Outrage over NYC's migrant debit card handouts that could net NJ company $1.8M in profits: 'taxpayers are getting fleeced' | 22 Feb 2024 | The [woke] New Jersey start-up that snagged a controversial no-bid $53 million contract with New York City to give migrants prepaid debit cards could net a whopping $1.8 million in profits by taking a cut of the funds doled out to asylum seekers, The Post has learned. The one-year deal signed by Mayor Eric Adams's administration and tech finance company Mobility Capital Finance -- first reported by The Post last month — is now raising eyebrows with some members of the City Council, who noted the agreement didn't undergo the usual competitive bidding process. "Something’s wrong with this deal, and taxpayers are getting fleeced," Councilman Bob Holden (D-Queens) said Thursday when provided with details of the contract... The contract appears to guarantee a windfall for the Newark, New Jersey, firm known as MoCaFi -- founded by ex-JP Morgan Chase banker Wole Coaxum about a decade ago -- possibly netting it three times more than it pocketed under a similar, but much larger, deal with Los Angeles.


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