Friday, January 21, 2011

JP Morgan Profits When Americans Go on Food Stamps, but it Sends the Work to India

Michael at The Economic Collapse:
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.
He cites ABC News:

JP Morgan is the only one today still operating public-assistance call centers overseas. The company refused to say which states had calls routed to India and which ones had calls stay domestically.

So they wrecked the economy, which sent poverty, joblessness and pain skyrocketing.

Now they get these tax dollars to service the destitute -- in addition to the hundreds of billions in free and easy money (and guarantees) that we threw at them with the bailouts.

And now they're taking that money and spending it on foreign labor.

But, of course, they also spent plenty on lobbying -- the lobbying that got them the deregulation that allowed them to wreck the economy in the first place, as well as those sweet bailouts and the trade agreements that facilitated offshoring jobs serving America's poor.

Got all that?

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