The more Americans that go on food stamps, the more profits JP Morgan makes.
JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia, and JP Morgan is paid for each case that it handles.
When the number of Americans on food stamps goes up, JP Morgan makes more money. In this video, JP Morgan executive Christopher Paton admits that this is “a very important business to JP Morgan” and that it is doing very well, while doing his best to put a positive spin on all this.
With the number of Americans on food stamps exploding from 26 million in 2007 to 43 million today, you can only imagine how much JP Morgan’s profits in this area have soared. So…doesn’t this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?
As it turns out, 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.
If you have a problem with your food stamp debit card, you call up a JP Morgan service center and 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. Seems JP Morgan is saving money by “outsourcing” food stamp customer service calls to India.
Here’s the irony – a 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.
If that’s not enough to make you barf, JP Morgan 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, and…JP Morgan has also been one of the primary financial institutions involved in the foreclosure “robo-signing“ scandal.
JP Morgan had no trouble begging for a bailout 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.