You are hereThe Examiner: J.P. Morgan makes billions in profits from food stamps every year

The Examiner: J.P. Morgan makes billions in profits from food stamps every year


-By: Lou Colagiovanni

June 21, 2012- Republicans often complain about the cost of food subsidization for the poor, but the reality is some of their biggest and most powerful constituents are profiting from SNAP, aka Foodstamps, in several sinister ways. The total budget for The Supplemental Nutrition Assistance Program is $72 billion a year.

A bombshell report by eatdrinkpolitics.com tells the not so difficult to believe tale of how big businesses lobby heavily in Washington, D.C. to keep the food that can be bought through food assistance programs unhealthy and cheap, while mega banks like J.P. Morgan literally skim billions off the top by forming payment processing agreements for all now electronic transactions.

In total there are three sectors of big business which profit immensely from the general poverty of society. They are food retailers like Walmart, food manufacturing corporations like Kraft, and Coca-Cola and the most dubious of all -- big banks like J.P. Morgan which profit from every sale paid for with government subsidized money.

Indeed, mega bankers have figured out a way to make money off of those who don't have enough to feed themselves. Is there anymore of a disgraceful scenario that you could envision? Is there anything as lowly and despicable as using the weakest in society for financial gain? Alas, these are questions for others than a lowly journalist such as myself.

How much did these colossal entities each profit from the poor? It is difficult to say with exact certainty the dollar amounts because it is not Congressionally mandated for such records to be kept. Who do you think made that a rule, by the way? However, for example, nine Walmarts in Massachusetts received over $33 million in revenue from SNAP sales. In Oklahoma Walmart received $500 million in sales over two years.

Coca-Cola, Kraft, and other companies are privately owned and not legally obligated to disclose how many products they specifically sell, or where. Nor are stores obligated to release what consumers bought which items with their SNAP funds. It is however known that Coca-Cola, Kraft, and the Corn Refiners of America all banded together to kill a bill in Florida that proposed to disallow SNAP purchases for so-called "junk food." As is expected, big business triumphed again.

FULL STORY HERE:

Partners

Backbone Campaign
ReclaimDemocracy.org
ProsperityAgenda.us
Liberty Tree
Democrats.com
Progressive Democrats of America
AfterDowningStreet
Peoples Email Network
Justice Through Music
ePluribusMedia
Locust Fork Journal
Berkeley Fellowship UU\'s Social Justice Committee
BuzzFlash
The Smirking Chimp
Progressive Democrats Sonoma County
BanksterUSA
Center for Media and Democracy
Chelsea Neighbors United
Atlanta Progressive News
Yes Men
No Nukes North
ProsecuteThemNow.com