Porn stars are apparently too hot for banks.
Several porn actors were up in arms this week after receiving letters from J.P. Morgan Chase & Co. saying their accounts were being closed, but the move appears to be a standard practice by a major bank aimed at limiting risk, rather than a sign of new prudishness.
Chase sent letters to several actors informing them their personal accounts were being closed, telling them to look for help elsewhere, according to various reports. One actress said she never told the bank about her employment and she’s trying to figure out how it found out. A J.P. Morgan Chase spokesman didn’t respond to a request for comment.
(Update: A person at J.P. Morgan Chase familiar with the matter said the recent closures being discussed amount to a small handful of accounts for people who happen to be affiliated with the adult entertainment industry. “There is absolutely no targeted effort to exit customers’ accounts because of their affiliation to this industry,” the person said. “The consumer bank has no policy that would prohibit a customer or consumer from having a checking account by virtue of being in this industry. We routinely exit customers for a variety of reasons.”)
The account closures highlight the risks banks see in serving the sex industry, as well as the risks those businesses face and how they go about limiting them, especially when it comes to non-payment by customers.
Michael Fattorosi, a California-based lawyer representing people and companies in the adult entertainment industry, said in an interview that the trade has always faced account closures, as well as difficulties finding billing services and payment processors willing to do business with it. “This is another symptom of the problem, which is to get the business to be seen as legitimate,” he said.
Source The Atlantic
San Francisco Chronicle: There’s striking new evidence that Earth’s atmosphere is increasingly saturated with carbon dioxide, the major gas from fossil fuel emissions that trigger climate change.
Measurements of the climate-changing gas by instruments high on a mountain in Hawaii and around the world show that global emissions from burning fossil fuels rose last month to levels higher than at any time in human history - and higher than it has been in hundreds of thousands of years.
The instruments that have been measuring carbon dioxide for more than 50 years showed that for the entire month of April, levels of the gas exceeded 400 parts per million for the first time, said Pieter Tans, a climate scientist at the National Oceanic and Atmospheric Agency who monitors the instrument record.
When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.
In handy-dandy Google map form.
Knicks coaches are human bowling pins, set up to be knocked down or to wriggle away before inevitably being targeted again by the wrecking ball.
Source The New York Times
It is routine for western ambassadors to push the business interests of companies from the countries they come from. But it is unusual for a former diplomat to land a job with a major corporation after using their sway to secure lucrative government contracts.