Obama And JP Morgan

Money may not be the root of all evil but it may be the downfall of any politician who has the audacity to hope to be a true representative of the people. Take Senator Obama as an example.

Obama projects a populist persona to the public, but is the Harvard trained lawyer with over $100,000 invested in JP Morgan Chase (According to his financial disclosure form filed in May of 2006) the real Obama? This is the same JP Morgan Company that has donated over $50,000 to Obama’s campaign. (According to Opensecrets.org

Mr. Obama has assests with the same JP Morgan Chase Company that is the largest financial backer of BlueLinx Holdings Inc., the largest wood distributor in the United States. The same BlueLinx that investigations by Greenpeace and Rainforset Action Network has shown is illegally exporting timber out of “Indonesia’s critically endangered rainforests,” according to CorpWatch.org. The same Indonesia of Senator Obama’s childhood.

A Business Week editorial in 2005 entitled ”

Indonesia’s Chainsaw Massacre” stated that Indonesia’s ravaged rainforests are “disappearing at the rate equivalent to the area of 300 soccer fields every hour. The country has lost 70% of the ancient forest already and, at the present rate what remains will be gone within 15 years.” Before Senator Obama’s two little girls will ever have a chance to see them? They will become like dreams of her father’s childhood. However, according to returns on JP Morgan’s $165 million loan to BlueLinx they may benefit from their father’s assets in the company that is paying for its destruction.

According to Ilyse Hogue director of the Rainforest Action Network (RAN)

“JP Morgan Chase has built its financial empire by making investments of mass destruction like BlueLinx. She says as quoted by CorpWatch, “Illegal logging in Indonesia is both an environmental and humanitarian crisis. It is morally reprehensible that America’s second largest bank is connected with corrupt timber cartels that are directly responsible for the wholesale destruction of the most fragile and endangered forest ecosystem on Earth.”

In his book “Dreams From My Father” Mr. Obama says of his boyhood in Indonesia, “That’s how things were, one long adventure, the bounty of a young boy’s life.” Ancient rainforests hold untold bounties of their own.

Only time will tell if Senator Obama will stand with the people or with JP Morgan. Only his actions over time will tell us where his true allegiance lies.

6 thoughts on “Obama And JP Morgan”

  1. Are you joking? Do you know how many people invest with JP Morgan? Do you know how many things JP Morgan invests in? I’m sure JP Morgan also invests in soem green technology firms. Any investment broker is going to be investing in some company that people have problems with. Look into every other candidates finances. I’m sure you’ll be able to make a connection like this.

  2. jeez, do you live in this country? JP Morgan and other financial institutions affect your daily life if you ever fly planes, trains, buy anything in this world. get some education and rid yourself of this deadly naivety!

    the guy has written two bestsellers that actually say something useful. he has earned everything he owes and has the right to invest his money. i best you don’t know what investment is either. these extremist left-wingers are as dangerous as fox news.

  3. pmb: I’m the “extremist left winger” that did the research cited here from Rainforest Action Network. The real danger, though is the extreme-right-wing spin-cycle that I can only imagine is behind this blog. The efffort here is to divide and concour support for the moderate Senator with baseless claims strung together with de-contextualized snips trolled from the internet. These claims are totally baseless.

    First, since we raised this issue with JP Morgan in 2004, the company helped to push BlueLinx to cut their purchasing of undocumented wood from Indonesia. In total, the company’s purchasing from Indonesia reduced by 85%. Second, $100,000 is chump-change in the banking world. Thrid, it’s absurd to say that someone who does business with with JP Morgan is automatically culpable for the behavior of the bank. After years of working to dig dirt on the global finance industry, it’s clear that having a clear picture of the behavior is next to impossible. The information is just not available. Where do you bank? What nasty environmental projects have they invested in? These are much more productive questions than those raised by this anonomous imposter.

  4. Brant, I appreciate your input, esp. the info in the 2nd paragraph. I have some investment in TIAA-Cref Social Choice fund & even they require some scrutiny from time to time.

    However, you should read a little more of this blog before you conclude that it is anywhere near extreme-right-wing. That part made me laugh.

  5. I’m afraid I’ve failed to make myself clear. I can’t believe someone would think that I’m a right-wing anything.

    My point is that until we have campaign finance reform we will only have elected officials, at all levels of government who are tied to money interests. I respect many things about Mr. Obama, but even someone with good values has chosen not to invest in socially responsible ventures. The fact that he must raise an average, according to the Washington Post, $1 million per day to stay competitive is just one example.

    I appreciate the update concerning JP and Bluelynx. I’m grateful to know this. However the point I was trying to make is that corporation control of the electoral process through our present system of funding candidates creates moral compromises. We take even our candidates with respectible values, concerns, and the highest intentions and run them through the capitalist mill until they come out the other side changed. November ’08 is a distant light on a foggy horizon to me now. I just wish we lived in a country where any person wanting to stand for what they believe could run for public office on their beliefs, clear, clean, strong and certain, regardless of what those in power may think of their philosophies or policies.

    I am also not a purist. I just think we should look at where every candidate gets their financial support because history has shown that the money given in the campaign often shapes the policies of the post election morning.

    Thank you for sharing your thoughts and information. I regret my posting was not clearer.

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