The Daily Orange’s coverage of the relationship between Syracuse University and JPMorgan Chase & Co. in the Nov.16 issue is highly problematic, if not outright incorrect. Students are and should be concerned with the corporatization of SU and its ties to a banking institute that consistently works against the interests of students, home owners and the working class.

Let’s examine the corporation’s role in the current economic crisis. It owns one of the major subprime lenders, Chase Home Finance, which provided billions of dollars in subprime mortgages that exclusively targeted poor and working-class people.

After it helped tank the economy, which resulted in the shuttering of factories and workplaces and millions of foreclosures, it was bailed out to the tune of $94.7 billion of taxpayer money — the same taxpayers who were losing their homes and jobs. Chief Executive Officer Jamie Dimon’s compensation was $20.8 million.

It has laid off 14,000 workers since that bailout, but it has managed to pay billions in executive bonuses. The company has lobbied against the Employee Free Choice Act, which would make it easier for workers to organize without employer intimidation. It has made obscene profits from bank and ATM fees.

Should SU have any sort of relationship with such a company? The D.O. article talked about how the company provides students by offering ‘real-world internships.’ What does the company get in return? Access to a super-cheap, if not entirely free, labor supply. The article says the company plays a ‘large role’ in ‘helping develop curriculum.’ The ideals held by banks such as JPMorgan have contributed to a system of greed and have no place in a classroom. The bank comes out the winner in this situation, at the expense of SU’s integrity.

We also seriously question how congruous this corporate relationship is with Scholarship in Action. As community organizers, we have seen firsthand the destruction wrought in Syracuse by this corporation. We have seen families forced out of their homes and onto the streets.

With the Occupy Wall Street movement gaining traction across the globe, this country has reached a fork in the road. Will we continue to let banks and corporations not only dictate our laws, but also our academic curriculums? Will SU continue to sell out to a bank that actively works against the interests of students and the working class? It’s time to reconsider SU’s priorities and for the university to cut ties with JPMorgan.

Derek Ford and Adrienne Garcia

Syracuse University Students

Published on November 29, 2011 at 12:00 pm