Speaking to the World Economic Forum in Davos, Switzerland, President Trump blasted Bank of America CEO Brian Moynihan and JP Morgan Chase CEO Jamie Dimon for cancelling the accounts of conservatives and Christian activists.
Bank of America (BoA)’s Moynihan has denied the president’s allegations of de-banking and says that they “welcome conservatives” and “have no political litmus test” for their customers.
However, JP Morgan Chase CEO Jamie Dimon offered a more convoluted defense of the practice maintaining that “we’re not allowed to tell you why we de-banked you” but that if they don’t do it, the bank could face big trouble in the event of actual fraud or money laundering.
Jamie Dimon: “We’re not allowed to tell you why we de-banked you” pic.twitter.com/KrRREkc5SI
— Tom Elliott (@tomselliott) January 24, 2025
Dimon also posed the possibility that a person who might be innocent today might be convicted five years later, potentially costing the bank hundreds of millions of dollars.
The JP Morgan Chase CEO added, “We have to comply with the law, but it’s ambiguous and we’re punished.”
Whatever excuses the banks may be offering, there’s clear evidence that big banks have drawn a line against conservative customers.
The New York Post reports that BoA turned over consumer information to the FBI and Treasury Dept. when investigating the Jan 6, 2021 riots at the Capitol.
Also, Trump’s youngest son Barron experienced bias from an unnamed U.S. lender who refused to open an account for him at the end of his father’s first term.
Bank of America has faced scrutiny from governors of several Republican states who have looked into accusations of “religious” and “political” debanking of its customers.
This you? https://t.co/DuEaDP7Ppa pic.twitter.com/gZ0TnzutAD
— ZNO 🇺🇸 (@therealZNO) January 23, 2025
If nothing else, conservatives are learning to choose their banking institutions with care.
“Dimon also posed the possibility that a person who might be innocent today might be convicted five years later”
Mr Dimon, news flash! This just in! ANY customer could be an ax-muderer! How can you sleep at night?
O.K., so ask the folks at Gateway Pundit or the whole group at PJMedia about being “de-banked.” They certainly were not money laundering or doing any thing else nefarious.
It’s actually a give-away. Apparently someone from the government - I would assume FBI/DOJ - suggested that the to be de-banked person would be engaged in fraud or money laundering. In that case, the new DOJ should (A) ask everyone who has verifiable information of having been debanked, and (B) question the banks to provide names of officials who instructed the banks.
It’s very reminiscent of Farage being de-banked in UK. There too, it was apparently Treasury under the Conservative government that so politely asked, but in the end, the bankers on the receiving end who had to quit their job. Not that it helped the conservatives in the 2024 elections.