Wednesday, May 27, 2015

A Bankster Think Tank "To Help Educate the World"

JPMorgan Chase & Co has launched the JPMorgan Chase Institute, a think tank.

International Business Times reports:
The institute aims to use real-time big-data analytics for the benefit of policymakers, businesses and the wider public. JPMorgan CEO Jamie Dimon has said the think tank is out to “educate the world.”

As its inaugural report’s conclusions show, perhaps unsurprisingly, the greater good might just be served through Chase’s own banking products...

The institute isn't your typical corporate stab at social responsibility. It has access to a uniquely vast trove of customer data: Chase’s checking and savings accounts. Moored to the largest American bank by assets, the think tank says it can put "the broad spectrum of data within the firm to use for the public good.”

In its first report the institute writes:
 To draw conclusions about household liquidity and income and consumption volatility, we adapted the firm’s internal data on nearly 30 million U.S. account holders into a secure groundbreaking data asset.
The president of the Institute,  Diana Farrell, is a revolving door crony. She was the Global Head of the McKinsey Center for Government and then  an operative in the White House as Deputy Director of the National Economic Council and Deputy Assistant to the President on Economic Policy from 2009-2011. She also coordinated "stakeholder engagement" around the passage of the Dodd-Frank Act and operated as a member of the President’s Auto Recovery Task Force.

Most fascinating is the Institute's Chief of Staff, Director of Operations, Rachel Pacheco.

Pacheco's past consulting and research includes government reforms in Kazakhstan with Tony Blair Associates, climate financing in Indonesia. This looks like the CIA control in the Institute.


1 comment:

  1. Can you define "revolving door crony"? Does anyone who goes back and forth from government to industry become a crony? Do Greg Mankiw at Harvard and Peter G. Klein of the Mises institute, who also worked for the CEA, count as cronies?