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10-07-2012, 07:09 PM #1
Food Stamps Funneling Money to Businesses
Who is really in bed with the big banks?
Report: Food Stamps Funneling Money to Businesses
BY: Washington Free Beacon Staff
October 2, 2012 12:21 pm
The Government Accountability Institute issued a September 2012report in which they uncover that “only three corporations have cornered the market for providing SNAP services [food stamps] to the needy and destitute.”
According to the executive summary, the report demonstrates:
The report also discusses insufficient policing of food stamp fraud.
Three companies – J.P. Morgan EFS, Affiliated Computer Services, and eFunds –provide EBT services for 49 states and 3 US territories.
Since 2004, 18 of 24 states who contract with J.P. Morgan to provide welfare benefits have contracted to pay $560,492,596.02. New York alone has a seven-year contract worth $126,394,917.
Projected average food stamp spending post-recession will be 175 percent greater than prerecession average spending, from $28 billion to $77 billion.
The Government Accountability Institute website says that its “mission is to investigate and expose crony capitalism, misuse of taxpayer monies, and other governmental corruption or malfeasance.”
http://freebeacon.com/report-food-st...to-businesses/
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