Making Fortune on Poverty: JP Morgan's Big Food Stamp Business

[Charleston Chew]

Run time: 03:52 https://www.youtube.com/watch?v=3lA016FzmYg   Posted on YouTube: February 18, 2011 By YouTube Member: RussiaToday Views on YouTube: 305   Posted on DU: February 18, 2011 By DU Member: Charleston Chew Views on DU: 1121

 
While most Americans are struggling hard to overcome the hardships of the recession, the profits of national banks continue to rise. JP Morgan is among those cashing-in ... and it's a contract to process food stamp payments that's helping it on its way. RT's Maria Portnaya found out how the rich benefit off the back of the poor.
__________
JPMorgan Profits When Food Stamp Use Increases

When the number of Americans on food stamps goes up, the profits of JPMorgan Chase also rise.

The powerhouse national bank contracts with 26 state governments and the District of Columbia to produce debit cards for food stamp recipients, a service that nets JPMorgan a clear profit.

Among the states using JPMorgan is Florida, which paid out $50 million over the last three years to have its food stamps distributed. Until recently, though, some of the taxpayer money paid to the bank went to employ workers in India to operate call centers. These foreign operators earn an average of $2.50 to $3.50 an hour, which is about 70% less than Americans in the same position make.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/JPMorgan_Profits_When_Food_Stamp_Use_Increases_110214

[dotymed]

1. Our Democracy has been replaced

by unfettered capitalism. Actually unfettered in the sense that they are not regulated but not in the sense that they are dependant on the handouts (bailouts) by the very people that they repress so their profits stay huge.
We need a peaceful Revolution immediately. At the very least we can return our country to the days that financial institutions were somewhat regulated and the wealthy rulers were taxed at a rate that was fair.
Hopefully, the demonstrations in Wisconsin will morph into a national movement for and by the people.

[mntleo2]

2. These are not the only ones profiting off the poor ...

Never allow a winger to tell you, "The poor never gave anyone a job ..."

Non-profits profit off the poor and are raking in millions to distribute other government benefits that pay the non on the average of $46-57,000 per client. These same nons are tax shelters for the rich who also employ their top management (often relatives) in 6 figure positions. They give shoddy, judgmental services and besides gopvernment grants for being a "service" they also get millions in tax deductible donations. For a $50.00 rental assistance voucher, childcare supplement, or to keep the lights on for a low wage working family is most certainly *not* costing the non a cool $50,000 for supplemental assistance with government grants (meaning the clients also pay partially for these services).

No government agency is watching the store as to how these nons spend their grants. The only reason I know about it is because some scrappy low-income moms in Milwaukee have done the math. If anyone wants to criticize them, well at least they are doing the work that should be done by oversight in some way by whomever is distributing our tax dollars. Here are two links:

This is a list and witness to ONE program on ONE city of 169 agencies all getting federal money to take children away from poor families and adopt them out: http://www.welfarewarriors.org/mwv_archive/sp09/sp09_milw.htm

Take this city, multiply it by 50 states and then hundreds of cities across the nation and you will begin to see JP Morgan is just a drop in the bucket.

Here is a link to Milwaukee's low income agencies that distribute poverty assistance: http://welfarewarriors.org/MWV_Archive/s01/s01--bwe--bus_tour.htm

Some of these nons have gotten caught for fraud, yet they STILL are the contractors for distributing federal funding. Because they are on the ball, these same low income women infiltrated some of these agencies and proved to their legislators there was fraudulent activities. This resulted in these agencies giving back millions ~ but still to this day they are hired as contractors for the distribution of state and federal funds. I have done the math but if there were people in every state becoming watchdogs for the millions being distributed and then the rich using them for tax shelters while giving punitive, shoddy services for all the money they recieve, it would begin a very needed reform of how we treat the poor.

Here is an article I wrote called "Hatred of the Poor" on Daily Kos: I put a lot of work and research into it and let me tell you it is not pretty:
http://www.dailykos.com/story/2010/09/14/901779/-Taxation-and-Hatred-of-the-Poor-~-Response-To-Democrat-Ramshield

Here is another article I wrote about the taking of children from low income families ~ even more frightening because of the unconstitutional activities in family court:
http://www.dailykos.com/story/2010/07/13/883930/-Thanks-to-CPS,-Robin-Committed-Suicide-Last-Week-

Hope this helps ...

My 2 cents,

Cat in Seattle

[Charleston Chew]

3. Cenk Uygur, Matt Taibbi, Why isn't Wall Street in jail?

Cenk Uygur speaks with Rolling Stone's Matt Taibbi on why crooks on Wall Street go unpunished (often while taking home enormous sums of money).

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x554575

[Charleston Chew]

4. Food crisis benefits Goldman Sachs

| February 11, 2011 |

We're in the midst of a global food crisis — the second in three years. It's one factor fueling uprisings and protests in Tunisia, Egypt, and elsewhere. World food prices hit a record in January, driven by huge increases in the prices of wheat, corn, sugar and oils. Contributing Editor for Harper's Magazine Frederick Kaufman warns there's a direct link between the sky rocketing cost of food and Wall Street, particularly Goldman Sachs who own major shares of food commodities.

http://www.youtube.com/watch?v=x3vpDqzz5mo&feature=fvhl