It must be fun to work at JP Morgan, at least if you can find a U.S. JPM job. They have outsourced many of their positions to India. They are busy hiding and lying about the $1.2 billion they absconded with from Corzine and MF Global. Well, $1.2 billion is chump-change compared to how much money JPM is making off food stamps. Turns out, they made $5.47 billion from the SNAP program in 2010. They are trying to pump up the SNAP volume and get as many people as possible on SNAP.
Did you know that JPM offers “child support” debit cards? and “unemployment benefits” debit cards? Yes, they have managed to get that business as well. People without jobs can simply drive their camry’s down to the store and swipe their cards, no need to go to the bank anymore. Not to be outdone, the food stamp president, Obama is offering $75,000 grants to groups/companies that can find ways to get more people on food stamps. It’s an election ace in the hole. Free food=free votes. The agriculture secratary under Obama declares every chance he gets that food stamps/SNAP is “economic stimulus”. What a load of horseshit. Being on food stamps is degrading and pathetic, yet this is what our country has come to.
This article really made me sick. The banksters and criminal politicians are pushing food stamps down everyone’s throats, metaphorically speaking, and JPM is getting billions in profit in the meantime. Once again, thanks to theeconomiccollapseblog.com for this info:
Making Money On Poverty: JP Morgan Makes Bigger Profits When The Number Of Americans On Food Stamps Goes Up
How would you feel if someone told you that one of the largest banks on Wall Street makes more money whenever the number of Americans on food stamps goes up? Unfortunately, this is something that is actually true. In the United States today, one out of every seven Americans is on food stamps. In fact, the number of Americans on food stamps has increased by a whopping 14 million since Barack Obama entered the White House. All of this makes JP Morgan very happy, because JP Morgan has been making money by the boatload on food stamps. Right now, JP Morgan Chase issues food stamp debit cards in 26 U.S. states and the District of Columbia. The division of JP Morgan Chase that issues these debit cards made an eye-popping 5.47 billion dollars in net revenue during 2010. JP Morgan is paid per customer, so when the number of Americans on food stamps goes up, they make more money. But doesn’t this give JP Morgan an incentive to try to keep the number of Americans on food stamps as high as possible? Of course it does. JP Morgan is interested in making money as rapidly as possible. If JP Morgan can get more Americans enrolled in the food stamp program and keep them enrolled in it for as long as possible, that is good for business.
And the Obama administration is certainly doing what it can to help out. Even though a whopping 46 million Americans are now on food stamps, the Obama administration plans to give out large amounts of money to organizations that are able figure out ways to get even more people enrolled in the program….
Despite the historic rise in food stamp use, however, the Obama Administration believes not enough people are receiving food stamps who should be and is offering $75,000 grants to groups who devise “effective strategies” to “increase program participation” among those who have yet to sign up.
In fact, U.S. Agriculture Secretary Tom Vilsack says that if we can get even more Americans enrolled in the food stamp program, that will be a great way to “stimulate the economy”.
Of course JP Morgan just loves all of this. The more people they have in the system the better.
Christopher Paton, the managing director of JP Morgan’s “Treasury Solutions” business, made the following statement about the “food stamp business” that his firm is engaged in during an interview with Bloomberg Television….
“This business is a very important business to JPMorgan. It’s an important business in terms of its size and scale…Right now, volumes have gone through the roof in the past couple of years. The good news, from JPMorgan’s perspective, is the infrastructure that we built has been able to cope with that increase in volume.”
As noted, more than 40 percent of all food stamp recipients in the United States actually have a job.
This is an exciting “growth area” for JP Morgan. As the middle class continues to decline, the number of “the working poor” in America is exploding.
Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs. This trend is perfect for JP Morgan because it means that the number of low income workers that are eligible for food stamps is going to keep increasing.
And what makes all of this even sadder is that JP Morgan has outsourced many of the customer service jobs for its food stamp program to India.
Yes, you read that correctly.
When Americans that can’t find a decent job need help with their food stamps there is a good chance that they will be talking to a customer service representative sitting in India.
Isn’t that crazy?
When ABC News confronted JP Morgan about this, JP Morgan would not tell ABC 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.
But JP Morgan doesn’t just handle food stamps. JP Morgan also issues child support debit cards in 15 states and unemployment insurance debit cards in 7 states.
Of course JP Morgan is not the only big bank involved in this kind of business. Several others are also making money in massive quantities on the backs of the poor.
The following example comes from a Huffington Post article….
Shawana Busby does not seem like the sort of customer who would be at the center of a major bank’s business plan. Out of work for much of the last three years, she depends upon a $264-a-week unemployment check from the state of South Carolina. But the state has contracted with Bank of America to administer its unemployment benefits, and Busby has frequently found herself incurring bank fees to get her money.
