When Americans Go Hungry, JPMorgan Profits

Discussion in 'Economics' started by Pagan Sunday, Feb 16, 2011.

  1. You'll love this

    It's been widely reported that 43 million Americans now require help meeting their basic nutritional needs. Less well known is that JPMorgan is the largest servicer of food-stamps in the U.S., offering benefit cards in 26 states. As Mary Bottari wrote for AlterNet, “The firm is paid per customer. This means that when the number of food stamp recipients goes up, so do JPMorgan profits.”

    Perhaps that doesn't get your blood boiling. If not, Bottari adds: “JPMorgan is taking its responsibility to keep the U.S. unemployment rate high by offshoring the servicing of many of these contracts to India, according to ABC News.” Yes, they're profiting off of our pain, and offshoring the work required to do so.

  2. This means that when the number of food stamp recipients goes up, so do JPMorgan profits.”


    Nice work if you can get it.

    Go long.
  3. Through our dedicated Public Sector Solutions team, J.P. Morgan provides treasury services to help government agencies and organizations collect public funds and data efficiently, manage documents and information securely, deposit and manage cash prudently, and disburse payments effectively.

    Largest issuer of Visa-branded government prepaid debit cards
    Introduced the first scalable online Electronic Benefits Transfer (EBT) solution for the Women, Infants and Children (WIC) nutrition program, traditionally one of the most paper-intensive government benefit programs

    Our solutions help government finance officers and program officials manage their treasury needs, handle information more efficiently and control expenses. And our solutions are customized to meet the needs of:

    Solutions Outside of the U.S. - treasury services and support to central governments and non-governmental agencies around the world

    U.S. Federal Government - General Lockbox Network, U.S. Debit Card, GSA SmartPay® 2, GSA schedules and more

    U.S. State Government - Tax processing, Electronic Benefits Transfer, child support, unemployment insurance, disaster relief and more

    Local U.S. Municipalities - Business tax processing, court fees and fines, utility billing and more
  4. What I love bitterly about this story is how JP Morgan outsources even that.

    At least keep the food stamp making in the US for jebuses sake