November 5, 2012

JP Morgan making big bucks off of food stamps

Daily Bail - 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...

JP Morgan executive Christopher Paton admits that this is "a very important business to JP Morgan" and that it is doing very well...

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.

[And] it turns out that JP Morgan is saving money by "outsourcing" food stamp customer service calls to India.

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