and America takes another one in the........
Posted on 03/30/2010 7:31:40 PM PDT by kristinn
Powerhouse student loan provider Sallie Mae says layoffs are imminent as a result of President Obama's new student loan overhaul.
"This legislation will force Sallie Mae to reduce our 8,600-person workforce by 2,500," Conwey Casillas, Vice President of Sallie Mae Public Affairs, said in a statement to Fox News.
SNIP
"The student loan provisions buried in the health care legislation intentionally eliminate valuable default prevention services and private sector jobs at a time when our country can least afford to lose them," Casillas told Fox News.
Sallie Mae was trying to garner support for an alternative, which the company said was roundly rejected.
"We are profoundly disappointed that a reform plan that would have achieved more savings for students was ignored and now thousands of student loan experts will unnecessarily lose their jobs," Casillas said.
SNIP
Sallie Mae hasn't said exactly when jobs will start getting slashed, but the cuts "will start soon," Casillas said.
(Excerpt) Read more at foxnews.com ...
my theory is that it will be easy for them to show a quick cash profit on administration of student loans. For one they are deferred debt instruments and they can jimmy the numbers of expected defaults to show higher expected returns in future years then they will actually earn. Also they could suspend currently due loans at the drop of a hat. They will then use this as a ‘see we told you so that we can run a profit’ in a move to usurp the insurance companies themselves.
There is only one other bank in the nation that will be allowed to make student loans other than the government and that bank is located in ND ( in a district where Zero needed a vote for his health care). Another Zero blackmail using tax payers money, but using it as if all of it was his personal funding. We will probably see a bunch of educated ACORNS plus he will cut them a deal on their fees to join his private army “ that will be as well funded and as well equipped as the regular Army”, because DICTATOR is on his mind!
Off to the Gulags you scoundrels, how dare you question the great Odorko, almighty d**khead in Chief!
You are WRONG! What a PUTZ!
PUTIN and Chairman Mao are laughing their “BIDEN” Arses OFF!
They have gone Capitalist and are watching this Flaming Douchebag, OBOZO(or whatever his alias is today!), do what they couldn’t do!! Destroy AMERICA by Forcing AMERICA into the FAILED COMMUNISM of the Soviets and China of Fifty Years AGO! OBAMA is a Flaming IDIOT who is the Puppet of the Whores! Soros, GORE, Terayza Ketchup, Farrakkon, Chavez, Castro, Imanutjob and many other Despots who Dispise and Hate FREEDOM FOR THE PEOPLE!!
this bill is designed to put people out of work.
more people out of work = more people dependant on the government...
Think about it...
Waxmen is going to call them before Congress when exactly? =.=
Sorry for them. I hear the IRS will be hiring.
"We are profoundly disappointed that a reform plan that would have achieved more savings for students was ignored and now thousands of student loan experts will unnecessarily lose their jobs," Casillas said.
So far, nothing Obama has done about the economy, large scale or small is an improvement on what was being considered via private sector. Of course, this is no surprise to us.
This is fracked up. At this rate, America won’t make it until 2012. There is too much tension in this country.
The common denominator on all actions seems to be centralized control versus efficiency....
Are you saying that Obomba SAID THAT????? I need to know...I really do.
As Werner Wolf used to say: Let’s go to the videotape!
Yes, click the WABC link and halfway down the page is the vid- the quote comes early, you wont have to watch the asshat for more than a minute to hear it.
Obummer in,
jobs out
A lot of those new employees will be hired in George Miller’s district. As part of the bill, non profit servicers in Miller’s district will receive no bid contracts.
NOPE...NOT gonna watch....thx
I dont blame you one bit- I have an aversion to his image and voice, too.
The back story is I am listening to John Batchelor (follows Mark Levin on WABC) and during the news break, there was a ONE SENTENCE report that the US Govt has now taken over student loans per a provision in the HC Act.
I was furious at the trivial reporting of this story, and went to the site to fire off an angry email to them for inadequate reporting.
When I was there, I saw the vid and clicked on it, since that was exactly what I was looking for. Yes, he said it.
Somehow, some way these will be touted as “saved.”
and America takes another one in the........
[Banks and the private sector consists of “unnecessary middlemen administering student loans”.]
So by eliminating the unnecessary middleman, Bammy makes himself the “necessary” middleman. Kind of like shaking down the candy store in a Chicago neighborhood.
Right, so they’ve worked it out that you have to go to them and no one else for a student loan, just like they will do with health care if we do not defeat them.
Single payer= the govt is necessary to provide the public option. Impose a tyranny to get to a totalitarian state, and run a charade to get a manchurian candidate elected to be the little dicktator while the transition is underway.
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