JP Morgan Making a Fortune Off of American Poverty

[Donnachaidh]

http://www.alternet.org/news/149827/jp_morgan_making_a_fortune_off_of_american_poverty

JPMorgan Chase is the largest processor of food stamp benefits in the US. They are paid per customer; when the number of food stamp recipients goes up, so do JPMC profits.

Earnings and bonus reports are rolling in and the big, bailed-out banks are back in the black. In 2010, total compensation and benefits at publicly traded Wall Street banks and securities firms hit a record of $135 billion -- up almost six percent from 2009 according to the Wall Street Journal. JPMorgan Chase CEO Jamie Dimon may take home the biggest bonus check, an eye-popping $17 million.

While the Wall Street economy is booming, the real economy is in a dead stall. Only 36,000 jobs were created in January 2011. A roundup of recent headlines shines a light on how big banks like JPMorgan Chase make their big bucks.

:snip:

U.S. foreclosure filings are projected to reach 9 million in 2011. An increasing number of the foreclosed are U.S. service members even though they have access to special protections and programs. USA Today reports that foreclosure filings near military bases jumped 32 percent since 2008. More than 20,000 veterans, reservists and active-duty troops lost the homes to foreclosure in 2010, the highest number since 2003. This report comes hard on the heels of an NBC expose showing that JPMorgan Chase illegally overcharged 4,000 active service members for their mortgages improperly foreclosing on a number of them.

More at the link --

[notesdev]

1. don't forget the kicker

The firm is paid per customer. This means that when the number of food stamp recipients goes up, so do JPMorgan profits. Talk about perverse incentives. JPMorgan is taking its responsibility to keep the U.S. unemployment rate high by offshoring the servicing of many of these contracts to India, according to ABC News.

[msongs]

2. our corporate/political class is not in recession. they have theirs, so phooey on you nt

[Angry Dragon]

3. Our elected officials are a disgrace to the world

It is my opinion that many of the actions of our elected officials border on traitorous acts

[Captain Beefheart]

4. Here's what needs to happen. Deadbeat Bank Get's Served (Video)

Bank does a wrongful foreclosure, gets sued, loses, is awarded defendant's atty fees, refuses to pay.

Judge orders Writ of Possession on Bank. Menacing black sedans show up full of armed LEOs to kick out the banksters and seize property. Bank cuts check from depositor's money.

Deadbeat Bank | Raw Video of Sheriff Serving Writ of Possession on Bank to Seize All Property Including ALL Cash

[hobbit709]

5. YES!! May all the banks crap their pants.

[Captain Beefheart]

6. I wish I could make a new topic - everyone should see this.

I'm a newbie so have to earn my stripes first. I'd love to see this happen at JPMorgan, Goldman Sachs, BOA, etc.