Jamie Dimon, CEO of Chase bank is the real "Food Stamp" President.
You see, Jamie is the one who issues you your EBT card, and Chase cashes in on all those swipe fees every time you buy something. And good old Uncle Sam pays for those fees- just so you don't have to.
Nice way for a big bank to get government subsidised "corporate welfare."
In the United States today, one out of every seven Americans is on food stamps. In fact, the number of Americans on food stamps has increased by 14 million since Obama entered the White House, but that doesn't make him the food stamp president- because he isn't the head of J.P Morgan Chase-who are the ones issuing, and profiting off of EBT cards.
All of this makes JP Morgan very happy, because JP Morgan has been making more on food stamps than ever before. Right now, JP Morgan Chase issues food stamp debit cards in 26 U.S. states and the District of Columbia. The division of JP Morgan Chase that issues these debit cards made an impressive 5.47 billion dollars in net revenue during 2010. JP Morgan is paid per customer, so when the number of Americans on food stamps goes up, they make more money, and so does Jamie Dimon.
Christopher Paton, the managing director of JP Morgan’s “Treasury Solutions” business, made the following statement about the “food stamp business” that his firm is engaged in.
“This business 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. The good news, from JPMorgan’s perspective, is the infrastructure that we built has been able to cope with that increase in volume.”More than 40 percent of all food stamp recipients in the United States actually have a job.
This can be considered an exciting “growth area” for JP Morgan. As the middle class continues to decline, the number of working poor in America is exploding, and Jamie Dimon gets an even bigger bonus.
Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs. This trend is perfect for JP Morgan because it means that the number of low income workers that are eligible for food stamps is going to keep increasing.
And what makes all of this even more outrageous is JP Morgan has outsourced many of the customer service jobs for its food stamp program to India, which reduces costs and makes Jamie even richer.
When Americans that can’t find a decent job need help with their food stamps there is a good chance that they will be talking to a customer service representative sitting in India.
JP Morgan is the only one today still operating public-assistance call centers overseas, so not only is this bank making money on food stamps it's also making money paying slave wages to poor people in India.
Corporate greed double-dipping, where they make money off of the poor in America, as well as the poor in India, making Jamie one happy rich camper.
JP Morgan also issues child support debit cards in 15 states and unemployment insurance debit cards in 7 states, where they take also rake in fees for those users too.
And Jamie Dimon comes out smelling like a rose.
What's wrong with this picture?
It's time to impeach Jamie Dimon the real food stamp
Move your money.