JP Morgan "Rigs" Food Stamps Too!

[The Master]

Christopher Paton, who runs JPMorgan Chase & Co.’s public-sector benefit payments business, talks with Bloomberg’s Margaret Brennan about trends in food-stamp use in the U.S.



Pretty cool idea to make money managing the poverty that you made money creating! You can finance your operation with trillion dollar bailouts while you outsource the jobs to your operations in India on the theory that it saves the government money, while the number of long term unemployment claims rise over 5 million and the unemployment rate rises above 10% (government)/20% (shadowstats.com).

[The Master]

What no comments on this little tidbit of information?

JPM are controlling pretty much the entire market for this. JPM and the Feds created the problem that we are facing right now. They are now going to profit on the food stamps that people they destroyed are having to get. With each transaction they get a percentage, just like Visa does with CC transactions.

This is nothing but an egregious conflict of interest. JPM and the feds are engineering poverty to continue to profit off of those who are and will be struggling to even make ends meet. With 1 in every 8 americans on food stamps imagine the profits that JPM is going to make off of this over the 20 odd states that they have control of their food stamp program.

[Politicus]

Missed this one. I know the same kind of scam has gone on with unemployment but not with food stamps.

The people who are food stamps need to get smart and do their grocery shopping once a month and then once a week to fresh veggies and other perishables. We do one large grocery run - Sam's Club and one or two grocery stores. There isn't much after that beyond milk and such.

[nigglewiggle60]

I do property management for a living, we just went over an application recently where a mom with two daughters and one of them who is 18 has 2 kids also. they are getting almost $800 bucks in food stamps. I could never see my self ever spending more then a couple hundred on food each month, and that is including eating out.

[montec]

I've heard some restaurants are now taking those cards too. Not sure on which ones but just something I've heard.