if you consider that JPM is collateralized 100:1 … well that’s a 4.5 billion dollar hit for Jamie.
ohhh woooah woooah …. Jamie’s cryin’
Jayme
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.
Bottom line is, better returns on money. The difference in interest is enough to help a person or two over the year and the convenience will probably save a bundle in gas and time. It would be interesting how this move would actually improve the community since this appears to be a local bank and the money appears as if it will go to local people rather than get stuck in some risky derivative fiasco.
The bank isn’t rated hightly but they’re better than JPM according to this site:
In my foggy morning haze I thought that read “depositing money with First Nigerian Financial Group.” and still thought their money would be safer than with JPM.
0.30% interest? Seriously? Inflation is about 15x or more above that! You’d think $45 million could find a better rate of return.
hal10000
This is a great first step.
A few questions? Do we really know for sure this isn’t some front for another larger bank? As well, how do we know that these will not simply be funnelled to Wall Street anyway with yet another layer skimming of service fees.
However, I do really think that this needs to be encouraged. The fewer municipalities that have funds inside Wall Street banks means that using the needs of municipalities will be one less tool in the ”too big to fail” toolbox.
Aaron Bosse
Hey I live here!!!! This is the smartest thing I have heard from this corner of the world in a loooong time! Come on Buffalo we can do it!!!!
Conax
The death of a thousand cuts.
I hope everyone abandons that lousy den of thieves.
Come out of her my people! Come out!
Let’s celebrate with a bowl of buffalo wings!
Link doesn’t work for me, censorship has begun.
Is this the right link?
Link vanished
http://www.buffalonews.com/city/communities/buffalo/article879406.ece
Did someone say “Short JPMorgan”?
I’m sure I heard someone say that
having trouble with link also but this one worked: http://www.bizjournals.com/buffalo/blog/morning_roundup/2012/05/45m-buffalo-sewer-account-to-first.html
OH YEAH!!!
http://www.youtube.com/watch?v=J2HBdRCroks
Its a beautiful thing.
@M&S,
if you consider that JPM is collateralized 100:1 … well that’s a 4.5 billion dollar hit for Jamie.
ohhh woooah woooah …. Jamie’s cryin’
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.
Bottom line is, better returns on money. The difference in interest is enough to help a person or two over the year and the convenience will probably save a bundle in gas and time. It would be interesting how this move would actually improve the community since this appears to be a local bank and the money appears as if it will go to local people rather than get stuck in some risky derivative fiasco.
The bank isn’t rated hightly but they’re better than JPM according to this site:
About First Niagara Bank
http://www.mybanktracker.com/First-Niagara-Bank/Profile
Overall, it seems to be a good move for Buffalo.
broken link?
@general rasta ty was wondering exactly that
Silver coins minted in Guernsey are legal tender.
In my foggy morning haze I thought that read “depositing money with First Nigerian Financial Group.” and still thought their money would be safer than with JPM.
Future News:
JP Morgan Chase to buy first Niagara Bank…
We can all be Hunt Brothers by stacking.
Our local governments can be Andrew Jackson’s and pull their money out of the bad banks.
Bravo!
Dimon in the Ruff
Who let the dog out
With the bell? Spell, pellmell
Out with wag-a-muffin tail
And tongue lolly-gaggin’, waggin.
Ask for advise?
Don’t lose the money!
Too late. On to the next fire post.
Lift the leg: deposit, withdraw.
Muff the ruff! Good Boy!
Such a joy; that’s the way!
Make hay! Sun still shines!
Wall-eyed street finds
Suits on pups, sups and dines
With knife and fork. Paw print
On the check, oops, flint. Never mind.
Dogs don’t pay! They play!
Ruff, Ruff! Bring the bag
Lots of turds, spoil the curbs!
Dogs Be Us, USA! Corgies north,
Shhh-now-sire’s south!
@Max&Stacy
Featured Link not working http://www.buffalonews.com/city/communities/buffalo/article879406.ece
0.30% interest? Seriously? Inflation is about 15x or more above that! You’d think $45 million could find a better rate of return.
This is a great first step.
A few questions? Do we really know for sure this isn’t some front for another larger bank? As well, how do we know that these will not simply be funnelled to Wall Street anyway with yet another layer skimming of service fees.
However, I do really think that this needs to be encouraged. The fewer municipalities that have funds inside Wall Street banks means that using the needs of municipalities will be one less tool in the ”too big to fail” toolbox.
Hey I live here!!!! This is the smartest thing I have heard from this corner of the world in a loooong time! Come on Buffalo we can do it!!!!
The death of a thousand cuts.
I hope everyone abandons that lousy den of thieves.
Come out of her my people! Come out!
heheh