[P2P-F] JP Morgan & food stamps

Sat Jan 22 08:31:47 CET 2011

Thanks David, for reminding us that the spectacle of the financial predators
is more revolting by the day

On Sat, Jan 22, 2011 at 2:18 AM, David Bollier <david at bollier.org> wrote:

>
>
> Michel,
> As a student of the decadence of the market state, you will appreciate the
> story below.
>
> David
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>  *The More Americans That Go On Food Stamps The More Money JP Morgan Makes
> *
>
> http://theeconomiccollapseblog.com/archives/the-more-americans-that-go-on-food-stamps-the-more-money-jp-morgan-makes
>  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.  When the number of Americans on food stamps goes up, JP Morgan
> makes more money.  In the video posted below, 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.
>
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>   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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>
>
>

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