The Phaserl


Why JPMorgan Wants to See More Americans on Food Stamps

by David Zeiler, Money Morning:

Every time an American signs up for food stamps in one of 23 states, JPMorgan 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.”

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2 comments to Why JPMorgan Wants to See More Americans on Food Stamps

  • Rodster

    Yup there’s HUGE money to be made by feeding the poor. And oh look the Banksters are behind it, who would’ve thought. 😛

  • Ed_B

    I have several beefs with JP Morgan but this is not one of them. They are selling a service and the Gov is buying it. OK, so what? Maybe we ought to have a problem with the mooch society that has developed such that EBT and other similar hand-outs are necessary?

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