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

By Danny Mayer, North of Center
Posted on August 4, 2011, Printed on August 5, 2011

OnJuly 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.