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Courtesy of Matt from Flippa.com

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So pissed off. Writing to all the C-level execs (James Dimon, Michael J. Cavanagh, Charles W. Scharf, Gordon A. Smith, and Frank Bisignano):

Dear Mr. James Dimon

My name is TaeWoo Kim. I have been a faithful customer of Chase/Washington Mutual for over 8 years now. The reason for this letter is simple: I need your help.

First off, let me start off by saying how much I’ve appreciated Chase, especially with customer service and communication. Your online service alone has saved me countless hours and money. Thank you for your years of service.

I understand that I am one of millions of customers Chase deals with. I also understand that not everyone’s needs can be met. I don’t believe in entitlement nor do I expect things in return for my loyalty. But I feel lost in this big banking system of yours. I have spoken to many of your employees but I get the same answer without getting any solution.

I have three three credit cards with Chase. One had a limit of $40k, another with $15k, and the last with $1k. My credit score has always been outstanding (see latest report from MyFico.com) and I’ve rarely had late payments. Even if they were, it was due to ACH delay issues that I’ve managed to clear with Chase. I’m certain your call service center logs can verify this. I’ve always been a cautious borrower so I made sure I did not borrow beyond my means that can jeopardize my financial situation or my business standing with Chase. That’s why my history shows lack of information regarding revolving balances.

But lately, despite the economy’s downturn, my business has had tremendous success in the past few months. To expand my business advertising and marketing efforts, we rely heavily on our line of credit to buffer us. I haven’t had to use my Chase credit cards in a while because we’ve had partners who have fronted us their line of credit, but now they’re also in a crunch. So lately, I’ve started to use my Chase credit cards.

I get 3 letters within days of each other with the following changes to my accounts:

1. One line of credit went from $40k to $20k
2. Second one from $15k to $1k. Let me repeat: $15,000 to $1,000.
3. Third one was flat out closed due to lack of activity.

Now, you can see how anyone would get extremely disturbed by this. While I’m no credit guru, I do understand my borrower-worthiness depends on my credit score, and a big chunk of it depends on my total line of credit. Effectively, $35k worth of line of credit has been wiped out. (The one with $1k line of credit wasn’t used because well, it only had $1k.)

I do admit there was a problem with one payment of $9k to Chase being returned as a result of my mistake. I have two bank accounts that submit payments from and one night, I carelessly chose the wrong account that did not have the balance. That resulted in payment to be returned from Chase. But I did remedy the situation right away by submitting the payment within days to correct the situation. Other than this one blooper, my account has been in good standing 99% of the time.

I hope I can appeal to your sensibility.

1. In the current economy, we need more jobs. While my company’s not huge (yet), we are in state of growth. The more line of credit we have access to, the greater the growth. The more we grow, the more we can borrow. The more we can borrow, more we can do business with chase.
2. I do understand mistakes are red flags but don’t we all make mistakes as humans? As the good Bible says, “let those without sin throw the first rock.” I hope a single mistake isn’t going to spiral me down from a good borrower of many years to a bad borrower due to one day’s event.
3. All I get from your Chase reps are: “I can’t help you”, “we can’t do that”, “call us back”, etc. Is Chase a can-do company or not?

For years, I’ve been raving to my friends about how great Chase is. Why? My experience with Chase products and customer service has been phenomenal. But over a short period of time, my faith in Chase has slowly deteriorated to a point where I’m considering alternatives as far as banking goes. Of course, I would rather stay at chase because my financial details are well entrenched with Chase.

I am asking your helping restoring my line of credit on all three. If possible, I would like them even increased to double. I’ve spoken to a bank representative about why banks close idle accounts (i.e. holding cash just in case I borrow loses money). So if you’d like, I can concede to a condition that if I don’t use them in a year’s period of time, I will forfeit them.

The lives of four (to six, depending on season) rest heavily on my ability to borrow (responsibly). This line of credit is the buffer we need to get our “lifeblood” going in our company. Even if I haven’t made a convincing argument, I hope I can appeal to your sense of human camaraderie and mutual business respect.

Very sincerely,

TaeWoo Kim

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Tariff sucks. Tariff sucks. Tariff sucks.

In case, you didn’t get the point… tariff sucks.

Obama and the business Mafia labor unions managed to screw up once again:

As China and some American companies denounce President Obama’s decision to impose tariffs on Chinese tires, the Obama administration can take solace that at least one important Democratic constituency is enthusiastically applauding the move.

At the A.F.L.-C.I.O. convention in this city haunted by the ghosts of shuttered steel mills, Thea Lee, the labor federation’s chief economist, praised Mr. Obama’s decision, saying it would help preserve American manufacturing. She said a surge in Chinese tire exports had contributed to the shutdown of several American tire factories and the loss of thousands of jobs.

Yes, Mr. Obama. Please, tax the shit out of middle class. Maybe one day they’ll cheer and vote for you in upcoming elections.

Dude, WHY?

Who pays for the tariff? The MIIDDLE class. Who’s getting the benefit here? The aging US manufacturing business that cannot compete with China? The employees of these tire companies? Tax the rest so that the few, againg, industrial companies (that think innovation is changing a sticker on their product or changing an ad slogan) can live?

Why are you protecting these businesses that should close shop? They cannot compete globally for a reason: that they SUCK at innovating and keeping prices competitive. Let these companies die so that the Chinese (or whoever) can make them cheaper and faster, thereby HELPING US. The industrial era employees need to be trained and employed into the modern information world. Help them help themselves. Let market forces do their natural thing… and one of the things that things in nature do is COMPETE. Don’t punish the rest of the people to protect this dying tree.

Here’s the irony of all this: these US manufacturing industries died BECAUSE of gov’t intervention and unions that demand higher pay and blah blah for their workers. First give them the reason to die and to move away to overseass, then now give them the reason to barely maintain status quo by taxing the rest of  us consumers. US gov’t (in its meddling with the natural economy) and the labor union are like crack dealers: they get the innocent person addicted… then when the dude’s about to die, give them some temporary remedy so he can live longer and keep using the crack.

Unions suck.  Government telling you what do sucks. Laws messing with natural market forces suck.

…

Damn, this post is too filled with negative energy. Ok, here’s a positive note: gold is up. Yay.

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