Subject "food stamps" - guess who is making big money on them (and outsourcing the call center)

[underpants]

The More Americans That Go On Food Stamps The More Money JP Morgan Makes


In the video posted below, JP Morgan executive Christopher Paton admits that this is "a very important business to JP Morgan" and that it is doing very well.

So what happens if you have a problem with your food stamp debit card?

Well, you call up a JP Morgan service center. When you do this, there is a very good chance that you are going to be helped by a JP Morgan call center employee in India.

That's right - it turns out that JP Morgan is saving money by "outsourcing" food stamp customer service calls to India.

http://theeconomiccollapseblog.com/archives/the-more-americans-that-go-on-food-stamps-the-more-money-jp-morgan-makes

[kentuck]

1. Something else that JP Morgan does...

...is that they handle the 401K's of almost 2 million Americans and they have recently made the decision to "require" at least 4% of all earning go into their retirement 401K's. This will amount to hundreds of millions of dollars into the JP Morgan account. Perhaps someone here has their 401K invested with JP Morgan?

[joeglow3]

2. I can't follow what you are saying

Do you have a link?

[JDPriestly]

6. "they have recently made the decision to "require" at least 4% of all earning go into their

retirement 401K's"

To whom do the "they" and "their" refer to in this sentence? I don't know who you are talking about.

[nilram]

45. The government allows employers to automatically enroll employees in a 401k plan.

Employers are also required to provide a way for employees to opt-out of this enrollment (1). There is also a provision under the law that gives employees some 90-day time period to withdraw without penalty any funds withheld under automatic enrollment (2). Valid point, that those in the financial industry (like JP Morgan) benefit from this, but it also increases the number of individuals saving for their future (3).

(1) Department of Labor web site: http://www.dol.gov/ebsa/publications/automaticenrollment401kplans.html

(2) IRS web site: http://www.irs.gov/pub/irs-tege/sample_notice.pdf

(3) Department of Labor web site: http://www.dol.gov/ebsa/newsroom/fsdefaultoptionproposalrevision.html

[jwirr]

3. A lot of government has been quietly privatized. These banksters are the Halliburtin of the safety

net.

[nanabugg]

44. You are correct. Even the military has a lot contracted out.

Our very personal records are floating around somewhere in India, Israel, and S. Korea.

[sabrina 1]

4. So the personal business of US citizens, SS#, where they live, health records, place of work,

marital status, children etc. is in the hands of people outside this country. Who made this okay, did Congress vote on it, did the people have any say in what happens to their personal data and who is in possession of it?

I thought we were concerned about National Security here?

[KansDem]

7. If we were really concerned about "national security"...

Energy, education, health, defense, and the environment would have been taken out of private hands and turned over to the public to benefit the common good.

[Mimosa]

34. Amen!

Exactly so. Our citizens could then become employed helping other citizens. And the money would stay 'at home' so to speak.

[RB TexLa]

20. I fail to see the concern. Are you saying an employee of a company is more likely to break the law

based on their national orgin?

[sabrina 1]

27. I have no idea of what the statistics on crime in these areas are, here or anywhere else.

But I do know that most Americans are probably not aware that people on the other side of the globe know all about their personal lives. Maybe they should be asked if this is okay with them. I wasn't thinking of crime, I was thinking of privacy. And it seems that only the poor are disrespected this way. Do these companies ship information on the personal lives of wealthy Americans all over the globe?

Not everything is about crime or money. Some things are about respect and privacy and how people might feel about these things, IF they were consulted.

[Mimosa]

37. Citizen of another country views their first loyalty to own country

RB TexLa, it is a fact that a citizen of China, India, the USA, Chile, wherever on the planet, regards himself or herself as a citizen of her country before she regards herself as an employee of a company with global lfranchises.

In this country, the United states, a person might be employed by KIA, Merceded, Schlumberger, Royal Dutch Shell, whatever...but when it comes to 'loyalty' one identifies primarily as a United States citizen. Therefore, if her country asks her to work on it's behalf.. get it?

[Zalatix]

21. You're not being a global citizen!

Just because your personal information is being shared with people outside this country, beyond the reach of the FBI and within spitting distance of every Al Qaeda operative with cash to burn bribing low-paid workers, doesn't mean you have to complain about it!

[Kali]

41. most people have no clue how much of their info is "out there" period.

in country or out, there is no privacy

[JDPriestly]

5. JP Morgan is hideous.

[RB TexLa]

8. And what is wrong with people in India having those jobs?

[ret5hd]

10. i don't outsource with you.

[RB TexLa]

13. Try to keep up with the world you live in. The term outsouce is dated and dead

From a time when something was outsourced to another market. The world is one market now, do try to keep up. I know you isolationist long for the 1800's and want the world to be a bigger place to keep those bad people in their place and unconnected with 'Merica but that's not going to happen. They are equal to and just as worthy of a job as your precious Americans. Yes equal, even to you "A Red Blooded 'Merican!"

