Quote:One of the major players in the global financial crisis is now in charge of all financial transactions in an entire state. Could this spread? YES
On July 1, JP Morgan Chase became the Commonwealthâ€™s bank. As the stateâ€™s official depository, JP now receives all deposits, writes all checks and makes all wire transfers on the $12-15 billion that flow through Kentucky state government in the course of a fiscal year. It will cut payroll checks, receive federal and other funds earmarked for the state, and disburse educational or transportation or any other funds to their appropriate monetary endpoints. For its trouble, the bank will receive $1.3 million in state fees and the ability to re-lend idle state funds out to customers for private gain.
Yes, you should be worried....AlterNet
JP Morgan Chase, one of the Fed's Powerhouse's is taking one of the final steps to absolute control, at State level.