Monday, January 11, 2010

Follow the money

NEW YORK - JANUARY 16: (FILE PHOTO) The JPMorg...Image by Getty Images via Daylife

JPMorgan Chase Cashes in on Destroying Appalachian Mountains
In light of last week's EPA ruling giving the go ahead to another mountaintop removal coal mine, and the subsequent report from a group of eminent scientists saying, in essence, that no remediation is ever enough to repair the damage mountaintop mining causes, it's worth reminding people that it's not just coal companies that stand to profit from the practice. Banks like JPMorgan Chase also are making a pretty penny from destroying Appalachia...
So how does JPMorgan Chase profit from this? By funding six of the eight companies responsible for mountaintop removal coal mining, including $1 billion to Massey Energy, the largest MTR mining company.

Chase's Rhetoric Better Than Actions
Bank of America and Wells Fargo have severed ties with Massey, so why not Chase?

After all, Chase touts including environmental practices into their sustainable business model, but apparently fails to see the disconnect between that and funding practices and companies which continually destroy mountains and pollute rivers.

Responsible parties - those that destroy and those that give the company the power (or in this case the capital resources) to destroy.

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