JPMorgan Chase Needs to Stop Discriminating Against Republican-Owned Businesses

PO Box 130

West Shokan, NY 12494

June 29, 2019

Jamie Dimon, CEO

JP Morgan Chase

383 Madison Avenue,

New York City, New York 10017-3217

Dear Mr. Dimon

Since May 1 JPMorgan Chase stock has fallen from $115 to $112 while the S&P 500 has gone up from $292 to $293.  As an owner of 40 shares of JPMorgan Chase, I am naturally concerned about your stock's underperformance.  As well, as a holder of a Chase credit card, I am keen to do business with responsible firms.

I recently read a CNBC piece that was published in March that said that JPMorgan Chase has adopted a policy to stop giving loans to prison firms. The decision was in response to left-wing protests.  My guess is that you do not know whether any of the protesters are depositors or investors in your firm, nor is it clear to you whether the protesters represent as much as one percent of the American population. 

In general, decisions to discriminate on the basis of unrelated criteria (e.g., political belief or doing business with unpopular administrations) lead to suboptimal performance.  Gary Becker showed this with respect to racial discrimination, but the same is true of discrimination on the basis of political opinion. Hence, the weak performance of JPMorgan Chase stock since you've made the decision may be related your decision to favor Democrats over Republicans.

Moreover, this is a broader assault on the principle of privatization.  How can government services be privatized if banks choose sides in partisan battles?  The use of detention centers is a policy that the Trump administration continued from the Obama administration, but the policy had gone unprotested during the Obama years.    

Finally, because you may be harming the stock price,  the policy may amount to a breach of fiduciary duty.  For all of these reasons, I urge you to rescind it.

Sincerely,

Mitchell Langbert, Ph.D.

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Marcus Licinius Crassus*

Kamal Harris

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We are looking at the stage of Roman decline when the plebeian party, the Populares, formed the First Triumverate and established the pathway to empire. We're well on the way to a Caesarean dictatorship. 

What I'm thinking is that establishing a second residence overseas will be a useful insurance policy.  Perhaps I can find a country that gives free healthcare to illegal aliens and isn't dominated by predatory criminals like Bernie Sanders, Kamala Harris, and Joe Biden.

*They hadn't invented the steam engine yet, but dictator wannabes were as prevalent then as they are now. 

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