Remember in Boogie Nights when Don Cheadle as Buck Swope is trying to get a bank loan to open his electronics store and he gets refused because he’s in the porn industry? The banker in that scene coldly tells him, “This bank is not in business to support pornography.” It’s honestly one of the most heartbreaking moments in film history because Buck Swope is clearly the nicest dude ever, trying to get follow his dream and get a fresh start, but the bank won’t budge.
The scene is a perfect representation of the prejudice sex workers and members of the porn have to face. However, this is from a fictional movie set in the late 70’s, early 80’s. Pornstars wouldn’t face the same prejudice in this day and age where everyone watches porn, right? WRONG.
City National shut down Chanel Preston‘s checking account and refused to give her a home loan last May for no reason at all. Chanel suspects that they denied the loan because she would be doing webcams shows in her home. But that’s none of the bank’s damn business, is it?
At the same time, softcore producer Marc L. Greenberg was denied a loan from JPMorgan Chase even though Greenberg had an annual income of half a million, and assets of $10 million. Why did they deny him the loan? For “moral reasons”.
Well that’s totally messed up, but it gets worse.
Currently, JPMorgan Chase is back on its moral high horse, purging all their pornstar clients by closing their accounts. Pornstars like Teagan Presley, Dakota Skye, Stormy Daniels, Bonnie Rotten, Veronica Avluv, Kieran Lee, Alexis Amore, Vanessa Veracruz, Angelina Capri and more have all reportedly received letters saying their accounts have been closed.
“Yesterday we got four letters from them: One for Teagan’s personal account, one for my personal account, one for Skinworxxx and one for Rockstar,” Director Joshua, Presley’s husband told AVN, “and all four of them said the same thing: It was for ‘loss prevention.’ They did not give any explanation; just said they were closing our accounts. For our personal accounts, they gave us till May 11, and on the business ones, they gave us till June 14 to get our affairs in order and make sure any checks have cleared. So I called them, and they had no problem saying it’s because of the business we’re in, and when I asked why my account had been closed—because I’ve never once, ever, deposited an adult check into my personal account, ever—they came back and said it was because I was married to an ‘infamous,’ was the word they used, ‘adult star’.”
“There’s lots of stories on the internet about this,” Joshua said. “Not only are they closing adult businesses, but they’re closing anything to do with marijuana, whether it’s a dispensary or a head shop, and they’re closing all gun-related businesses as well. That part, I find hilarious, because that’s one of our Bill of Rights that they’re closing businesses on, and the biggest political action committee there is, they’re closing those accounts.”
What right does JPMorgan Chase have to deny adult industry professional from banking with them?
There’s the bank’s Code of Ethics, which says, “As a finance professional of the firm, you are expected to: Engage in and promote ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, and to disclose to the Office of the Secretary any material transaction or relationship that reasonably could be expected to give rise to such a conflict; [and] Carry out your responsibilities honestly, in good faith and with integrity, due care and diligence, exercising at all times the best independent judgment.”
OK. That’s fine. But porn is legal. And these members of the porn industry are just doing their banking like any other private citizen or business would. So what’s the fucking problem?
While JPMorgan Chase goes on its pornstar witch hunt, I think it’s important to remember that JPMorgan Chase’s chairman Jamie Dimon was recently required to pay $920 million in fees for violating SEC rules. Over the years, JPMorgan Chase has had to pay more than $20 billion in fines and penalties. That might seem like a lot of money to us, but to put it in perspective, Dimon makes more in an hour than the average minimum wage worker makes all year long (Dimon’s hourly wages are approximately $9,615 per hour).
And then there was that thing, the report by financial analyst Josh Rosner of Graham-Fisher and Co. which implicated JPMorgan Chase in “…money laundering for drug cartels; violations of sanction orders against Cuba, Iran, Sudan, and former Liberian strongman Charles Taylor; executing fictitious trades where the customer … was on both sides of the deal; misrepresentations of CDOs and mortgage-backed securities; violations of the Servicemembers Civil Relief Act; fraudulent sale of unregistered securities; auto-finance deceptions; violations of state and federal ERISA laws; filing of unverified affidavits for credit card debt collections; energy market manipulation that triggered FERC lawsuits; “artificial market making” at Japanese affiliates; shifting trading losses on a currency trade to a customer account; fraudulent sales of derivatives to the city of Milan, Italy; and obstruction of justice (including refusing the release of documents in the Bernie Madoff case).”
And hey! Remember those hedge funds and bogus mortgages that made the stock market crash in 2007 and completely fucked the entire economy? Well, it shouldn’t surprise you that JPMorgan Chase enabled that crash.
Ultimately, you just have to admire the size of JPMorgan Chase’s balls for closing the accounts of people in the adult industry for “moral reasons” since they have time and time again proven to be the world’s evilest organization.
You know what’s worse than shooting and starring in porn movies? Crippling the US economy and laundering money for drug cartels.
For a look at one of the letters JPMorgan Chase has been sending to the adult industry, click here.[h/t: AVN, PerezHilton]