If Chrysler LLC's main bank is not willing to help the struggling automaker, concerned consumers should not support JPMorgan Chase, say two advocacy groups that launched an online national boycott Wednesday.
Progress Michigan and FireDogLake.com are asking people to close their JPMorgan bank accounts and cut up their credit cards in protest.
Sparking the campaign is the stalemate in negotiations to convince Chrysler's largest debt-holders to help reduce debt as a condition of receiving $6 billion more in federal aid.
On the line are thousands of jobs, many of them in Michigan, said Leigh Fifelski, Progress Michigan campaign coordinator.
There are plans to add names to a petition on the FireDogLake.com Web site.
A Facebook page called "Americans Boycotting JPMorgan Chase" has been set up and there are plans to post a video of someone closing their account on YouTube in the next day or two, Fifelski said.
"This is the time when we need to stand together," Fifelski said.
Meanwhile, Chrysler has until the end of the month to complete deals with all of its stakeholders, which includes the banks and the United Auto Workers union.
A further condition is completion of a partnership deal with Fiat SpA of Italy.
The U.S. Treasury has deemed Chrysler not viable without meeting these conditions.
apriddle@detnews.com">apriddle@detnews.com (313) 222-2504
Join the Conversation
The Detroit News aims to provide a forum that fosters smart, civil discussions on the news and events that we cover. The News will not condone personal attacks, off topic posts or brutish language on our site. If you find a comment that you believe violates these standards, please click the "X" in the upper right corner of the post to report it.