Dear MoveOn member,
I'm James Dubick of the organization U.S. PIRG, and I started a petition to U.S. Attorney General Eric Holder, which says:
JPMorgan is about to negotiate a $13 billion settlement with the Department of Justice (DOJ) for mortgage lending abuses they allegedly committed during the housing crisis. However, taxpayers could end up underwriting more than $4.5 billion of that settlement.
That's because JPMorgan is likely to claim the settlement as a tax deduction. Even though settlements like these are thought of as punishment for corporate wrongdoing, companies claim their settlement costs as tax write-offs all the time. They treat them as just another business expense.
We can't let that happen. The financial crisis caused by banks' irresponsible practices landed us in a recession that we're still struggling to recover from. Taxpayers shouldn't have to pay any more for JPMorgan's bad actions.
The DOJ will be negotiating the final settlement deal with JPMorgan over the next few days, so we must move quickly to make sure the public doesn't get stuck footing a $4.5 billion tab.
This petition was created on MoveOn's online petition site, where anyone can start their own online petitions. U.S. PIRG didn't pay us to send this email—we never rent or sell the MoveOn.org list.
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This email was sent to eddie alfaro on October 26, 2013. To change your email address or update your contact info, click here. To remove yourself from this list, click here.