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.
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More on JPM's monopoly:
Photo by William Banzai7...
Jan 28, 2013 at 10:43 PM
Reader Comments (31)
Why on earth anyone would bank with these jerk-offs is beyond me.
"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
"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).
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."
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.
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.
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
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
Crash JP Morgan - Buy Silver
http://www.youtube.com/watch?v=wN0rcNJXFfI
Full Spectrum Dominance and the NWO
http://www.youtube.com/watch?v=frw87_Fbc8g
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).
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.
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.
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.
I thought it was the Republicans,Democrats,Tea Baggers & the BIG CLUB that tell them what to do.
The government is the crime syndicate, they have been very cooperative in facilitating your financial demise.