[Zalatix]

24. Please show me your Global Citizen card. American jobs should STAY in America. Do you get it yet?

[JTFrog]

46. .

I don't even mind cleaning my monitor after that one.

[FrodosPet]

16. We need to keep the jobs here

And send the Indians and the Chinese foreign aid, not our jobs!

[RB TexLa]

17. The current unemployment rate in India is 9.5% They need the jobs too.

Those jobs were never your or a country's possessions, how arrogent of you.

[Zalatix]

23. Our unemployment is even higher. We need the jobs more. How ignorant of you!

Those jobs are meant to serve the American market. They have always been our country's possessions.

[Zalatix]

26. You think Americans don't deserve American jobs. That's your problem.

And we Americans are gearing up to show you we don't tolerate this.

Get ready to face an anti-offshoring REBELLION, and soon.

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[RB TexLa]

28. LOL. Economic isolationism has been dead for a long time. Keep screaming at the clouds.

But you people are good for a laugh, in the end though you just don't matter.

[Zalatix]

29. If America goes isolationist the whole world's economy will collapse.

We are over 20% of the world's entire GDP.

We in fact do matter.

[RB TexLa]

30. I was saying people like you and the ones in your graph don't matter

[Zalatix]

31. We are the majority, that means we do matter, and you do not.

We will run your ideology out of town.

[former9thward]

32. Why do we need to send India and Chinese foreign aid?

Particularly since China is one of our biggest lenders. We should borrow money from China so we can give it back to them in foreign aid? No thanks.

[Zalatix]

43. I'd be glad to send them foreign aid, as long as we get our jobs back FIRST.

Foreign aid to modernize their factories so they're no longer polluting like crazy.
Aid to develop clean energy systems instead of their dirty coal.
Aid to enforce workplace safety laws.

In the end, though, China doesn't want any of that - because all of this would also drive up production costs so high that nothing would be worth outsourcing there.

[Zalatix]

22. What's wrong with people in America having those jobs?

[Thaddeus Kosciuszko]

9. "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.

Notwithstanding, the rational legitimacy of concern for "outsourcing;" it would be irrational to believe that subsistence benefits could be processed without costs.

[stillwaiting]

12. Of course that's true.

But why should there be a profit center component for J.P. Morgan in the administration of food stamp benefits?

We're dealing with subsistence benefits here. For every profit dollar that J.P. Morgan recoups in administering these benefits, that's one less dollar that is being given to those in need of food. In addition, those profit dollars are being classified and charged as welfare on our federal financial statements. Of course, it IS welfare, corporate welfare, but the average American will not know that.

This should be administered by the federal government. No funds for this should be diverted into profit centers. We have too many hungry people in this country.

[banned from Kos]

14. What is Morgan's admin fee? 1%? I don't know.

But think about what they do.

Every transaction is verified and each vendor paid while balances are debited and authorized.

The Feds cannot do this.

[banned from Kos]

11. Morgan is one of the few who can handle the task.

Seriously. Its billions of "point of sale" transactions and treasury payments.

Who else could do it?

American Express
Total System Services
Bank of America
Wells Fargo
Citi

[just1voice]

48. Seriously? You actually want a "serious" answer?

Any company chosen to do it. Frikken paypal could do it. You seriously want to talk about every single company capable? Seriously? LOL.

[undeterred]

15. I was going to guess Haliburton.

Wrong administration.

[blogslut]

18. Ha!

Just try getting a human person when calling about SNAP benefits. Go on. Give it a shot. Get back to me when you finally climb down off that automated phone tree.

[hootinholler]

19. Are the cards issued by Citi?

Unemployment benefits in Md must go through a Citi Visa card. They get their fees.

[blueamy66]

33. I just ask for an American CS rep

works every time

[Mimosa]

39. I had to do that 2 times when confirming my ATT 'U-Verse' bundle

The first rep I couldn't even understand. The second....


Then I insisted...

[Mimosa]

35. Outsourcing our USA welfare and benefits info could become a security risk

Think about it.

[xmas74]

36. Personally,

I don't want my name, my address, my phone number, my SSN, my work info, etc, to be taken out of this country and away from what protections I do have in the US.

Besides, how many people in the U.S. could use those jobs that have been shipped out?

[varelse]

38. K&R

These people have no shame.

[underpants]

40. +

No they don't . Thanks.

[Snarkoleptic]

42. Typical bankster activity...making money crashing the econ and making money on the recovery.

Here's a link to an article where Chase employees openly distributed a "Cheats and Tricks" memo to aid in mortgage fraud.
http://www.calculatedriskblog.com/2008/03/zippy-cheats-tricks.html

They get paid crashing and then mopping up...enought to make you sick!

[woo me with science]

47. K&R

Profit. Profit. Profit. Profit. Corruption.

Occupy.