JPMorgan Gets Bailout Money, Sends Jobs To India
 Wednesday, April 29th, 2009 by Rick W.
JPMorgan Chase, one of the Big Four banks of America.
You have to give it to the Bankers. They really do know how to put the screws to
us little guys in more ways than one. The Bankers are not only greedy little sons without
legitimate birthrights (that's bastards), but also arrogant in their attitude concerning
the American People's outrage over the way they have handled the bailout "gift" given to them
by the politicians (whose campaigns were padded by many on Wall Street).
Case in point, JPMorgan Chase. So far, we taxpayers have delivered $25 billion to
this financial institution. They are promised $50 million over the course of 3 years. To
show their gratitude to the American People for the sizable donation, JPMorgan recently
announced a new program of job creation. Wow! This is great! The problem is JPMorgan is
sending the jobs to India.
Wait. I am confused here. Wasn't this bailout meant
to stabilize our economy? We have more than 4 million Americans who have lost their jobs
and unemployment now tops 10% in seven of our states. But instead of putting Americans,
JPMorgan intends to outsource tens of thousands of its banking jobs to India. Is it just
me, or is your face also stinging from the slap it just received?
As part of the bailout,
JPMorgan took over two other banks last year, and it is now merging the information technology
functions of all three institutions into one. These are potentially good jobs that would pay
middle-class salaries in our country. However, the chief information officer of JPMorgan says
the tax-supported merger gives the bank an opportunity to increase its outsourcing to India
by 25%. The bank can get Indian workers to do these jobs for a third to a half of what it
would pay Americans, than pocket the wage savings to fatten its corporate bottom line.
One of President Barack Obama's campaign promises was to stop the outsourcing of
American jobs overseas. When asked about this during his campaign Obama stated: "What I do is,
I close corporate loopholes, stop providing tax cuts to corporations that are shipping jobs
overseas, so that we're giving tax breaks to companies that are investing here in the U.S." Well
Mr. President, now is a good time to step up and do something. However, this writer will not
hold his breath.
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