JPMorgan’s $2 billion trading loss was bound to have big consequences but few could have guessed the fallout would reach all the way to the Buffalo Sewer Authority.
City Comptroller Mark J.F. Schroeder has agreed to transfer $45 million worth of Sewer Authority funds from a JPMorgan Chase account to local bank First Niagara Financial Group after Occupy Buffalo raised concerns about leaving the money at JPMorgan, the Buffalo News reports. The move comes with a number of benefits, including a higher interest rate and more local branches that make it easier for employees to cash paychecks (h/t ThinkProgress).
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