Hairston strikes out at Chase

Staff Writer

Ald. Leslie Hairston (5th) introduced a new ordinance that would strike JPMorgan Chase from the City of Chicago’s list of municipal depositories.

Hairston says the legislation was inspired by the news: The bank paid $2.6 billion settlement earlier this month to victims of Bernie Madoff’s Ponzi scheme after agreeing to a $13 billion settlement with the U.S. Department of Justice in November.

“If they consistently and repeatedly engage in this type of behavior, it erodes the confidence of the public,” said Hairston, whose ordinance has been referred to the Rules Committee.

JPMorgan Chase’s profit fell 15 percent last year, while CEO Jamie Dimon’s salary jumped 74 percent, to $20 million — most of it in stock options.