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Every time an American signs up for food stamps
Posted: Oct 20, 2013
KPMorgan 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 ... ;
Obama grows longer horns? - nm
[ In Reply To ..]nm
And below that is "JP Morgan: Taking from the Poor - to Give to the Rich. We "got off"
[ In Reply To ..]the poor, overloaded backs of big business, all right. THIS is what they meant. Repeal regulations, gut the regulatory agencies and put friends in charge of the remains, buy business-friendly politicians and have them write contract specifications, and even new laws, to make sure smaller businesses can't or aren't allowed to compete with them.
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