JPMorgan helped underwrite Twitter's initial public stock offering (IPO). According to the New Yorker
, on November 7, the day of Twitter's IPO, @jpmorgan tweeted:
What career advice would you ask a leading exec at a global firm? Tweet a Q using #AskJPM
#AskJPM received little traffic until Wednesday, November 13, when @jpMorgan announced that Vice Chairman Jimmy Lee would answer the questions.
Fast Company called the response a "Snarkpocalypse
How much blood do your executives consume on a monthly basis? asked
Does Jamie Dimon pet a small cat and laugh ominously while he's ruining poor people's lives? asked another
JPMorgan Chase is the United States' largest bank (by assets). To some Americans it is also the most notorious.
In July the Federal Energy Regulatory Commission (FERC) fined
JPMorgan Ventures Energy $410 million dollars, charging it had manipulated electricity prices in California and the Midwest from 2010 to 2012.
JPMorgan Chase did not admit or deny the allegations.
In August, the U.S. Commodities Futures Trading Commission (CFTC) accused
JPMorgan of price-fixing in the aluminum market. In addition to the CFTC probe, at least four class-action lawsuits have been filed by individuals and companies alleging price-fixing.
JPMorgan Chase has denied the allegations.
In September, the bank paid $920 million in fines to settle civil charges arising from the "London Whale
And last month JPMorgan Chase reportedly agreed
to a record-setting $13 billion dollar deal to end U.S. government probes of its mortgage-bond sales.
Previous settlements have never required JPMorgan Chase to admit wrongdoing, but plenty of Twitter users knew who they wanted to blame
At what number of Billions of Dollars in fines will it no longer be profitable to run your criminal enterprise?
tweeted Amy Hunter.
As a young sociopath, how can I succeed in finance?
asked Tim Donovan.
Is it true that, while you don't always spit on poor people, when you do, you have perfect aim?
asked another tweet.
"Only on Wall Street would a bank that's about to pay out the biggest settlement in the history of settlements unironically engage the public, expecting ordinary people to sincerely ask one of their top-decision makers for career advice," wrote
Matt Taibbi on his Rolling Stone
Perhaps hoping to contain the damage, on Wednesday evening JPMorgan pulled the plug on #AskJPM.
Tomorrow's Q&A is cancelled. Bad idea. Back to the drawing board
, tweeted @ajpmorgan.
It was too late.
By Thursday, November 14, a video of actor Stacy Keach reading
several of the tweets was posted on Youtube.
Progressive blogger David Dayen
announced he would answer the #AskJPM questions himself.
Taibbi started a contest for the best "J.P. Morgan Chase Q&A Fiasco" haiku on his blog. The winner would receive a free Jamie Dimon t-shirt
, he said.
As Susan Fournier, a marketing professor at Boston University, told The Street
, "... if the brand is a target of derision, if there are websites devoted to sharing tales of your social ills, if you are on the list of least trusted companies, if your sport is to engage in questionable or unethical behavior, stay away from the fire."
In other words, to paraphrase actress Sally Field
: Twitter hates you, JPMorgan. They really hate you.