JPMorgan Gets an “F” on Mining

4/18/10 - Reverend Billy and the Mountaintop Gospel Choir protest JPMorgan's MTR policy at a branch bank in April. Flickr/<a href="http://www.flickr.com/photos/voterevbilly/4543064843/">Rev. Billy and the Church of Life After Shopping</a>

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In late March, I wrote about how Wall Street powerhouse JPMorgan Chase continues to fund coal companies that engage in mountaintop removal mining (MTR), a dangerous, environmentally devastating type of strip mining in which the peaks of mountains are literally blown off, exposing the seams of coal that run underneath. Problem is, the rubble and waste from MTR mining usually ends up in nearby rivers and water sources, contaminating them, killing local wildife, and often violating federal laws like the Clean Water Act. As I reported, “over the past 17 years, JPMorgan Chase has helped to underwrite nearly 20 bond or loan deals, worth a combined $8.5 trillion, for some of the biggest players in the MTR mining business, according to data from Bloomberg.”

Today, Rainforest Action Network, a leading environmental group pressuring banks to end MTR financing, released a new report card, in conjunction with the Sierra Club and Banktrack, grading the world’s big banks on their MTR policies. JPMorgan, which has yet to cut its MTR ties (and repeatedly refused to tell Mother Jones why), received an “F”; so, too, did PNC, the world’s largest MTR financier, and UBS, which finances one-third of the Appalachian region’s MTR mining.

Credit Suisse ranked highest among the world’s biggest banks with an “A-,” a grade it received for its policy—first reported by Mother Jones—of refusing to finance any coal mined using MTR.

The report card’s authors say they showed the banks their grades before releasing the report, in an effort to get the banks to change their policies. In one case, Morgan Stanley issued a public statement on its MTR policy after learning of its failing grade from RAN and the Sierra Club; that grade was bumped up to a “C” after the public announcement.

The full report is available here.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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