JP Morgan makes money off food stamp recipients
JP Morgan is the largest processor of food stamp benefits in the United States. The financial company 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.
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.
So what happens if you have a problem with your food stamp debit card?
Well, you call up a JP Morgan service center. When you do this, there is a very good chance that you are going to be helped by a JP Morgan call center employee in India. It turns out that JP Morgan is saving money by “outsourcing” food stamp customer service calls to India.
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Holte Ender
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It seems to be the American way. Hand it over to some for profit company…maybe save few bucks. Either export the jobs or just have in some cases the same people doing the grunt work for less pay and benefits so a handful of obscenely rich people can get even wealthier sucking at the government teat while they keep cursing government and rail against socialism for people and work to increase socialism for big business.
Seems so modern America. Let a private company do it so you can have one person getting rich and a bunch more getting poorer. And in the long run what happens to that business model?
We are screwed!
Yes we are Mike. Yes we are.
No big surpise here; JP Morgan has it’s fingers in just about every financial pie, including the FEDERAL RESERVE. Yup, JP Morgan is one of the big banks that make up the Fed, and you can take that to the bank(Pun intended).
Excellent and appreciated pun.