Wednesday, January 19, 2011


Michael Snyder of the Economic Collapse Blog has an outrageous, but true, story about how JP Morgan makes money issuing food stamp cards. States apparently outsource this function to JP Morgan to save costs. JP Morgan saves costs by outsourcing customer service to India.

Unbelievable. So, unemployed state workers now on foodstamps because their salaries were too low to save much (state workers do not make much on average unless professionals) are making JPMorgan that much richer!


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