Last Wednesday morning J.P. Morgan Chase & Co (NYSE:JPM) announced on Twitter that it would host a live Q & A session with its Vice Chairman Jimmy Lee on Twitter today, Thursday, November 14.
Once Twitter users started asking pointed, humorous and critical questions using the #AskJMP hashtag, J.P. Morgan canceled the Q & A due to a Twitter storm consisting of epic, highly informed, trolling.
Tomorrow's Q&A is cancelled. Bad Idea. Back to the drawing board.— J.P. Morgan (@jpmorgan) November 14, 2013
The target of eight Justice department investigations and facing new allegations about dubious, large payments to members of China's elite to increase its standing in China discovered the hard way that - surprise, surprise - the so-called unwashed masses are paying attention.
Don't be fooled by headlines and news coverage currently portraying J.P. Morgan as a victim of typical Internet abuse.
Some headlines claim that what happened here is "a Twitter problem" - rather than a problem with the financial giant's reputation and public awareness about its actions.
What happened today was civil and whipsmart.
It proves that the public is informed, wide awake, and most definitely not apathetic.
In fact, this might be a uniquely democratic moment for Twitter.
Here are a few highlights from the #AskJPM hashtag (still active) showing that what was directed at J.P. Morgan was not typical internet trolling - not by a longshot:
Did you always want to be part of a vast, corrupt criminal enterprise or did you "break bad"? #AskJPM— Kevin Murphy (@kcm74) November 13, 2013
Is the fact that you've paid over half a billion in fines since August a source or pride, or are you embarrassed it's not higher? #AskJPM— alexis goldstein (@alexisgoldstein) November 13, 2013
What's it like working with Mexican drug cartels? Do they tip? #AskJPM— David Dayen (@ddayen) November 13, 2013
Would you rather negotiate with 1 horse-sized Eric Holder, or 100 duck-sized Eric Holders? #AskJPM— Kevin Roose (@kevinroose) November 13, 2013
Do you have a secret jail in your offices so your executives get at least one chance to see the inside of one? #AskJPM— David Dayen (@ddayen) November 13, 2013
Is it the ability to throw anyone out of their home that drives you, or just the satisfaction that you know you COULD do it? #AskJPM— David Dayen (@ddayen) November 13, 2013
#askjpm Is it easier to purchase a congressional representative or a senator?— Layoff List (@Layofflist) November 14, 2013
JP Morgan's online Q&A cancelled after Stringer Bell asks them "Are you taking twitter questions about your criminal conspiracy??" #AskJPM— jay smooth (@jsmooth995) November 14, 2013
#AskJPM How much does JPM spend every year buying off members of the SEC, and what is the average rate?— .m. (@dotemdot) November 13, 2013
How are you planning to spend the savings made from firing your social media team? #askJPM— Stanley Pignal (@spignal) November 13, 2013