. …(Photo: Seth Anderson / Flickr)

click here to keep reading :
Investigation: What the JPMorgan Chase Energy Scandal Reveals About Fossil Fuel Financing

automatically created via Delicious and IFTTT

Written by eggplant

August 1st, 2013 at 6:05 pm