Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

Powered by Squarespace

 

 

Search The Daily Bail Archive Of 15,000 Videos

SEARCH THE DAILY BAIL

SPONSORED BY  

 

Hank Paulson Is A Criminal - Pass It On

Bernanke's Failures Caught On Tape

"The Federal Reserve Is A Ponzi Scheme"


Get Our Videos By Email

THE FED UNDER FIRE: Must See Clip

Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - The 11 States Most Likely to Go Bust

SLIDESHOW - 7 Really Big Holes - Don't Miss #7

SLIDESHOW - Molotov Cocktails In Greece

SLIDESHOW - The Sights, Sounds & Women of Texas

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Egyptian Revolution - Graphic PICS

SLIDESHOW - U.K. Student Riots

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
SEARCH
« Eliot Spitzer On Lanny Breuer: 'The Biggest Fraud On Wall Street' | Main | The Essence Of Banking... »
Monday
Jan282013

J.P. Morgan's Food Stamp Monopoly: The More Americans That Fall Into Poverty The More Money Jamie Dimon Makes

How J.P. Morgan gets rich with increased food stamp usage:

JPM's Food Stamp Monopoly.  Watch this video.

Max Keiser on J.P. Morgan's poverty business.

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.

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?

There are just some things that are a little too "creepy" to be "outsourced" to private corporations.  The JP Morgan executive in the interview below does his best to put a positive spin on all this, but it just seems really unsavory for a big Wall Street bank to be making so much money off of the suffering of tens of millions of Americans....

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?

It turns out that JP Morgan also provides child support debit cards in 15 U.S. states and they also provide unemployment insurance benefit debit cards in seven states.

Apparently states have found that they can save millions of dollars by "outsourcing" the provision of these benefits to big financial firms like JP Morgan.

So what happens if you have a problem with your food stamp debit card?

Well, you call up a JP Morgan service center.  When you do this, there is a very good chance that you are going to be helped by a JP Morgan call center employee in India.

That's right - it turns out that JP Morgan is saving money by "outsourcing" food stamp customer service calls to India.

When ABC News asked JP Morgan about this, the company would not tell ABC News which states have customer service calls sent to India and which states have them handled inside the United States....

  • JP Morgan is the only one today still operating public-assistance call centers overseas. The company refused to say which states had calls routed to India and which ones had calls stay domestically. That decision, the company said, was often left up to the individual states.

JP Morgan has been moving some of these call center jobs back inside the United States due to political pressure, but this whole situation is a really good example of what the "global economy" is doing to middle class Americans.

Just try to imagine the irony - a formerly middle class American that has lost a job to outsourcing calls up to get help with food stamp benefits only to be answered by a call center employee in India.

Welcome to the global economy, eh?

But wait, there is more.

It has just been announced that JP Morgan has admitted that they wrongly foreclosed on over a dozen military families and that they have been overcharging "thousands" of other military families on their mortgages.

Ouch.

It is a really bad public relations move to mess with military families.

Is anyone over at JP Morgan even paying attention?

JP Morgan has also been one of the primary financial institutions involved in the foreclosure "robo-signing" scandal.

They just seem to be having all kinds of problems lately.  But they are not alone.

The truth is that we have gotten to the point where big Wall Street banks such as JP Morgan, Goldman Sachs, Citibank and Morgan Stanley just have way, way too much power.

The biggest Wall Street financial institutions had no trouble begging for bailouts from the U.S. government during the financial crisis, but when the American people have needed a little grace and mercy from them they have been less than helpful.

---

More on JPM's monopoly:

 

Photo by William Banzai7...

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (31)

Terrific post, DB. JPM is the scum of the earth. A quarter trillion in emergency lending from the Fed. Wrongfully kicking families--including military families--out of their homes. Obscene overcharges levied on retail banking customers. Off-shoring food stamp call centers. Endlessly short-selling silver as all government eyes turn the other way. Impossible amounts of toxic assets. For this Jamie Dimon gets a $16 million bonus?

Why on earth anyone would bank with these jerk-offs is beyond me.
Jan 20, 2011 at 6:46 AM | Unregistered CommenterCheyenne
Even with record numbers of Americans dependent on food stamps, local food pantry traffic is way up.

"Representatives note it has seen a roughly 65 percent to 70 percent increase in individuals served at its [Chicagoland] pantries since 2007."

http://www.suntimes.com/3313717-417/pantry-snap-percent-program-month.html
Jan 20, 2011 at 7:43 AM | Unregistered CommenterCheyenne
Doesn't surprise me one bit. The global economy is all about extracting the last penny of wealth from the working class and pacifying the proles to keep them from rebelling.

