Courtesy of Pam Martens
Jamie Dimon, Chairman and CEO of JPMorgan Chase
By Pam Martens and Russ Martens: August 20, 2020 ~
We have a marketing suggestion for the U.S. Postal Service Board of Governors if it is nutty enough to accept JPMorgan Chase’s overture to place its ATM machines on the premises of U.S. post offices. The marketing idea goes like this: place a big red, white and blue sign over each JPMorgan Chase ATM machine that reads: “From the wonderful folks who were Bernie Madoff’s bankers.”
Business media was abuzz yesterday with the news that JPMorgan Chase has had conversations with the U.S. Postal Service regarding placing the bank’s ATM machines in post office branches. CNBC quoted Trish Wexler, a spokeswoman for JPMorgan Chase, confirming the talks and making the following statement:
“We had very preliminary conversations with the U.S. Postal Service several months ago about what it might look like to lease a small number of spaces to place ATMs to better serve some historically underserved communities.”
As we reported yesterday, the right wing Cato Institute, heavily funded by the foundations related to the fossil fuels billionaires Charles Koch and the late David Koch, has been pushing to privatize the U.S. Postal Service for decades. We note in the article that the effort has been stepped up by Cato’s Chris Edwards in the past two years. CNBC writes in its report that if the U.S. Postal Service were to be privatized, JPMorgan Chase “could be in line for exclusive rights to solicit postal customers, according to Washington D.C.-based newsletter Capitol Forum.”
…
