“It is such a pleasure to cut the jobs of all the cooperative managers of poverty and pickets that we do it for free.” Marcos Galperín writes that tweet with one hand and with the other he calculates how much money he will earn doing financial business with the money of the poorest.
President Javier Milei shared several tweets that reproduced the millionaire’s provocation.
The controversy arose today after Mercado Pago announced an agreement with the national government so that the beneficiaries of the various social programs offered by ANSES can receive their payments through the Galperín platform. They will also be able to obtain a Mastercard debit card “at no cost” and other fintech services.
The lies of the millionaire middleman
The reality is that the AUH and most social programs do not have intermediaries. The funds go directly to a Banco Nación account in the name of the beneficiary. Until now, they may have an intermediary: the richest man in the country, with a fortune valued at 7 billion dollars.
Although it is not mandatory, the company and the government have already started a campaign to attract customers, shamelessly promoting future profits.
It is a lie that it is a selfless and free gesture of philanthropy. In reality, what Mercado Pago does is guarantee millions of users. Although surely many of them had the application, now all their income can be deposited monthly into the financial system managed by Galperín.
This makes them potential clients of all Mercado Pago’s financial businesses: loans, financial intermediation and supposed investments. In times of crisis, the “brains” of the company must have already calculated that benefit.
But even if you don’t manage to sell those products as you would like, the profit is phenomenal. The key to virtual wallets is to manage the money of millions of people. This money is invested in the short and medium term, through fixed terms, investment funds, shares and other operations that allow million-dollar profits. With yours. They earn so much that MP has the luxury of giving you “interest” the more money you leave in the account (always below inflation, obviously).
That is, the money from the Allocations, the labor compensation, the programs for the most vulnerable sectors, which enters in billions at the beginning of the month, Marquitos will take them as a “loan” to give a handle to his financial bicycle. Clin box.
It is like a bank, but without controls or guarantees of the money they handle. Also with more possibilities of tax evasion for companies.
Economist Mercedes D’Alessandro added good information.
What is Galperin’s business?
It is called Customer Acquisition Cost: the cost of each new customer. For fintech companies it is between US$100 and US$500.
Let’s assume that Galperin’s CAC is US$200. For every AUH they are giving you US$200.
There are 2.5 million AUH. I do the math. pic.twitter.com/NMO4wcAEVl
— Mercedes DAlessandro (@dalesmm) April 15, 2024
To get an idea of the business, “based on its e-commerce and financial services operations, Mercado Libre (ML) obtained a record net profit of US$ 987 million last year, an improvement of 104.7% over the result of the previous year.” previous year” (Clarín, 02/23/2024). The data shows that the key to its profits is not the Mercado Libre trading platform but the financial business of Mercado Pago.
The company ended 2023 with 46 million users, not only in Argentina but in countries such as Brazil and Mexico. In the heat of the shenanigans with large companies and governments, his portfolio of “clients” increases. That really is miserable clientelism: arranging with those in power to manage the money of the poor.
Planero VIP
Poverty increases day by day. That is why the poorest sectors of the working class alternate jobs with some social programs. It’s the way to survive. The previous government had already adjusted these items, but Sandra Pettovello and Javier Milei went further. They cut social programs and even suspended food from thousands of soup kitchens. On top of that, when they complained, they were repressed.
To get business from their friends and distribute sticks they are very fast.
That is why it is disgusting that, in this situation and posing as a benefactor, Galperín becomes an intermediary for social assistance. Although cut, they are still hundreds of millions of pesos.
But it is not the only business he does thanks to the State. Mercado Libre receives more than USD 100 million per year in tax subsidies from the Government. A cheeky man.
The fame of “entrepreneur” is another product invented by Galperín. In reality, he is a rich boy who studied at Harvard (USA) and then started his company, which grew with the support of large investment funds. All vultures. Nobody denies that some of the technological advances that he applies in his business are new, although most of them come from other empires like Amazon. But those developments that could improve people’s lives become a machine for generating individual fortune.
The company is based, in addition to the financial operations we have, on a system of labor exploitation that is nothing new. Warehouses where there is an agreement by company that takes every last drop of sweat out of 2,000 young people, a logistics outsourcing system where thousands of truckers and freight drivers distribute packages “by the piece” and for two dollars, an army of operators of the e-commerce system without rights. Marquitos does not talk about that secret.
The left has a way out of this debate: we must end a system where parasites enrich themselves at the expense of the exploitation and misery of millions.
Source: www.laizquierdadiario.com
