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Reply #2: But they put the money to good use... [View All]

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rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 10:25 AM
Response to Reply #1
2. But they put the money to good use...
According to Bob Evans of Information Week, the JP Morgan Chase deal with India stems from JP Morgan Chases acquisition of Bear Stearns and Washington Mutual, which JP Morgan Chase used government bailout funds to acquire:

JP Morgan Chase is reportedly planning to increase its use of Indian outsourcers by 25% to handle the IT integration of Washington Mutual and Bear Stearns and other projects. The moves are expected to cut overall IT costs for JPMC even as it raises its volume of Indian outsourcing business to a reported $400 million.

JP Morgan will use Indian outsourcers to integrate IT systems from its recent Washington Mutual and Bear Stearns acquisitions, pushing its 2009 Indian outsourcing contracts to almost $400 million, according to a news report out of Bangalore.

http://deathby1000papercuts.com/2009/03/jp-morgan-chase-25-billion-bailout-recipient-to-spend-400-million-to-outsource-thousands-of-jobs-to-india-page-2/

For this alone they should be tarred and feathered.
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