All of the banking CEOs facing the House Financial Committee told Congress the same answer about not funding fossil fuels:
NO.
But JP Morgan CEO Jamie Dillon, who is not a conservative, had the best answer for Rep. Rashida Tlaib (D-MI), who was about as smug and high & mighty as one could be:
“You have all committed, as you all know, to transition the emissions from lending and investment activities to align with pathways to net-zero in 2050 … So no new fossil fuel production, starting today, so that’s like zero. I would like to ask all of you, and go down the list, because again, you all have agreed to doing this. Please answer with a simple yes or no: does your bank have a policy against funding new oil and gas products, Mr. Diamond?” Tlaib asked.Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., said, “Absolutely not, and that would be the road to hell for America.”“Yea. That’s fine. That’s fine,” Tlaib responded. “Sir, you know what? Everybody that got relief from student loans [that] has a bank account with your bank should probably take out their account and close their account.”She continued, “The fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it,” before moving on to the other bankers.
“We are living through a climate crisis,” Tlaib lectured.
Dead. Laugh. Out. Loud. These people
The other CEOs responded more diplomatically but agreed with Dimon:
“We will continue to invest in and support clients who are investing in fossil fuels and in helping them transition to cleaner energies,” Jane Fraser, CEO of Citigroup, said.Brian Moynihan, CEO of Bank of America, voiced a similar stance, and said, “We are helping our clients make a transition, and that means we’re lending to both oil and gas companies and to new energy companies and helping monitor their course toward the standards you’re talking about.”Charles Scharf, president and CEO of Wells Fargo & Company, simply stated, when asked, “The same thing that Mr. Moynihan said.”
Blah blah blah.
I like Dimon’s answer the most. It’s the truth, and he’s blunt.
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