J.P. Morgan Making Big Profits From Food Stamps: More Poverty = More Profits for JP Morgan

[JohnyCanuck]

Run time: 04:38 https://www.youtube.com/watch?v=5zf8v7RYk6Y   Posted on YouTube: January 14, 2010 By YouTube Member: TheChannelOfLiberty Views on YouTube: 5078   Posted on DU: January 20, 2011 By DU Member: JohnyCanuck Views on DU: 866

 
J.P. Morgan is getting rich off of poverty...

Guest post from the Economic Collapse Blog

JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money.

In the video posted above, JP Morgan executive Christopher Paton admits that this is "a very important business to JP Morgan" and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan's profits in this area have soared. But doesn't this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?

snip

So if unemployment goes down will this ruin JP Morgan's food stamp business?

Well, apparently not. In the interview Paton says that 40% of food stamp recipients are currently working, and he seems convinced that there could be further "growth" in that segment.

So is this what America is turning into?

A place where tens of millions of the unemployed and the working poor crawl over to Wal-Mart and the dollar store every month to use the food stamp debit cards provided to them by JP Morgan?

http://dailybail.com/home/jp-morgans-food-stamp-monopoly-the-more-americans-that-fall.html

Max Keiser explains further:
http://www.youtube.com/watch?v=eYRG9f5F4gw&feature=player_embedded

[rfranklin]

1. 16 tons and what do you get?

I owe my soul to the company store, sand Tennessee Ernie Ford.

[aquart]

2. Another day older and deeper in debt.

St. Peter don't you call me 'cause I cain't go.
I owe my soul to the company sto.

[CrispyQ]

3. They are vampires & they will not stop until they suck every drop from us.

They being the corporate class & the artificial entities they do their dirty work with.

[Shallah Kali]

4. direct link to the bloomberg video

http://www.bloomberg.com/video/63589954/

[Oilwellian]

5. I wonder...

When did they privatize food stamps and what amount are we paying JPMorgan to administer the program? I've looked for that answer and can't find a definitive amount. What I did find though is they've outsourced the call centers set up to handle customer issues. So a part of our tax dollars going to the food stamp program pays someone in India to help administer it. Don't you love the global market?

[forty6]

8. Why can't that be part of the requirement.. that the jobs to service this

stay in the USA?

That's where they belong!

Why do we keep giving our jobs away?

[Overseas]

6. Sad K&R. //nt

[Karenina]

7. . .