"If there was hope, it must lie in the proles, because only there, in those swarming disregarded masses, eighty-five percent of the population of Oceania, could the force to destroy the Party ever be generated"
-George Orwell 1984

So as long as the gov keeps handing out food stamps and welfare, Americans will never rebel even at their certain inevitable eventual demise. And those who's minds are closed continue to call this 'socialism'. I call it corporatism (or as Mussolini called it, the exact same as Fascism).
Jan 20, 2011 at 7:56 AM | Unregistered CommenterCanuck
They have to steal money somehow to make up for the losses....

Banks drop foreclosures in Southwest Florida
Hundreds of lawsuits dismissed


http://www.news-press.com/article/20110119/RE/101190387/1076/Banks-drop-foreclosures-in-Southwest-Florida

[snip]

She said much of the recent wave of voluntary dismissals may be a result of a Massachusetts Supreme Court ruling Jan. 7 upholding a judge's decision two foreclosures were invalid because the banks didn't prove they owned the mortgages, which he said were improperly transferred into two mortgage-backed trusts.
Now, she said, many mortgages simply aren't fixable. "You can't go back and securitize. You run a red light, you can't go back and unrun it."
Jan 20, 2011 at 8:47 AM | Unregistered Commenterjohn
The Fair Credit Reporting Act and the Foreclosure Process

http://www.foreclosurefish.com/blog/index.php?print=767

[snip]

Willful violations of the Fair Credit Reporting Act allow homeowners to recover damages in three ways. The first is actual damages between $100 and $1,000 for each violation of the Act. The second is any punitive damages that the courts may award to the foreclosure victims. And finally, homeowners are entitled to attorneys fees and the costs of any legal action they bring against the lender for violations of the FCRA.

In practical terms, violations of the FCRA may be used to offset liability in a foreclosure action or lawsuit. When homeowners are preparing their answer to the foreclosure complaint, they may wish to add violations of the FCRA as counterclaims to sue the lender for damages. Depending on the amount and type of violations, along with any legal representation the homeowners utilize, such violations can create significant liability for the mortgage company.
Jan 20, 2011 at 9:22 AM | Unregistered Commenterjohn
Why Should We Listen to Them?
The Economists Forgive Themselves

http://www.counterpunch.org/baker01192011.html

[snip]

If economists did their job, they would be pushing policies to quickly get the economy back to full employment. Instead they just repeat lines about how "we" will just have to accept some rough times. Unfortunately, no one ever asks the economists who preach austerity how much time they expect to spend in the unemployment lines.

If they don't know anything, then why should we listen to them.
Jan 20, 2011 at 9:35 AM | Unregistered Commenterjohn
This is the crowning glory of global fascism. When economic powers control government--this is fascism. And whatever spin you want to put on it, whether you call it democratic socialism, or socialized democracy, the outcome is always the same.

Those who are diligent, and work hard, and are proud, and who have the character to refuse a handout, because they prefer their independance, those will be "taught a lesson" by global fascism.

They will be exploited, and robbed to pay for many who are not diligent, and who will not work hard, and who are not proud, because they lack the character to be independent at any cost. And those dependents will be rewarded for their subservience by the political arm of global fascism, and the economic arm will extract its profit from that activity too, just as the subservient will be fed.

Sure there are those who are unfortunate, and truly unable to fend for themselves. But in a harmonious society, under natural laws, they are cared for through the unselfishness of the charitable fortunate.

But that "right" to be charitable--to be magnanomous--is the sole domain of the central government in global fascism, to dispense what it sees fit, according to need.

And if and when the majority of a society operating under this level of depenency decides that it is better to be subservient, than to be victimized by the government they were taught to once trust, that society will collapse into corruption and despair, for lack of diligence, and lack of work ethic, and lack of pride, lack of character, of self-dependence and lack of hope.

It is harder and harder to find opportunities in a place such as that, to thrive and be self sufficient, despite the rising costs of necessities, the stagnant income (or even loss of income) and the devaluation of savings, all brought about by global fascism. It turns many on the fence to cross over into the false comfort of dependency upon the central state.

Let's hope that Americans continue to deny the state that power over their individual sovereignty. Individual sovereignty, even the illusion of it, is a far better fate than slavery to a government corrupted by economic power, no matter how much the struggle to preserve that individual sovereignty costs.
http://letthemfail.us/archives/7177
Jan 20, 2011 at 10:13 AM | Unregistered CommenterWil Martindale
Will Martindale, excellent post. I do think though, that you had to see this coming a few years ago and get moving on creating an environment of self sufficiency in order to weather it. Anybody waking up today may well have missed the boat if they are in any way financially limited. Which would be about 80% of us.
Jan 20, 2011 at 10:22 AM | Unregistered CommenterCanuck
Canuck,
I liked your earlier comment and fully agree with your reply. the words "bailout" were first uttered as a political maneuver (during my adult life) in September of 2008, and that was the wake up call that I hope triggered the preprare reflex you speak of. It did for me. I hope it did for a lot others. That's when I opened up letthemfail and started screaming 'prepare" and haven't stopped since.
-Wil
Jan 20, 2011 at 10:30 AM | Unregistered CommenterWil Martindale
Read the 'Club of Rome' report entitled Limits to Growth, and you'll understand the entire international banking cartel-created financial (fraud) crisis (globally) - and how this international banking cartel (which controls the U.S. 'Federal' 'Reserve') is CREATING 'austerity' around the world, forcing governments to bail them out, while everyone else suffers.

