Simply put, JP Morgan Chase &Co. has demonstrated itself to be nothing short of a criminal enterprise. Not only must Phoenix stop supporting the moral hazard of Too Big To Fail banks getting Bigger, but the city should end all business relations with this financial institution.
To that end, it is imperative for the City to bank locally. Local financial institutions are intimately tied to the fortune of the community, they grow the local economy, and they will use their funds for productive investment rather than speculative gambling. Therefore it is not only a moral but also a financial imperative that the City of Phoenix divest from JP Morgan Chase and bank with local, community-owned financial institutions.