Trump Sues JP Morgan, Jamie Dimon for Debanking Him, for $5 Billion in Damages

I'm not sure about this one.

Obviously I'm horrified at these woke Socialist Oligarchs using their corporate fiduciary power to push their personal political agendas -- the power of the corporation is meant to be wielded for the benefit of shareholders, not the woke cocksuckers sitting in the corner suites -- but I don't know if someone has a legal right to someone else's business.

Then again, these are banks, one of the most regulated industries in the world. It's very likely the left has cluttered the US code with all sorts of "fairness in banking" regulations.

President Donald Trump on Thursday, Jan. 22, sued JPMorgan Chase & Co. and its CEO Jamie Dimon for $5 billion, accusing the bank of dropping Trump as a client for political reasons after the Jan. 6, 2021, attack on the U.S. Capitol.

The lawsuit, which Trump had threatened for days, was filed in state court in Florida as Trump returns from Davos, Switzerland, where he attended the World Economic Forum.

I find this problematic:

"Plaintiffs are confident that JPMC's unilateral decision came about as a result of political and social motivations, and b>JPMC's unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views," the lawsuit reads. "In essence, JPMC debanked Plaintiffs' Accounts because it believed that the political tide at the moment favored doing so."

See, the problem is that JP Morgan will argue that it was good for the corporation to "distance itself" from Trump. Corporations get away with doing a lot of political crap -- which should be ultra vires, against the compact that created and governs the corporation -- by calling it "goodwill."

If a lefty CEO wants to donate to BLM -- obviously not something in the interest of the shareholders -- he can justify it by saying it creates public goodwill for the corporation, and therefore actually does benefit the shareholders, albeit indirectly. And judges rarely second-guess CEOs about their "goodwill" decision making. (They ought to, because CEOs use corporations to vindicate their personal agendas, but judges stay hands-off to allow corporations to donate huge amounts of money to the repulsive left.)

And I'm afraid that Trump, by stating in his own filing that JP Morgan felt it had to "distance itself" from him due to the "political tide at the moment," has made JP Morgan's defense for it.

posted by Ace at 06:45 PM

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