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Occupy Los Angeles
There's no profit in L.A. bashing JPMorgan Chase
There's no profit in L.A. bashing JPMorgan Chase

Los Angeles City Councilman Gil Cedillo wants to punish JPMorgan Chase for its various financial misdeeds, possibly by cutting off business with the banking giant. But as city leaders learned a few years ago when Occupy L.A. pushed for a similar divestiture from big banks, outrage can be expensive. Cedillo introduced a motion last week asking city staff to determine how much business the city pension funds and various departments have with JPMorgan Chase — one of many banks under scrutiny for the toxic mortgage schemes that triggered the recent recession — and the time frame and procedures needed to sever ties with it. In a statement, Cedillo declared, "Someone must...

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