JPMorgan’s War on Nature
How the Wall Street darling underwrites environmental Armageddon.
By Andy Kroll | Tue Mar. 30, 2010 3:00 AM PDT
Unlike virtually all of its competitors, JPMorgan Chase steeled itself early for the collapse of the subprime market and emerged from the rubble of the global financial meltdown with both its balance sheet and reputation intact. But the storied firm stands alone among its Wall Street rivals in another area, too. JPMorgan backstops one of the most destructive mining practices in the world: mountaintop removal coal mining. And it continues to do so even as other major banks have cut ties to this practice.
“Chase is the single largest remaining player in this game,” says Scott Edwards, advocacy director for the Waterkeeper Alliance, an environmental advocacy group comprised of lawyers, scientists, and activists, among others. “They just absolutely refuse to take responsibility for their role in this absolutely devastating industry.”