To withdraw her benefits, Busby, 33, uses a Bank of America prepaid debit card on which the state deposits her funds. She could visit a Bank of America ATM free of charge. But this small community in the state’s rural center, her hometown, does not have a Bank of America branch. Neither do the surrounding towns where she drops off her kids at school and attends church.
She could drive north to Columbia, the state capital, and use a Bank of America ATM there. But that entails a 50 mile drive, cutting into her gas budget. So Busby visits the ATMs in her area and begrudgingly accepts the fees, which reach as high as five dollars per transaction. She estimates that she has paid at least $350 in fees to tap her unemployment benefits.
There is something about all of this that just seems very, very wrong.
When we have good jobs, the big banks hit us with outrageous bank fees and they try to get us enslaved to credit card debt.
When we are down on our luck and become dependent on the government, the big banks still find ways of making money at our expense.
Why do the banksters always seem to win and we always seem to lose?
AWD says:
You gotta see this video…
The anthem of the FSA:
http://www.youtube.com/watch?feature=player_embedded&v=ylV8y_JZbuk
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31st January 2012 at 4:03 pm
AWD says:
Welfare recipients can now get free cell phones and service. They can get free internet service, and they will soon be able to get free gasoline. Those little luxuries of life aren’t really luxuries, their entitlements.
“You can find a company called Safelink Wireless offering welfare recipients a free cell phone and 250 free cell phone minutes a month.
You can find a company called Assurance Wireless offering welfare recipients a program that is virtually identical.
This is absolutely outrageous, and it is yet another sign that dependence on the government is totally out of control.
Not that assisting the poor is bad. Of course we always want to help those that cannot help themselves. We never want to see anyone go without daily food or sleep in the streets.
But providing the poor with the basics of life is much different from providing them with luxuries such as cell phones.
In some areas of the country, the poor can also receive nearly free Internet service every single month.
Just check out the following example from the Houston Chronicle….
When Comcast acquired NBC Universal earlier this year, an FCC-mandated requirement was that the cable giant offer cheap Internet access to low-income households. Comcast is making good on the mandate through a new program called Internet Essentials.
Families who qualify will be able to sign up for 1.5-Mbps Internet access – the same download speed as AT&T’s basic DSL service – for just $9.95 a month. Customers may also be eligible for a computer that costs just $150 and free Internet training.
Also, a new bill has been introduced in Congress that would give “eligible” households money to help pay for gasoline….
Low-Income Gasoline Assistance Program Act – Directs the Secretary of Health and Human Services to make grants to states to establish emergency assistance programs to pay eligible households for the purchase of gasoline.
These days, as long as you are “eligible”, just about everything you need will either be purchased for you or subsidized by the federal government.
Yes, we will always need programs to help take care of the poor, but some of the things that go on today are absolutely outrageous.
There are millions of people out there that have become extremely comfortable receiving government benefits and it will be extremely difficult to ever get them to give them up.
After all, why bust your behind for 40 or 50 hours a week at some meaningless, low paying job when you can live a similar lifestyle by just depending on government benefits?
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31st January 2012 at 4:07 pm
Colma Rising says:
JP’s the face of the FSA….
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31st January 2012 at 4:11 pm
AWD says:
“Colma just swipes his EBT….bitch”
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31st January 2012 at 4:13 pm
AWD says:
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31st January 2012 at 4:34 pm
AWD says:
Let’s see. Free housing. Free food. Free money, free cell phones, free internet, free healthcare and meds; And now free gas. The only thing missing is free cars. Wait for it, by summer, free cars for entitlement beneficiaries, just in time for the election.
Or, as it will be known: CASH for CLUNKERS 2, with all vehicles going to entitlement recipients.
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31st January 2012 at 4:37 pm
Hope@Zerokelvin says:
@AWD: Where do you get those great Obama pics? I have to close my office door every time you post them, I just start giggling and LOL.
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31st January 2012 at 4:40 pm
AWD says:
Wow, being in a closed room with HZK, my favorite fantasy…
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31st January 2012 at 4:46 pm
platoplubius says:
@AWD
A buddy of mine recently applied for unemployment here in the Golden State and received a debit card with the Bank of America logo on the back. He is to contact B of A instead of the state if he loses it!
It seems as though insolvent B of A and insolvent J P Morgue are still profiting from the American people in their zombie like state! When will this corporatistic and blatant robberies end?
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31st January 2012 at 4:59 pm
AWD says:
Plato:
Parasites don’t care whose blood they suck, or whose dead flesh they feast on. The trillions we spent/loaned to the banks has really paid off….
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31st January 2012 at 5:07 pm
AWD says:
Don’t throw those old cars away, trade ‘em in during Obama’s new stimulus program, CASH FOR CLUNKERS 2!
