This is hard to swallow but JP Morgan is making a fortune administering food stamp programmes for 26-states. The proverty business, it seems, is enormously lucrative.
There are just some things that are a little too "creepy" to be
"outsourced" to private corporations. The JP Morgan executive in the
interview below does his best to put a positive spin on all this, but it
just seems really unsavory for a big Wall Street bank to be making so
much money off of the suffering of tens of millions of Americans....
So if unemployment goes down will this ruin JP Morgan's food stamp business?
Well, apparently not. In the interview Paton says that 40% of food
stamp recipients are currently working, and he seems convinced that
there could be further "growth" in that segment.
So is this what America is turning into?
A place where tens of millions of the unemployed and the working poor
crawl over to Wal-Mart and the dollar store every month to use the food
stamp debit cards provided to them by JP Morgan?
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
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.
That's right - it turns out that JP Morgan is saving money by "outsourcing" food stamp calls to India.
When ABC News asked JP Morgan about this, the company would not tell ABC News which states have service calls sent to India and which states have them handled inside the United States....
JP Morgan is the only one today still operating public-assistance
call centers overseas. The company refused to say which states had calls
routed to India and which ones had calls stay domestically. That
decision, the company said, was often left up to the individual states.
Just try to imagine the irony - a formerly middle class American that
has lost a job to outsourcing calls up to get help with food stamp
benefits only to be answered by a call center employee in India.