Is JP Morgan Chase’s “Philanthropic” TV Special Greed-Washing?

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December 10, 2011; Source: New York TimesThe other night, JP Morgan Chase sponsored “The American Giving Awards” on NBC, an hour-long special that highlights $2 million of its own charitable work. Lisa Graves of PR Watch calls the whole thing a greed-washing incident that is “a drop in the bucket compared to its ultra-lush benefits for bankers who profited richly from the swaps that undermined our nation’s financial security.”

The two-hour gala “philanthropon” highlighted five charities that have been funded by Chase in the past, which had been selected to compete for a $1 million grant via a Facebook voting process. The four losers would get lesser investments from the financial giant. Eight commercials aired over the course of the show were Chase’s as well, but when asked if the show itself was basically one long commercial, NBC replied in the negative, saying it was a show about charitable giving.—Ruth McCambridge

  • David Nuttle

    Banking executives at Chase, and other large banks, have engaged in criminal activities without fear of prosecution …and they continue to do so. Our charity employed investigators & attorneys to document such criminal action. When we presented our evidence to Federal authorities, our documents were returned with a “No Interest” stamp on the cover. One of our sources at the Federal level, told me that the White House had directed that no criminal actions be taken against any bankers. I now know why they continue to act as criminals … our leaders have made it possible for them to do so without fear of any punishment.

  • John Hoffman

    The $150 million that Chase gave out in 2010 charitable contributions was 0.88% of its net income of $17.3 billion. Most American individuals give about 2.2% of their net income toward charitable contributions.