Well, not exactly. JP Morgan has, however, been signed up by our government to provide food stamp debit cards to impoverished millions in 26 U.S. states and the District of Columbia.
So the financial giant doesn’t really depend on food stamps in the same desperate way as 43 million hungry Americans do.
But JP Morgan gets paid for each food stamp family it services. The deeper the recession, the higher the number of Americans on food stamps, the greater JP Morgan’s profits.
That’s not all. Suppose you have a problem with your food stamp debit card. You call a JP Morgan service center. There’s a very good chance you’ll be helped by a call center employee in India. JP Morgan is padding the bottom line by “outsourcing” customer service calls to India.
JP Morgan: A modern-day King Midas. Everything it touches turns to gold. Even food stamps.
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