TV News LIES

Friday, Apr 18th

Last update03:58:59 PM GMT

You are here News Economy How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared

How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared

E-mail Print PDF

JP Morgan Chase takes over Kentucky banksOn July 1, JP Morgan Chase became the Commonwealth’s bank. As the state’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.

A global corporation with more than $2 trillion in assets and operations in 60 countries, JP Morgan Chase has been a major figure in the ongoing global financial crisis. As one of the largest private banks in the U.S., the bank made incredible amounts of money by underwriting many of the questionable loans (sub-prime, zero down, adjustable rate) that fueled the American housing bubble.

It then made even more money by packaging hundreds of these shitty loans into a single “product,” a mortgage backed security, which it sold like Twinkies to pious religious non-profits, filthy-rich hedge fund managers, municipal fire-fighters, retired auto-workers, and the like, each security effectively putting these groups on the hook—and not JP—for the shitty loans that it had helped create.

More...

 


Most Recent Related Stories...


Judge says will accept SAC Capital guilty plea

SAC guilty pleaA federal judge agreed to accept SAC Capital Advisors' guilty plea to fraud charges in the...

SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

SECA trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and...

U.S. Obama signs executive order on equal pay for women

equal pay for equal workKeeping with his promise to champion women’s rights in the workplace, President Barack Obama signed an...

U.S. stock markets are rigged, says author Michael Lewis

stock market riggedThe U.S. stock market is rigged in favor of high-speed electronic trading firms, which use their...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!