Daily News: January 16, 2014

LA Times: L.A. Councilman Looks to Sever City’s JPMorgan Ties

The Los Angeles Times reported a Los Angeles city councilman called Wednesday for his colleagues to explore ways of punishing banking giant JPMorgan Chase for financial misconduct, possibly by terminating the company’s city contracts.

The Times said further Councilman Gil Cedillo, with support from Council President Herb Wesson and Councilman Curren Price, introduced a motion that seeks to determine how much business the city’s pension funds and other agencies have been doing with JPMorgan Chase, and calls for the council’s lawyers and financial analysts to provide legal options for severing the city’s ties with the company.