Will JPMorgan Lend Its Bailout Cash? Perhaps Not

Reader Comments
Back to blog

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. When the number of Americans on food stamps goes up, JP Morgan makes more money. JP Morgan executive Christopher Paton admits that this is "a very important business to JP Morgan" and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan's profits in this area have soared. Does this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?...

Mark of WY 12:25PM June 02, 2011

I am sad to say that unless you have an account/s with Chase you really have no room to talk. I have a home loan with Chase (for 7 years) never over 30days late until Hurr.Katrina when the Feds told mortgage lenders to give 90 extensions to Gulf Coast residents impated- Chase did that and at the end of the 90 days sent us a registered letter and a video (which we had to travel to view it- since we had nothing) threatening their proceedure of "FORCLOSURE" if the 90 days was not PAID IN FULL withing 30 days. After pooling any money from family from all over, our children in the military took out loans to save our home- yeah Chase really helped out! Then when Chase recently purchased WaMu I watched my interest rate go from 26.99 to 30.99% without notice- got a welcome letter and WaMu bill (have not gotten a bill from Chase as of yet) but since I pay mine on line I found out there- no purchases in over 18 months- never late and pay double what's owed in advance! Yeah- they are really helping! Want to buy some beachfront property in OK? I hope they go BROKE! I can't BELIEVE our tax money is helping them out- WHO ARE THEY HELPING??!!!!

K. Karl of MS 10:29AM March 19, 2009

JP Morgan's acquisition of WAMU should not only come with the positive, but include the negative as well. The slate should be wiped clean of all debts since they used tax dollars paid by the US citizens to purchase WAMU. JP Morgan has no intention of paying back this loans, it just doesn't have the capital due to the negative purchases. This is pure greed. For the taxpayers that have already falter use you debit card to spend over the limit up to $1000 then declare bankruptcy.

GAredneck of GA 10:34AM March 09, 2009

JPMorgan Chase is doing everything it can to help out the economy. We have solid leadership team that will take neccessary steps to insure the well being of our customers, our company and our employees. I have skin in this company and I myself will make ethical and sound decisions when it comes to lending. That does not mean I do not want to lend but I will lend to qualify borrowers. If we do not do what is best for our company then we will be out of business just like the many financial instutions out there right now.

Von of TX 5:50PM November 14, 2008

Per CBS news, when the top nine banks were put in a room with the Fed, they were told that they had to accept the money because to be on the outside would erode consumer confidence in the TARP. Sorry for the sour grapes from DL of CA but there may have been a good reason why he is an ex employee. Research more about Dimon and his philosophies (Charlie Rose interviews of Jamie Dimon on the web for instance). Sure, they are out to make a profit for shareholders but Chase leads in assisting communities, participating in SBA programs, disaster aid when & where needed; do more research than coming off high handed by reading only headlines.....and drawing stupid mis-aimed generalities.

steve of IN 9:25AM November 14, 2008

I'm a Republican and a capitalist. Not that this is either, this is crony, state capitalism. They are living up to every sterotype, all because they can't take their medicine.
I guess Bush did learn something from Putin. He looked into his eyes, and saw a kindred soul.

Arif Jayish Al Amiriki of NJ 1:37PM November 02, 2008

I believe JPMC.will distribute the new capitol in the way to help the most people.They should use the money to buy smaller under capitalized banks,so they can spread their footprint to new territory.With strong money center banks,the local area has the strength of rock solid banks in there home town.A new big bank in town is not going to run customers away.They come to offer capitol,community programs.and a host of other products and services for the local community!
It's ashame these banks have a difficult time crossing state lines as it is.
These financial times we are in now are a great oppertunity for these banks to expand.I never knew why they havene't been allowed to be nationwide long ago.Just like hamburger stands or conveient stores we grew up with in every local community they are here only cause they do the most for the most, Or they simply would have disappered years ago.Only the best and most can do the best for the most!!It's nothing to be afraid of!

Donald Ray Watson of TX 6:34AM November 02, 2008

The "Hell to pay" will not include, not giving the banks additional billions. Dodd is head of the Banking Committee and knew full well what was going to happen.
Politicians are corrupt from top to bottom, both parties.

Tom Lundy of FL 12:27PM November 01, 2008

The "Hell to pay" will not include, not giving the banks additional billions. Dodd is head of the Banking Committee and knew full well what was going to happen.
Politicians are corrupt from top to bottom, both parties.

Tom Lundy of FL 12:27PM November 01, 2008

I'm obviously biased as a former JPMorgan Chase employee, but my feeling is that they will look out for themselves and only themselves.
This is a company who's currently undertaking a plus $500 million expense to "change it's email client" on what essentially came down to an "executive whim" and backroom deals although I'm sure many a response can be conjured up to justify this expense. And then they go on with massive layoffs or "reductions in force" as they like to refer to them as in these tough economic times.
No this is a company that's all about protecting it's bottom line regardless of how it's done. Don't expect them to lend a hand, much less a buck, to anyone else.

DL of CA 7:47PM October 28, 2008