It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
J.P. Morgan is getting rich off of poverty. 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.
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
.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.
Originally posted by Maluhia
reply to post by calstorm
Interesting, I see they're good at marketing their product as well! You need to have customers to have a successful business.
As long as people have full stomachs it will limit complete anarchy and social breakdown if TSHTF.
The Associate Press says that 30 states have cut deals with bailed out banks like JP Morgan Chase, Citigroup, and Bank of America to distribute unemployment benefits on debit cards instead of paper checks. The catch? All of these programs have fees — and in some states the cards are mandatory.
I fail to see why it is not profitable to do business in America when wages haven't even kept up with prices and inflation for many many years.