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JP Morgan Chase has now been hit with a total of $20 billion in fines and restitution for a variety of misdeeds over the past decade -- a record total by far for any business. Is the bank reeling in shame and pain? Has it gotten rid of the CEO who incurred all those penalties? Has its stock sunk to historic new lows?
No, no, and no.
The bank's stock price is actually higher now that it was before this avalanche of fines began -- indeed, the stock is near a five-year high.
We famously live an age of capital, where those who own businesses or other assets are prospering, while most people who rely on the value of their labor are doing terribly.
When fast food workers went on strike recently in Washington State, they weren't just protesting low wages. They were also protesting the lack of enough work hours and reliable schedules.
Like low-wage employers everywhere, restaurant chains in Washington go to great lengths to limit their workers to under 30 hours a week. Once an employee goes over that threshold, they qualify for benefits that even low road employers feel they have must offer.
New Yorkers shut out of a job by employment credit checks spoke out and told their stories, expressing hope that New York City would build on its recent success banning discrimination against the unemployed in hiring to also put an end to credit discrimination.