By Ben Walsh
When JP Morgan saw the unacceptably high level of unemployment among recent veterans, it decided to hire thousands of veterans and form a coalition of companies that wanted to do the same. That’s the story Jamie Dimon, the bank’s chairman and CEO, happily told last week.
“They bore an unbelievable price for the rest of us, and something like 200,000 are coming out of the system every year, and for a while they had very high unemployment rates,” he said. JP Morgan, Dimon added, wants “to do our share to bring them back into society and give them jobs.”
It’s a great story, but it’s missing a key detail: The program began in 2011, partly as a response to the bank wrongfully foreclosing on military homeowners.
“We deeply apologize to our military customers and their families for these mistakes,” Dimon said at the time. “We cannot undo them, but we can take accountability for them, fix them and learn from them. Today we want to begin a new way forward…”
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