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Banks Sought Foreign Workers As System Crashed
CNBC ^ | 01 Feb 2009 | CNBC

Posted on 02/01/2009 3:22:44 PM PST by balls

Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year and Americans were getting laid off, according to an Associated Press review of visa applications.

The dozen banks now receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past six years for positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists.

The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.

As the economic collapse worsened last year—with huge numbers of bank employees laid off —the numbers of visas sought by the dozen banks in AP's analysis increased by nearly one-third, from 3,258 in the 2007 budget year to 4,163 in fiscal 2008.


TOPICS: Business/Economy
KEYWORDS: bailout; banking; foreignworkers; h1bs; indenturedservants; layoffs; unemployment; visas; workforce
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This is a very widespread in financial services and has long been the practice at Fidelity Investments.
1 posted on 02/01/2009 3:22:44 PM PST by balls
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To: balls

This is why a “producers strike” would not work. The powers that be would simply ship in foreign workers


2 posted on 02/01/2009 3:24:41 PM PST by clamper1797 (Obummer ... "Change ... for the worst")
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To: balls
If all of our immigration consisted of people that made an average of $90K per year, we'd have a pretty good system. People that make $90K a year almost always have insurance, and aren't a drain on social services. People that make $90K are usually smart, and don't revert to petty theft for supplemental income.

Bring them on!

3 posted on 02/01/2009 3:27:32 PM PST by Koblenz (The Dem Platform, condensed: 1. Tax and Spend. 2. Cut and Run. 3. Man on Man)
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To: balls

http://www.freerepublic.com/focus/search?m=all;o=time;q=quick;s=Foreign%20Workers

variant of same AP story (C-LSD too lazy to write their own)


4 posted on 02/01/2009 3:30:03 PM PST by xcamel (The urge to save humanity is always a false front for the urge to rule it. - H. L. Mencken)
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To: balls

Banks have no problem shipping the technical support roles offshore. The help desks are already there. Soon the entire IT shops will be offshore.

The controls over our private information are not in place.


5 posted on 02/01/2009 3:31:38 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: balls

So American companies must just take the load of talentless, entitled people we are presented with us as possible hires, instead of doing what it takes to make the business do well? I can tell you I have a lot of employees. My friends who are business owners have a lot of employees. Between me and a few friends we employ close to 800 people.
The quality of workers today is terrible. Twenty years ago, Americans knew how to work, and took pride in it. Now its a crap shoot to hire good employees, particularly for something as detailed as commercial finance. People who should be qualified by means of a college education, are not as they spent many of their years partying, and the only thing they learned to do was follow.
I have to hire from all over the country to get decent candidates. It is pathetic anymore.
And yes I am ripping on American workers who no longer know how to work. Americans have an attitude, or bring their personal life into the company, that affects their jobs. I could have latinos, asians, or Indians to do their job, and they would be diligent about it, and not have to be told how to work. Other cultures take work more seriously than Americans do today.
And it is the companies that pay the price for this.


6 posted on 02/01/2009 3:41:26 PM PST by ritewingwarrior (Just say No to socialism.)
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To: Koblenz

If an immigrant is making 90K....then more than likely an American was being paid a lot more...

Which is totally bad for our economy....when consumption is such a big part of it.

It is bad...always bad...to replace Americans with foreigners (legal and illegal)...especially with unemployment growing. It is also Anti-American, too....especially when we are paying thru taxpayer bailout money


7 posted on 02/01/2009 3:45:24 PM PST by UCFRoadWarrior (Open Borders should be only for bookstores, not the third world hellhole known as Mexico)
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To: UCFRoadWarrior

There will always be someone who’s pedal to the metal patriotism literally stops on a dime.


8 posted on 02/01/2009 3:48:36 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: Koblenz
Sorry, you are so wrong.

There's no reason for those jobs to go to foreigners. Job's should go to Americans first. A war against the middle class is being waged by the globalists. I see more and more foreigners doing IT jobs every week. Their skill set is not special and we have many unemployed IT workers.

9 posted on 02/01/2009 3:48:36 PM PST by Taylor42
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To: balls

Cosmopolitinism kiddies.I mean after all love of one’s country and its people is so passe’.


10 posted on 02/01/2009 3:58:08 PM PST by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: balls
Not only did they do the outsourcing thing, but some of the bailout recipients are currently trying to drive the price of oil back up.

Fascism doesn't work? Who would have guessed?
11 posted on 02/01/2009 3:59:47 PM PST by mysterio
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To: ritewingwarrior

If you believe that a college degree actually confers upon a graduate anything at all... then you’re deluding yourself.

Experience and knowledge is key.

College degrees, nowadays, are the equivalent of being a card-carrying party member. (ie - you can spout off Marxist propaganda... and that’s about it)


12 posted on 02/01/2009 4:03:26 PM PST by gogogodzilla (Live free or die!)
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To: mysterio

Here you go. Now let’s watch and see who gets their panties in a twist shall we. LOL

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZSSMtC6ynNY


13 posted on 02/01/2009 4:04:53 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: balls

“....positions that included senior vice presidents, corporate lawyers, junior investment analysts and human resources specialists.

I work in a large financial institution, and I do not find this story credible. I have never seen an H1B in a position like that, because they don’t have the knowledge of US business practices needed to do them. It is one thing to be a skilled Solaris SA or Oracle DBA - you don’t even need to be able to speak English that well if you can do the work. But these types of positions require the ability to interact in a complex environment that takes years of experience in the US.


14 posted on 02/01/2009 4:07:22 PM PST by proxy_user
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To: cripplecreek

If everyone does that, won’t there be a massive glut of oil on the market in the summer?


15 posted on 02/01/2009 4:13:22 PM PST by listenhillary (Rahm Emmanuel slip - A crisis is a terrible thing to waste.)
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To: Koblenz
People that make $90K a year almost always have insurance, and aren't a drain on social services.

And they are used to undercut in the marketplace people who, by dint of great application and insane overtime hours, self-improvement and industrial/business currency in their skill area, command a fair compensation of $120k.

It's all about chiseling people who have earned their pay. It's about subverting honest effort and self-improvement. It's about demanding a discount because, as an old boss once told me, "I want the money."

It's about NOT an honest day's pay for an honest day's work.

16 posted on 02/01/2009 4:14:08 PM PST by lentulusgracchus ("Whatever." -- sinkspur)
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To: listenhillary

Maybe but they don’t intend to sell it cheap.


17 posted on 02/01/2009 4:14:21 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: listenhillary
If it were a glut, why would they sell it? They'll just hang onto it and keep buying until the price is driven up.

This is designed to screw us at the pump after we saved their company from its OWN bad business decisions.
18 posted on 02/01/2009 4:16:35 PM PST by mysterio
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To: proxy_user

You must have your eyes closed. The story is very credible. Where do you think all these Indian and Pakistani programmers came from?


19 posted on 02/01/2009 4:19:32 PM PST by balls
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To: mysterio

Lots of idled tankers, look for that situation to change. If many jump on this trend, I would think that it would cause a glut.

FTA
Traders have hired tankers to store at least 15 million barrels of North Sea oil, according to the median estimate of six North Sea traders and analysts surveyed this week. As many as 80 million barrels of crude are being stored at sea globally, Frontline Ltd., the largest owner of supertankers, said yesterday


20 posted on 02/01/2009 4:20:35 PM PST by listenhillary (Rahm Emmanuel slip - A crisis is a terrible thing to waste.)
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