JP Morgan Makes Over Half A Billion Dollars Off Food Stamps

[jdhoch]

A new report by the Government Accountability Institute finds that JP Morgan has made at least $560,492,596 since 2004 processing the Electronic Benefits Transfer (EBT) cards of 18 of the 24 states it has under contract for the food stamp program.
Indeed, JP Morgan’s Christopher Paton told Bloomberg News that food stamps are big business for the big bank:
“We are the largest processor of food stamps in the country…[the EBT program] is a very important business to JP Morgan. It’s an important business in terms of its size and scale…. Right now volumes have gone through the roof in the past couple of years or so. The good news from JP Morgan’s perspective is the infrastructure that we built has been able to cope with that increase in volume.”


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http://www.systemiccapital.com/jp-morgan-makes-over-half-a-billion-dollars-off-food-stamps/

[l'Enfermé]

Eh, I wonder if they even question whether there's something a bit off with profiteering from mass poverty. Though again, I doubt that even war profiteers ask themselves such questions when they are alone at night.

[KafkaesqueWorld]

Nothing surprises me when it comes to large banks.