All clunkers go to a good cause: People that pay taxes. Entitlement recipients will get brand new cars!
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31st January 2012 at 5:11 pm
Administrator says:
AWD
That video is a classic.
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31st January 2012 at 7:14 pm
ron says:
Times are tough and you offer food stamps or whatever,what do you expect people to do given human nature. The free stuff bribe is sickening though.
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31st January 2012 at 7:17 pm
Colma Rising says:
A-Dubya:
I go “snap snap, beotch, thanks for the tortillas”.
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31st January 2012 at 7:34 pm
AKAnon says:
“Despite the historic rise in food stamp use, however, the Obama Administration believes not enough people are receiving food stamps who should be and is offering $75,000 grants to groups who devise “effective strategies” to “increase program participation” among those who have yet to sign up.”
Holy shit, I smell a killer multi-level marketing opportunity. Or how about “Send $29.99 to AKAnon, for your copy of “The Secret To Untold Riches, How I Got Rich $75K At A Time”".
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31st January 2012 at 10:08 pm
Kill Bill says:
They are trying to pump up the SNAP volume and get as many people as possible on SNAP. -Admin
But but they are capitalists!!!
/snark
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31st January 2012 at 10:16 pm
Kill Bill says:
So JPM takes from investors and gives it to SNAP recipients.
Sounds like social justice. Why isnt Limbaugh rattling his Oreos wrapper and going into a oxy-contin conniption fit?
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31st January 2012 at 10:21 pm
BiggyTmofo says:
FUCK the banks, tired of the motherfucking jacking. I need to get that $75K to get more people on food stamps. Put it in the Church bulletin. I can found a church and tell the gospel of SNAP. Well remember who is feeding the horses. Can I get an upgrade on my data package because 1.5 mbs won’t load fast enough for Farmville?
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31st January 2012 at 10:52 pm
Mary Malone says:
Thanks for this post AWD.
Just checked NJ eligibility requirements for SNAP. Family of 2 can climb on board the FSA Express if their gross income is $27K. A family of four has an eligibility of $41K.
http://www.state.nj.us/humanservices/dfd/programs/foodstamps/
If $25K is the median US salary, and $41K is considered middle class – I guess everyone but the 1% will qualify for SNAP soon.
I wonder if Obama has considered increasing the income ceiling at the rate they are devaluing the dollar. Good opportunity for some synergy, don’t ya think?
Raising the income eligibility is how Obama has increased the Food Stamp rolls.
I, for one, am really looking forward to the roll-out of the gasoline subsidy once the bombs begin to drop on Iran. Should be really great.
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31st January 2012 at 11:11 pm
Kill Bill says:
f $25K is the median US salary, and $41K is considered middle class – I guess everyone but the 1% will qualify for SNAP soon. -MM
Food peonage.
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31st January 2012 at 11:29 pm
Administrator says:
Bread (food stamps) & Circuses (Super Bowl)
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31st January 2012 at 7:43 am
platoplubius says:
@ Admin
And don’t forget Fox offering UFC fights for free now!!! Definitely another circus! The only difference between Rome and the U.S. is that Gladiator fighting has become more “civilized” nowadays!
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31st January 2012 at 12:00 pm
Sanjay from mumbai says:
http://online.wsj.com/article/BT-CO-20111221-707599.html
http://www.youtube.com/watch?v=rhzMEtD349Y
This current Call Centre bill And American jobs Act will be also not passed , same as previous outsourcing bill which was dead .Its an Election gimmick , with nexus of corporate s (wall street ) and government to fool people , and they r damn sure that this will too not pass very damn sure , infact Morgan Stanley and jp morgan chase (these both got large amount Bailout from fed (tax money)) is going to cut more jobs in US around most of them and they will will transferred to India , they want to transfer about 92 % more jobs outside , A mortgage company OCWEN FINANCIAL which has 90 % of jobs outsourced overseas ( India and some to Uruguay ) r buying more mortgage companies like LITTON from Goldman sachs and HomeEq servicing from Braclays and together with Altisource etc and transfer there jobs to overseas too ( mostly all of them ) same with IBM and other companies . so most of american companies will be employing overseas people in future ( might be 95 % of workforce). jobs of authors , contents writers ,editors ,copy writers etc etc will also be going to be outsourced so u too get ready to find other job in Mac Donald or wall-mart And all ur jobs r here , Below in this links
http://www.informationweek.com/news/199601616?pgno=2&queryText
http://en.wikipedia.org/wiki/IBM_India
http://modernpatriot.blogspot.com/
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31st January 2012 at 11:49 am
2012 U.S. Elections: Why is President Obama attacking Governor Romney for outsourcing jobs when there is no evidence that Romney outsourced jobs while at Bain? - Quora says:
[...] [...]
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31st January 2012 at 6:31 am