Crash JP Morgan - Buy Silver
http://www.youtube.com/watch?v=wN0rcNJXFfI
Jan 20, 2011 at 10:32 AM | Unregistered CommenterAnonymous
Wow. Amazing find, DB. Just wow.
Jan 20, 2011 at 10:43 AM | Registered CommenterDr. Pitchfork
This is also part of the effort called FULL SPECTRUM DOMINANCE -

Full Spectrum Dominance and the NWO
http://www.youtube.com/watch?v=frw87_Fbc8g
Jan 20, 2011 at 10:43 AM | Unregistered CommenterAnonymous
Rothschilds funded Zionism, and the State of Israel, created in 1948, which, via AIPAC, controls U.S. Foreign Policy, vis a vis, AIPAC BUYS U.S. Presidential 'Elections', gets the U.S. into wars against Israel's enemies, etc., and there are too many dual Israeli-U.S. citizens, like Rahm Emanuel, who have NO LOYALTY to Americans, and who are, along with the International Banking Cartel, raping the U.S. public, by a fraudulent 'Federal' 'Reserve', along with it's congenital twin, the IRS, while JP Morgan makes a profit off of poverty, and while all the Wall Street banks continue to pay themselves trillions in bailout money...after they, and the other 'globalists' moved U.S. jobs overseas... You see, Americans don't matter to globalists. Any more than people in Africa do. WE ARE ALL PLEBS, to globalists. The globalists are RAPING THE GLOBE - GET IT NOW? AMERICANS MUST FIGHT THESE SONS-OF-BITCHES, otherwise, the U.S. is DONE. FREEDOM - DONE. And, HELLO GLOBAL ENSLAVEMENT.
Jan 20, 2011 at 10:54 AM | Unregistered CommenterAnonymous
If they can't ENSLAVE us all, Americans, and Africans, and the people of India (just like they've already enslaved everyone in China) - if they can't do it via a carefully-contrived economic crisis, well, they can always turn to 'global warming' or 'climate change' (they changed the terminology, when it became clear, that the planet may be actually entering a cooling period...) Their main weapon, however, is the economy, and warfare - this is how they are impoverishing, further indebt-ing, and thereby, ENSLAVING America, and Americans...
Jan 20, 2011 at 11:09 AM | Unregistered CommenterAnonymous
These FINANCIAL TERRORISTS are the enemy of freedom-loving people across the globe. THESE FINANCIAL TERRORISTS ARE THE ENEMY OF ALL PEOPLE, GLOBALLY...WAKE UP!
Jan 20, 2011 at 11:10 AM | Unregistered CommenterAnonymous
The Systemic Global Economic Crisis: At the Crossroads of Three Roads of Global Chaos

http://www.globalresearch.ca/index.php?context=va&aid=22862

[snip]

Soaring commodity prices (food, energy (7),...) should remind us of 2008 (8). It was indeed in the six months preceding Lehman Brothers and Wall Street’s collapse that the previous episode of sharp increases in commodity prices was set. And the actual causes are the same as before: a flight from financial and monetary assets in favour of “concrete” investments. Last time the big players fled the mortgage market and everything that depended on it, as well as the U.S. Dollar; today they are fleeing all financial stocks, Treasury bonds (9) and other public debts. Therefore, we have to wait for a time between Spring and Autumn 2011 for the explosion of the quadruple bubble of Treasury bonds, public debt (10), bank balance sheets (11) and real estate (American, Chinese, British, Spanish,... and commercial (12)), all taking place against a backdrop of a heightened currency war (13).
Jan 20, 2011 at 11:14 AM | Unregistered Commenterjohn
These big banks are worse than any mafia! They corrupt our whole country! To big to fail are now much bigger than before! They are the same ones yelling about socialism all the while having their socialistic hands out! In my opinion they are nothing but giant criminal organizations! They bribe our politicians to pass laws to allow their criminal organization to "legally" steal, however if individuals try to do the same actions these banks do then the individual is prosecuted and put in prison! The head of these organizations are the Federal Reserve Banks. The federal reserve makes about a TRILLION TO A TRILLION and a HALF a year off of us! More than enough to balance the budget! Oh and they have never been successful in performing their gooverment mandates! Until we get rid of the private secret ownership of the Federal Reserve we will always be run and owned by them! In my opinion the Federal Reserve is the largest most powerful criminal organization the world has ever known and they make the mafia look like a bunch of cub scouts!
Jan 20, 2011 at 4:57 PM | Unregistered CommenterMarc Levy
Vast fortunes have always been made exploiting the poor, why do you think check cashing places exist? Since welfare people can't have savings accounts, check cashing places cash their checks for ten percent of the check.

