Posted on 10/20/2013 10:32:34 AM PDT by Nachum
Every time an American signs up for food stamps in one of 23 states, JPMorgan Chase & Co. (NYSE: JPM) adds to its revenue stream.
That because JPMorgan Chase contracts to operate as the processor of the Electronic Benefits Transfer (EBT) cards in those states. JPMorgan earns a fee for each recipient, ranging from 31 cents to $2.30, depending on the state, every month for the term of the contract.
JPMorgan's seven-year Supplemental Nutrition Assistance Program (SNAP, the official name for the federal food stamp program) contract with New York state, for example, brought in more than $126 million of revenue to the big bank.
Florida has paid JPMorgan more than $90 million since 2007. Pennsylvania's seven-year contract exceeded $112 million.
It brings a whole new meaning to "corporate welfare."
(Excerpt) Read more at moneymorning.com ...
“For a while. First they help the government and get fed, but in the later stages, the government consumes them.”
I wrote a dissertation about that in response to cripplecreek’s original post, but decided not to post it, ‘cause nobody reads long posts as a rule....eyes glaze over ya know, but yep. You’re very correct.
Kinda like the bailout of GM that came with an Obama/union picked CEO.
Kinda, but they don’t even need a bailout scenario to cause such mischief. The Democrats have a habit of using coercion, bribes, etc. to gain their people/agents positions in major corporations heirarchy to get the political funding wrapped up for themselves. Positions such as CEO’s, CFO’s, Presidents, Board of Directors, etc. are often awarded Democrats for promises including their help inhibiting corporate competition, and then they say it’s the Republicans doing that sort of thing.
Notice how they project that upon the Republicans? You can almost call it proof they are doing ‘X’ when they project the Republicans are doing ‘X’.
Well, that’s why it is called “Big Governess.”
and I read that Nobama has stock in JP....go figure
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