Making Fortune on Poverty: JP Morgan's Big Food Stamp Business
While most Americans are struggling hard to overcome the hardships of the recession, the profits of national banks continue to rise. JP Morgan is among those cashing-in ... and it's a contract to process food stamp payments that's helping it on its way. RT's Maria Portnaya found out how the rich benefit off the back of the poor.
Max Keiser on J.P. Morgan's poverty business.
JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly.
recorded on January 9th 2010