If you want big savings for the taxpayer, let them use regular banking. Instant ten percent savings to the taxpayer. In many States, to qualify for benefits, a household's income and assets must be sufficiently low. For example, benefits are cut off in some states if liquid assets in the form of cash and deposits in bank accounts exceed $1,000.

Of course this would be very detrimental to the true aims of such programs (exploitation), and only the first step towards ending the generational cycle of handouts.
Jan 21, 2011 at 9:52 AM | Unregistered CommenterS. Gompers
No one has really covered this either: All of the state unemployment offices have closed and claims are filed over phone/computer.

Payments made via JP MORGAN UNEMPLOYMENT BENEFIT DEBIT CARDS. All unemployment transactions have been privatized to JP MORGAN. The worse the economy gets, the more of a killing they make. Thanks Chuck Schumer, Barney Frank and the usual gang.
May 5, 2011 at 12:31 AM | Unregistered CommenterMint
The point is that whoever is handling the processing of food stamps will make a profit from it - in this case, JP Morgan. It is called capitalism and there are options to that, we could give communism a go.
May 5, 2011 at 5:59 AM | Unregistered CommenterDexter Cole
JP Morgan Chase not USA bank?

I have an account at Chase and I noticed that the checks said J.P. Morgan - Chase N.A.

Well I dont think that's North Arkansas.

N.A. is the Netherlands Antillies. J.P. Morgan- Chase is a foreign bank getting USA taxpayer money to skin and corn hole the US pubilc.
May 5, 2011 at 3:31 PM | Unregistered Commenterstevo
Cheyenne: "JPM is the scum of the earth"

I thought it was the Republicans,Democrats,Tea Baggers & the BIG CLUB that tell them what to do.
Aug 9, 2011 at 11:09 AM | Unregistered CommenterTR
Another issue is that J.P. Morgan is not an American Bank anymore. It is registered in N.A. and that ain't North Arkansas.
Aug 9, 2011 at 12:29 PM | Unregistered Commenterstevo
The greatest REPUBLIC to ever arise has been destroyed from within by a crime syndicate non government and traitorous usurpers from within. Extracting financial profit from the suffering of hungry human beings is despicable and makes those culpable lower than excrement.
Aug 9, 2011 at 1:49 PM | Unregistered CommenterDwayne
N.A means National Association. It indicates that a bank is chartered by the Federal government rather than a state.
Aug 11, 2011 at 1:39 PM | Unregistered CommenterDaveV.
what do you mean--DESTROYED FROM WITHIN BY A CRIME SYNDICATE -NON government usurper

The government is the crime syndicate, they have been very cooperative in facilitating your financial demise.
Aug 18, 2011 at 8:49 AM | Unregistered Commenternarvell
Really nice article, congrats ;)
Aug 25, 2011 at 10:46 AM | Unregistered Commenterchistes
Time to CLOSE DOWN JPM and jail ALL its executives above SVP for FRAUD & TREASON (destabilizing the nation). Sadly, Amercians are COWARDS & have only a 9th. grade education. Take together, these facts mean h US Democracy i DEAD.
Nov 5, 2012 at 3:57 PM | Unregistered CommenterJosephConrad
Here we are, at least three years into the outsourcing of UI and food stamp debit cards to TBTF banks, such as JPMorgan and Citibank. And I've yet to see where anybody has written about or examined publicly just HOW it is that states "save millions of dollars" doing this — when they never had to do this in the past! "Millions," no less! I know for a fact that UI debit cards DO charge $3 per withdrawal OR balance check if you don't use that bank's ATM; so, they make money off of admin fees, and make even more money off of user fees. There is NO reason why state governments cannot oversee and run their own damned debit card systems; they do (can), after all, process your vehicle tags, taxes, and speeding tickets!
Nov 8, 2012 at 10:14 PM | Unregistered CommenterPeeWee Hermann
JPM also has the contract outsourced to them by Dept of Labor- all the unemployment benefits are laundered thru JP ATMs and banks. No more checks from govt - all routed thru privatized sharks.
Nov 11, 2012 at 1:15 PM | Unregistered Commenterquantum
Interesting quantum. Hadn't heard that.
Nov 12, 2012 at 9:55 AM | Registered CommenterDailyBail

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.