Those worthies within the communications division at US banking group JP Morgan had the best of intentions. But opening yourself up to the Twitterati is a long, long way from sending press releases to well-lunched reporters. JP Morgan triggered such a wave of abuse through its #AskJPM campaign on Twitter that its supposedly breakthrough idea turned into a quickly aborted PR nightmare. A reflection that the public of the different worlds inhabited by New York bankers and their High Street clients. Americans are still very sore about the 2008 Global Financial Meltdown for which is quite correctly blames JPMorgan and its peers. The even more reviled Goldman Sachs at least has the good sense to keep a low public profile. Lots of lessons here. Not least how social media is transforming the craft of corporate communications. If you offer to talk honestly, be totally prepared for very honest feedback. Otherwise shut up and let people believe what they like. What follows was published by Californian firm Globalresearch.ca. Don’t miss the classic CNBC video at the bottom starring actor Stacy Keach. – AH
Twitter Fail – from Globalresearch.ca:
JP Morgan launched a social media campaign with the hashtag Ask JPM” the other day.
Twitter users absolutely lambasted JPM, asking such questions as (via Buzzfeed):
- “Has the raw cunning of the electricity bid-rigging scheme … been unfairly overshadowed by the scale of the mortgage settlement? “
- “How do you decide who to foreclose on? Darts or a computer program?”
- “Every time another person loses their home to an illegal foreclosure, does a bell ring? “
#AskJPM ‘Vietnam banker sentenced to death for fraud’ http://t.co/4i7ty9cffM >Too much to ask if J. Dimon blew his brains out on live TV?
— Max Keiser (@maxkeiser) November 16, 2013
- “If it came out Jamie Dimon had a propensity for eating Irish children, would you fire him? What if he’s still “a good earner”? “
- “Why do you think its ok to outright lie, cheat and steal?”
- “Crime: A) Totally pays, just look at us B) Boy I don’t know C) If a market-maker does it that means it’s not illegal”
And (via the New York Times):
- “What illegal deals did Jamie Dimon and the other big banks make with Obama at the closed-door meeting on Oct 2, 2013?”
- “After reading the #AskJPM tweets, is it true that your traders have gone short banksters and long guillotines?”
It’s the relationships, stupid: Why J.P. Morgan’s #AskJPM Twitter chat went horribly, horribly wrong http://t.co/Xoo1gN0whk
— Forbes (@Forbes) November 15, 2013
- “Do you feel bad about systematically undermining democracy? Do you know what fiduciary duty is?”
And (via the Big Picture):
- “Quick! You’re locked in a room with no key, a chair, two paper clips, and a lightbulb. How do you defraud investors?”
- “When you collapsed the global economy did it interfere with your vacation in the Hamptoms?”
