Daley sells his 189,190 shares in JP Morgan/Chase, which just got busted for screwing the troops

The new White House Chief of Staff, William Daley, served on the Board of Directors of JP Morgan Chase. He just had to sell his shares for approximately $8.3 million, according to Bloomberg:

William Daley, President Barack Obama’s new chief of staff, filed a notice with the Securities and Exchange Commission today to sell 186,190 shares of JPMorgan Chase & Co. that he valued at almost $8.3 million.

The approximate date of sale was listed in the filing as today and comes as Daley, a former JPMorgan executive, divests his holdings to work at the White House.

Daley’s last day as a vice chairman at JPMorgan was Jan. 7. He resigned from the boards of Boeing Co. and Abbott Laboratories the same day.

Yesterday, there was another article about JP Morgan/Chase, which Chris posted, on how that bank overcharged and wrongly foreclosed on military families. Yeah, the mega-bank screwed over 4,000 troops.

[O]ne military family’s five-year battle with the mortgage giant, who overcharged them by as much as $900 a month. While Marine Captain Jonathan Rowles was away on active duty, his wife Julia got calls demanding $15,000 they didn’t owe. “It’s been a nightmare, it’s been my living nightmare,” Julia Rowles told NBC News.

Chase admitted that 14 military families lost their homes thanks to the mistake, and 4,000 active service members have been wrongly overcharged.

Can someone in the White House press corps ask Daley about this article? Ask if he knows that during his tenure on the Board of JP Morgan/Chase, the bank was screwing over U.S. servicemembers, harassing some while foreclosing on others. Daley was, after all, the Vice Chair of JP Morgan/Chase. And if he didn’t know, why not?

There are no repercussions for the bad behavior of our financial institutions, only rich rewards.


On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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