JPMorgan Chase has become the Doomsday Bank, the fossil-fuel industry’s biggest lender. Can it be stopped?
The story of Chase Bank is a big part of the story of how the planet warmed 1 degree Celsius, melted the Arctic, and burned a billion animals in Australia over Christmas. And the fight to change Chase — which will culminate in— is a big part of the fight to keep that one degree from becoming three, and the planet becoming a wasteland.
Its most prominent leader was David Rockefeller, grandson of the oil pioneer, who ran it from 1969 to 1980. He established it as a global giant — some of his internationalism seems prescient now and some less so . And really, who cares what he said, because what his bank was doing was at least as damaging to the Paris accords as Trump’s pronouncements. Presidents can do only so much — Trump hasn’t even been able to stem the collapse of America’s coal industry. But bankers can supply the thing the fossil-fuel industry needs above all, which is money.
Former Chief Executive Officer and Chairman of ExxonMobil Lee Raymond in 2008 in Washington, DC. Photo: Chip Somodevilla/Getty ImagesMajority Action put it when they launched the campaign to get him removed from the board: “He was the architect and public face of ExxonMobil’s efforts to promote denial of the risks and likelihood of climate change, even after Exxon scientists warned executives of the danger.
It’s too hard to find anyone at Chase who wants to talk on the record about Raymond — the closest I came was a former managing director, John Fullerton, who now runs a nonpartisan think tank called the Capital Institute. Raymond “was the one director management feared,” says Fullerton, “because he ran the compensation committee and is a hardass.
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