April 15th, 2010 - Fed up with Chase Bank's policy of financing environmental destruction, a group of activists closed their accounts. The "divestors" chose Tax Day for the protest because they wanted to juxtapose Chase's generous federal and state tax breaks with Chase's socially irresponsible investment policy that destroys communities. According to Dominique Trudel, a member of SWARM, “Chase is set to take roughly 1.4 billion dollars in tax breaks this year. Instead of investing in the communities whose tax payers have footed the bill for Chase’s tax breaks, Chase has invested in dangerous mining practices like MTR and dangerous mining companies like Massey Energy.”
Chase's financing policies have outraged many Chase clients. Divestor Bob Spivey said, “I am outraged that I have been supporting a bank that is the largest U.S. funder of mountaintop removal, a process that destroys mountain tops, local health, safe drinking water, and the entire structure of communities–all for very little net energy gains."
Spivey noted that Chase facilitated major funding for Arch Coal, a company that was just denied a water quality permit by the EPA. Worse, Chase is a major funder of Massey Energy, the company whose poor safety practices resulted in the recent explosion at Upper Big Branch Mine, one of the worst mining disasters in US history.
After closing their accounts, activists rallied outside the branch to educate Chase customers and Seattle citizens about the environmental destruction that Chase is funding. Activist Duff Badgley said, "We will not stop protesting Chase until Chase stops all funding of mountaintop removal. Chase Bank is among the worst climate criminals in the country. Their executives should be arrested for corporate crimes."
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