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 ...
The list, Ping
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Big business loves socialism.
Big business THINKS it loves socialism. Greed is blinding them.
“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.”
Why pay these guys to do this when the government could easily do it at ten times the cost?
There should be a policy that for every individual added to welfare the government budget must be decreased by an amount equal to the value of all benefit payments.
They should do it for free out of the goodness of their hearts.
I banks wif JP Morgan (New ad campaign?)
I find it amuzeing that a governemnt which can't run its own SNAP /EBT program
thinks that they can now run HealthCare program at 18% of the national GDP.
And yet the website still doesn't work !
ROFL!!!!
I can’t get too excited about a company making money performing a function under contract that the government has set up. They’re in business to earn a profit.
However, I do get upset about the stupidity and/or evil of our representatives who create laws that harm the economy and undercut individual responsibility just to buy votes with taxpayer dollars.
This is called fascism - government enlisting huge corporations in the administration of government, rendering much of the private sector effectively an arm of the government, and rewarding those who cooperate and punishing those who don’t. This is the entire basis of Obamacare.
Incestuous...Gov’t feeds BigBiz, BigBiz feeds gov’t.
“Big business loves socialism.”
Exactly.
how do Liberals/Progressives/Marxists get “capitalists” to actively work against our Liberties? by buying the votes of the crony-capitalist-supporters in Congress with the promise of a piece of the action for them
in time, these actions, over the long term, “socialize” the corporations involved, increase how and why they “need to be regulated” and help turn them into defacto public utilities
notice how the increase in federal government contract jobs in northern Virginia is part of the sucess of McCauliff there in his campaign (because those who tie their fortunes to getting paid, one way or another, by the taxpayers, will always align themselves with those who want to “grow the government”)
JPMorgan Employees Join Goldman Sachs Among Top Obama Donors
Rice and beans-that’s all they need. One transaction per month. That will solve the problem.
“Big business loves socialism.”
—For a while. First they help the government and get fed, but in the later stages, the government consumes them.
JPMorgan = Soros
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