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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCity of Buffalo moves $45 million out of JP Morgan to local Bank
The City of Buffalo is withdrawing $45 million from JPMorgan Chase and depositing the money with First Niagara Financial Group, City Comptroller Mark J.F. Schroeder announced Wednesday.
The Buffalo Sewer Authority funding will earn 0.30 percent interest, more than the 0.25 percent interest rate it had been getting with JPMorgan, Schroeder said in a written statement.
The move follows concerns about JPMorgan raised with the Common Council by members of the Occupy Buffalo movement, who asked that the city withdraw its deposits from the institution.
"Not only will the funds earn more interest with First Niagara, a major local employer headquartered in Buffalo, but it also sends a crystal-clear message to JPMorgan Chase that the City of Buffalo is not happy with their business practices," Schroeder said.
http://www.buffalonews.com/city/communities/buffalo/article879406.ece
marybourg
(12,650 posts)90-percent
(6,834 posts)Primarily because it is the result of the efforts of the
OCCUPY BUFFALO movement.
The Occupy movement seems to be working effectively to begin the restoration of our Democracy.
I've has an Occupy yard sign by the road in front of my house for about 6 months now, and an Occupy bumper sticker on my tailgate for about four.
Meager, I know, but, I feel you have to keep trying and every little tiny bit helps.
ESPECIALLY IF WE THE 99% ARE ALL ENGAGED IN DOING THESE LITTLE THINGS! That would yield a louder pro-democracy message than all the Citizens United Corporate Propaganda their billions can buy!
-90% Jimmy
freshwest
(53,661 posts)Egalitarian Thug
(12,448 posts)and pointless, and violent, and anarchist, and has no message, and is made up of rich/poor/lazy students and rapists with nothing better to do.
Was I misinformed?
magical thyme
(14,881 posts)They (we) need to do this across the country, with every single local government that is doing business with the banksters.
Here's another target to think about: How many local and state governments are having admin work processed in India? Any number is too many, and any government found doing that should be educated. They need to be hiring people at home and keeping our tax dollars in our communities.
FarCenter
(19,429 posts)First Niagara Financial Group Inc. and HSBC Holdings PLC agreed to divest 26 branch offices around Buffalo, N.Y., to resolve antitrust concerns, the U.S. Justice Department said.
HSBC is selling 195 branches in upstate New York and Connecticut to First Niagara Financial for about $1 billion, as the international bank is trimming 30,000 employees and restructuring its business toward higher-profit areas.
Without the divestiture agreement, the Justice Department said, the acquisition would have an adverse effect on small business and retail banking competition in the Buffalo area. About $1.6 billion in deposits are in the 26 branches, which are located in Erie, Niagara and Orleans counties.
http://www.marketwatch.com/story/hsbc-first-niagara-to-divest-buffalo-branches-2011-11-10