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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSubject "food stamps" - guess who is making big money on them (and outsourcing the call center)
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
(111,110 posts)...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
(6,228 posts)Do you have a link?
JDPriestly
(57,936 posts)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
(2,894 posts)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
(39,215 posts)net.
nanabugg
(2,198 posts)Our very personal records are floating around somewhere in India, Israel, and S. Korea.
sabrina 1
(62,325 posts)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
(28,498 posts)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.
Exactly so. Our citizens could then become employed helping other citizens. And the money would stay 'at home' so to speak.
RB TexLa
(17,003 posts)based on their national orgin?
sabrina 1
(62,325 posts)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
(9,131 posts)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
(8,994 posts)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
(55,027 posts)in country or out, there is no privacy
JDPriestly
(57,936 posts)RB TexLa
(17,003 posts)ret5hd
(20,540 posts)RB TexLa
(17,003 posts)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
(8,994 posts)I don't even mind cleaning my monitor after that one.
FrodosPet
(5,169 posts)And send the Indians and the Chinese foreign aid, not our jobs!
RB TexLa
(17,003 posts)Those jobs were never your or a country's possessions, how arrogent of you.
Zalatix
(8,994 posts)Those jobs are meant to serve the American market. They have always been our country's possessions.
Response to Zalatix (Reply #23)
Post removed
Zalatix
(8,994 posts)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
(17,003 posts)But you people are good for a laugh, in the end though you just don't matter.
Zalatix
(8,994 posts)We are over 20% of the world's entire GDP.
We in fact do matter.
RB TexLa
(17,003 posts)Zalatix
(8,994 posts)We will run your ideology out of town.
former9thward
(32,111 posts)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
(8,994 posts)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
(8,994 posts)Thaddeus Kosciuszko
(307 posts)Notwithstanding, the rational legitimacy of concern for "outsourcing;" it would be irrational to believe that subsistence benefits could be processed without costs.
stillwaiting
(3,795 posts)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
(4,017 posts)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
(4,017 posts)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
(1,362 posts)Any company chosen to do it. Frikken paypal could do it. You seriously want to talk about every single company capable? Seriously? LOL.
undeterred
(34,658 posts)Wrong administration.
blogslut
(38,021 posts)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
(26,449 posts)Unemployment benefits in Md must go through a Citi Visa card. They get their fees.
blueamy66
(6,795 posts)works every time
Mimosa
(9,131 posts)The first rep I couldn't even understand. The second....
Then I insisted...
Mimosa
(9,131 posts)Think about it.
xmas74
(29,676 posts)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
(4,062 posts)These people have no shame.
No they don't . Thanks.
Snarkoleptic
(6,002 posts)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
(32,139 posts)Profit. Profit. Profit. Profit. Corruption.
Occupy.