So now we have it on the record: JP Morgan, one of America's is actually making a fortune off food stamps.
Michael Snyder on the Seeking Alpha blog tells us that JP Morgan is the largest processor of food stamp benefits in the United States. And it makes good money out of it too. The bank gets paid for each case that it handles. In other words, the more cases, the more money it makes.
Now, as Bloomberg reports, a record number of 43.6 million people, or more than one in eight Americans, are now on food stamps. So just think of all that money JP Morgan is getting. Laughing all the way, as they say, to the bank.
This raises an interesting question. Wouldn't it be in JP Morgan's interests to keep unemployment high and people in poverty? As Snyder says, there are just some things that are a little too "creepy" to be "outsourced" to private corporations.
Not related to JP Morgan, but the Economist had a very interesting article this week about the ineffectiveness of non profits. The article suggested that non profits are not that good at creating scalable solutions to problems and that the real answer may be in enterprising individuals that are looking for profits while solving problems.