Thanks David, for reminding us that the spectacle of the financial predators is more revolting by the day<br><br><div class="gmail_quote">On Sat, Jan 22, 2011 at 2:18 AM, David Bollier <span dir="ltr"><<a href="mailto:david@bollier.org">david@bollier.org</a>></span> wrote:<br>
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Michel,<br>
As a student of the decadence of the market state, you will
appreciate the story below.� <br>
<br>
David<br>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;">�</div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><b><span style="font-size: 24pt;">The More Americans
That Go On Food Stamps The More Money JP
Morgan Makes</span></b></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><a href="http://theeconomiccollapseblog.com/archives/the-more-americans-that-go-on-food-stamps-the-more-money-jp-morgan-makes" style="color: blue; text-decoration: underline;" target="_blank">http://theeconomiccollapseblog.com/archives/the-more-americans-that-go-on-food-stamps-the-more-money-jp-morgan-makes</a></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">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</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">case that it
handles, so that means that the more Americans
that go on food stamps, the more profits JP
Morgan makes.� Yes, you read that correctly.�
When the number of Americans on food stamps
goes up, JP Morgan makes more money.� 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.� Considering the fact that
the number of Americans on food stamps has
exploded from 26 million in 2007 to 43 million
today, one can only imagine how much JP
Morgan's profits in this area have soared.�
But doesn't this give JP Morgan an incentive</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">to keep the
number of Americans enrolled in the food stamp
program as high as possible?</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">There are
just some things that are a little too
"creepy" to be "outsourced" to private
corporations.� The JP Morgan executive in the
interview below does his best to put a
positive spin on all this, but it just seems</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">really
unsavory for a big Wall Street bank to be
making so much money off of the suffering of
tens of millions</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">of
Americans....<br>
<br>
So if unemployment goes down will this ruin JP
Morgan's food stamp business?</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;">�</div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">Well,
apparently not.� In the interview Paton says
that 40% of food stamp recipients are
currently working,</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">and he seems
convinced that there could be further "growth"
in that segment.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;">�</div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">So is this
what America is turning into?</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">A place
where tens of millions of the unemployed and
the working poor crawl over to Wal-Mart and
the dollar store every month to use the food
stamp debit cards provided to them by JP
Morgan?</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">It turns out
that JP Morgan also provides child support
debit cards in 15 U.S. states and they also
provide unemployment insurance benefit debit
cards in seven states.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">Apparently
states have found that they can save millions
of dollars by "outsourcing" the provision of
these benefits to big financial firms like JP
Morgan.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">So what
happens if you have a problem with your food
stamp debit card?</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">Well, you
call up a JP Morgan service center.� When you
do this, there is a very good chance that you
are</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">going to be
helped by a JP Morgan call center employee in
India.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">That's right
- it turns out that JP Morgan is saving money
by "outsourcing" food stamp customer service
calls</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><b><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: rgb(79, 128, 158);">to India</span></b><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">When ABC
News</span><b><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: rgb(79, 128, 158);"><span>�</span>asked
JP Morgan about this</span></b><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">, the
company would not tell ABC News which states
have customer service calls sent to India and
which states have them handled inside the
United States....</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: rgb(85, 85, 85);">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. That decision, the company said,
was often left up to the individual states.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">JP Morgan
has been moving some of these call center jobs
back inside the United States due to political
pressure, but this whole situation is a really
good example of what the "global economy" is
doing to middle class Americans.</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">Just try to
imagine the irony - a formerly middle class
American that has lost a job to outsourcing
calls up to get help with food stamp benefits
only to be answered by a call center employee
in India.<br>
Welcome to the global economy, eh?</span></div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">But wait,
there is more.</span></div>
</div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">It has just
been announced that JP Morgan</span><b><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: rgb(79, 128, 158);"><span>�</span>has
admitted</span></b><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;"><span>�</span>that
they wrongly foreclosed on over a dozen
military families and that they have been
overcharging "thousands" of other military
families on their mortgages.</span></div>
</div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;">�</div>
</div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">Ouch.</span></div>
</div>
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<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">It is a
really bad public relations move to mess with
military families.</span></div>
</div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">Is anyone
over at JP Morgan even paying attention?</span></div>
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<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">JP Morgan
has also been one of the primary financial
institutions involved in the foreclosure
"robo-signing" scandal.</span></div>
</div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">They just
seem to be having all kinds of problems
lately.� But they are not alone.</span></div>
</div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">The truth is
that we have gotten to the point where big
Wall Street banks such as JP Morgan, Goldman
Sachs, Citibank and Morgan Stanley just have
way, way too much power.</span></div>
</div>
</div>
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</span></blockquote>
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<blockquote type="cite"><span style="border-collapse: separate; font-family: 'Arial Rounded MT Bold'; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; font-size: medium;">
<div bgcolor="white" link="blue" vlink="purple" lang="EN-US">
<div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;"><span style="font-size: 10pt; font-family: Tahoma,sans-serif; color: black;">The biggest
Wall Street financial institutions had no
trouble begging for bailouts from the U.S.
government during the financial crisis, but
when the American people have needed a little
grace and mercy from them they have been less
than helpful.</span></div>
</div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;">�</div>
</div>
<div>
<div style="margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman',serif;">�</div>
</div>
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</blockquote></div><br><br clear="all"><br>-- <br>P2P Foundation: <a href="http://p2pfoundation.net">http://p2pfoundation.net</a>� - <a href="http://blog.p2pfoundation.net">http://blog.p2pfoundation.net</a> <br><br>Connect: <a href="http://p2pfoundation.ning.com">http://p2pfoundation.ning.com</a>; Discuss: <a href="http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org">http://listcultures.org/mailman/listinfo/p2presearch_listcultures.org</a><br>
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