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Sun Jan 22, 2012, 03:40 PM

Subject "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

48 replies, 5968 views

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Reply Subject "food stamps" - guess who is making big money on them (and outsourcing the call center) (Original post)
underpants Jan 2012 OP
kentuck Jan 2012 #1
joeglow3 Jan 2012 #2
JDPriestly Jan 2012 #6
nilram Jan 2012 #45
jwirr Jan 2012 #3
nanabugg Jan 2012 #44
sabrina 1 Jan 2012 #4
KansDem Jan 2012 #7
Mimosa Jan 2012 #34
RB TexLa Jan 2012 #20
sabrina 1 Jan 2012 #27
Mimosa Jan 2012 #37
Zalatix Jan 2012 #21
Kali Jan 2012 #41
JDPriestly Jan 2012 #5
RB TexLa Jan 2012 #8
ret5hd Jan 2012 #10
RB TexLa Jan 2012 #13
Zalatix Jan 2012 #24
LineLineLineNew Reply .
JTFrog Jan 2012 #46
FrodosPet Jan 2012 #16
RB TexLa Jan 2012 #17
Zalatix Jan 2012 #23
Post removed Jan 2012 #25
Zalatix Jan 2012 #26
RB TexLa Jan 2012 #28
Zalatix Jan 2012 #29
RB TexLa Jan 2012 #30
Zalatix Jan 2012 #31
former9thward Jan 2012 #32
Zalatix Jan 2012 #43
Zalatix Jan 2012 #22
Thaddeus Kosciuszko Jan 2012 #9
stillwaiting Jan 2012 #12
banned from Kos Jan 2012 #14
banned from Kos Jan 2012 #11
just1voice Jan 2012 #48
undeterred Jan 2012 #15
blogslut Jan 2012 #18
hootinholler Jan 2012 #19
blueamy66 Jan 2012 #33
Mimosa Jan 2012 #39
Mimosa Jan 2012 #35
xmas74 Jan 2012 #36
varelse Jan 2012 #38
LineLineNew Reply +
underpants Jan 2012 #40
Snarkoleptic Jan 2012 #42
woo me with science Jan 2012 #47

Response to underpants (Original post)

Sun Jan 22, 2012, 03:45 PM

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?

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Response to kentuck (Reply #1)

Sun Jan 22, 2012, 03:48 PM

2. I can't follow what you are saying

 

Do you have a link?

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Response to kentuck (Reply #1)

Sun Jan 22, 2012, 04:00 PM

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.

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Response to kentuck (Reply #1)

Mon Jan 23, 2012, 12:08 AM

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

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Response to underpants (Original post)

Sun Jan 22, 2012, 03:50 PM

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

net.

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Response to jwirr (Reply #3)

Sun Jan 22, 2012, 10:59 PM

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.

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Response to underpants (Original post)

Sun Jan 22, 2012, 03:55 PM

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?

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Response to sabrina 1 (Reply #4)

Sun Jan 22, 2012, 04:12 PM

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.

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Response to KansDem (Reply #7)

Sun Jan 22, 2012, 08:16 PM

34. Amen!

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

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Response to sabrina 1 (Reply #4)

Sun Jan 22, 2012, 05:17 PM

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?

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Response to RB TexLa (Reply #20)

Sun Jan 22, 2012, 07:40 PM

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.

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Response to RB TexLa (Reply #20)

Sun Jan 22, 2012, 08:31 PM

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?

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Response to sabrina 1 (Reply #4)

Sun Jan 22, 2012, 07:17 PM

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!

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Response to sabrina 1 (Reply #4)

Sun Jan 22, 2012, 09:52 PM

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

in country or out, there is no privacy

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Response to underpants (Original post)

Sun Jan 22, 2012, 03:58 PM

5. JP Morgan is hideous.

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Response to underpants (Original post)

Sun Jan 22, 2012, 04:12 PM

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

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Response to RB TexLa (Reply #8)

Sun Jan 22, 2012, 04:16 PM

10. i don't outsource with you.

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Response to ret5hd (Reply #10)

Sun Jan 22, 2012, 04:37 PM

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!"

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Response to RB TexLa (Reply #13)

Sun Jan 22, 2012, 07:21 PM

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

 

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Response to ret5hd (Reply #10)

Mon Jan 23, 2012, 11:56 AM

46. .

 



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



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Response to RB TexLa (Reply #8)

Sun Jan 22, 2012, 04:48 PM

16. We need to keep the jobs here

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

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Response to FrodosPet (Reply #16)

Sun Jan 22, 2012, 04:52 PM

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.

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Response to RB TexLa (Reply #17)

Sun Jan 22, 2012, 07:19 PM

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.

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Response to Zalatix (Reply #23)


Response to Post removed (Reply #25)

Sun Jan 22, 2012, 07:38 PM

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.

[img][/img]

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Response to Zalatix (Reply #26)

Sun Jan 22, 2012, 07:40 PM

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.

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Response to RB TexLa (Reply #28)

Sun Jan 22, 2012, 07:46 PM

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.

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Response to Zalatix (Reply #29)

Sun Jan 22, 2012, 07:47 PM

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

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Response to RB TexLa (Reply #30)

Sun Jan 22, 2012, 07:48 PM

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

 

We will run your ideology out of town.

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Response to FrodosPet (Reply #16)

Sun Jan 22, 2012, 08:08 PM

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.

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Response to former9thward (Reply #32)

Sun Jan 22, 2012, 10:56 PM

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.

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Response to RB TexLa (Reply #8)

Sun Jan 22, 2012, 07:18 PM

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

 

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Response to underpants (Original post)

Sun Jan 22, 2012, 04:13 PM

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.

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Response to Thaddeus Kosciuszko (Reply #9)

Sun Jan 22, 2012, 04:34 PM

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.

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Response to stillwaiting (Reply #12)

Sun Jan 22, 2012, 04:38 PM

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.

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Response to underpants (Original post)

Sun Jan 22, 2012, 04:19 PM

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

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Response to banned from Kos (Reply #11)

Mon Jan 23, 2012, 02:36 PM

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.

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Response to underpants (Original post)

Sun Jan 22, 2012, 04:38 PM

15. I was going to guess Haliburton.

Wrong administration.

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Response to underpants (Original post)

Sun Jan 22, 2012, 04:55 PM

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.

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Response to underpants (Original post)

Sun Jan 22, 2012, 05:15 PM

19. Are the cards issued by Citi?

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

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Response to underpants (Original post)

Sun Jan 22, 2012, 08:10 PM

33. I just ask for an American CS rep

 

works every time

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Response to blueamy66 (Reply #33)

Sun Jan 22, 2012, 08:54 PM

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...

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Response to underpants (Original post)

Sun Jan 22, 2012, 08:17 PM

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

Think about it.

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Response to Mimosa (Reply #35)

Sun Jan 22, 2012, 08:26 PM

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?

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Response to underpants (Original post)

Sun Jan 22, 2012, 08:51 PM

38. K&R



These people have no shame.

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Response to varelse (Reply #38)

Sun Jan 22, 2012, 09:45 PM

40. +

No they don't . Thanks.

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Response to underpants (Original post)

Sun Jan 22, 2012, 10:56 PM

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!

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Response to underpants (Original post)

Mon Jan 23, 2012, 12:33 PM

47. K&R

Profit. Profit. Profit. Profit. Corruption.

Occupy.

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