Washington, D.C. — JPMorgan Chase is “refusing to comment” on allegations it canceled the credit cards held by former Lt. Gen. Mike Flynn, the former Trump national security adviser, over concerns his use of its products caused “reputational risk” to the firm.
“After careful consideration, we decided to close your credit cards on September 18, 2021, because continuing the relationship creates possible reputational risk to our company,” a letter allegedly sent from the bank to Flynn dated August 20 said. “You may receive additional account closing notifications if you have other accounts under a different name or address.”
An image of the letter was spread across U.S. social media after being posted by South Carolina Republican Party executive committee member Tracy Diaz, Mediaite reported Monday. The initial posting was taken down later, with Diaz saying there was a “miscommunication about wanting that information public,” the website reported.
Flynn posted a message of his own on Telegram reading “Chase Bank has gone full blow woke! [sic] They need to deal with their own reputation instead of persecuting my family and I” that “included a Justice Department website detailing a $920 million settlement JPMorgan agreed to pay over allegations of fraud” the website reported.
According to Mediaite, this is the second time in the current month the banking behemoth made headlines for allegedly closing accounts due to concerns doing business with the cardholder could be a reason for concern about “reputational risk.” Earlier in August Mediaite said, Whit Gibbs, the CEO of Compass Mining said the bank had inexplicably frozen accounts that belonged to his bitcoin mining company. “Shoutout to Chase for shutting down Compass Mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money,” Gibbs wrote on Twitter.
The alleged move by the financial services powerhouse is one of a series of steps taken recently by corporate America that has some fearful the so-called woke culture will lead to a de-facto kind of segregation making it difficult to participate in economic activity. “Financial services companies can choose to do business with whomever they like,” said Phil Kerpen, president of the non-partisan group American Commitment, “but taking political sides crosses a line they are likely to regret as they risk alienating half of their potential customers.”
Polls taken since the November 2020 election show the nation continues to be divided nearly equally on a partisan basis while President Joe Biden’s approval numbers, which started up near 60 percent, have fallen in some polls below nearly 20 points over the roughly eight months since he took office. His management of the economy, this week’s Today/Suffolk University poll, has the approval of just 39 percent of those surveyed.
Peter Roff can be reached at RoffColumns AT GMAIL.com. Follow him on Twitter @PeterRoff.