Last year, Wall Street banks and securities firms raked in a record $135 billion, including compensation and benefits. Meanwhile, despite all the bogus media hype to the contrary, the economy on main street is a “dead man walking”.
These Wall Street banks (and exorbitant bonuses) wouldn’t even exist had it not been for the bailouts funded by the sweat and blood of taxpayers, whose paltry wages have remained stagnant for the last 30 years.
But one bank in particular, JPMorgan Chase, whose CEO Jamie Dimon is estimated to take home the biggest bonus check of all on Wall Street ( $17 million), actually profits very handsomely from the sale of food stamps to a hungry and desperate U.S. population.
According to Michael T. Snyder with Seeking Alpha, JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia, making them the the largest processor of food stamp benefits in the United States.
JP Morgan is paid for each food stamp recipient, so the more Americans there are relying on the government to eat, the more JP Morgan profits. Additionally, JP Morgan also provides child support debit cards in 15 U.S. states, as well as unemployment insurance benefit debit cards in seven states.
In other words, the same Wall Street banks like JP Morgan that fleeced struggling American taxpayers out of trillions, are managing the emergency safety net funds being distributed to the broke and hungry Americans that bailed them out to begin with — Egyptian pharaohs and their toiling slaves comes to mind.
It gets worse — JP Morgan profits even more by “outsourcing” food stamp customer service calls to India.
Snyder notes the tragic irony: an American that has lost a job to Wall Street outsourcing calls up for help with food stamp benefits only to be answered by a call center employee in India who has robbed that same American of a much needed job.
Remember, JP Morgan is the very same bank that wrongly foreclosed on military families, overcharging them thousands for mortgages.
And a lawsuit was filed against JPMorgan by Madoff’s victims, alleging that JP Morgan “allowed Madoff to move billions of dollars of investors’ cash in and out of his bank accounts right up until the day of his arrest”, despite an abundance of red flags.
JP Morgan senior executives suspected Madoff’s investment returns were a sham more than 18 months before Madoff’s Ponzi scheme was exposed, but failed to report him to federal authorities.
About 43 million people, or roughly one out of every seven Americans is on food stamps. Think Progress notes that in 2010, 18 percent of the country — nearly one in five households — reported not having enough money to provide food at some point during the year.
Now as food prices are skyrocketing, and unemployment remains high, the House Agriculture Committee has called for a reduction in food stamps in a letter to House Budget Committee Chairman Paul Ryan (R-WI).
Think Progress adds that at the same time the letter’s co-authors are pointing to food stamps as an area ripe for cuts, the tens of billions in annual agriculture subsidies that the U.S. provides should be off-limits for reductions.