Thread: Rescued banks Sought Foreigners for top jobs

AP: Rescued Banks Sought Foreigners For Top Jobs



AP: Rescued Banks Sought Foreigners For Top Jobs
Banks Staying Afloat With U.S. Taxpayer Money Recruited Foreign Workers
Timeline: U.S. Credit Crunch & Financial Failures
SANTA CLARA, Calif. (AP) ―


An Associated Press review found that the dozen banks receiving federal bailout money actively sought to hire foreign workers in stead of American workers.



Banks collecting billions of dollars in federal bailout money sought government permission to bring thousands of foreign workers to the U.S. for high-paying jobs, according to an Associated Press review of visa applications.

The dozen banks 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.

The figures are significant because they show that the bailed-out banks, being kept afloat with U.S. taxpayer money, actively sought to hire foreign workers instead of American workers. 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 fiscal 2007 to 4,163 in fiscal 2008.

The AP reviewed visa applications the banks filed with the Labor Department under the H-1B visa program, which allows temporary employment of foreign workers in specialized-skill and advanced-degree positions.

It is unclear how many foreign workers the banks actually hired; the government does not release those details. The actual number is likely a fraction of the 21,800 foreign workers the banks sought to hire because the government limits the number of visas it grants to 85,000 each year among all U.S. employers.

During the last three months of 2008, the largest banks that received taxpayer loans announced more than 100,000 layoffs. The number of foreign workers included among those laid off is unknown.

Foreigners are attractive hires because companies have found ways to pay them less than American workers.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadca

http://cbs2.com/national/bail.out.banks.2.923703.html

Originally Posted by legalatina

AP: Rescued Banks Sought Foreigners For Top Jobs

Indian conglomerates with the active assistance of the Indian government appear to be the foreign entity that most benefits from our bailouts and foreign temp work visas. The H-1B visa meant to hire experts from all over the world appears to have been manipulated overwhelmingly by Indian companies making money off of cheap foreign labor and offshoring.

The US government seems to getting much of its guidance from Indian entities and this ties in with Indian temporary job shops who force Americans to get fired from well paying high technology jobs.

I have read that Obama is getting ready to name one of two candidates fot a CTO (Chief Technology Officer) position within the federal government. Both candidates nominated are Indians. Why can't American citizens be nominated for those positions?

When Henry Paulson appointed a bailout director to head the TARP program, it was an Indian (Neel KashKari) who was appointed. Why didn't an American citizen get appointed to that position?

When Citibank received 'bailout dollars', hundreds of millions of dollars in labor contracts went to India's biggest offshore company, TCS, a company that has been estimated to destroy hundreds of thousands of American jobs? This has been a direct cause of poverty in the US.

Bill Gates is attempting to push Congress into helping raise the ceiling on the H-1B foreign temp worker visa so more cheap labor from India can be bought into the US to layoff more American citizens.

Everywhere you look at the mess we are in, you see more and more Indian companies getting "involved" and destroying American jobs in the process. Fraud is frequently used to bring unqualified Indians into jobs that have productively held by Americans.

Originally Posted by legalatina

AP: Rescued Banks Sought Foreigners For Top Jobs
Banks Staying Afloat With U.S. Taxpayer Money Recruited Foreign Workers
Timeline: U.S. Credit Crunch & Financial Failures
SANTA CLARA, Calif. (AP) ―

http://www.tcs.com/news_events/press_re ... vices.aspx

Tata Consultancy Services To Acquire Citigroup Global Services for $505 million

Transaction Increases Efficiencies for both Companies and Delivers Service Improvements for Citi Clients; $2.5 Billion, 9.5 Year Contract Underscores Strong Long-Standing Relationship.

Mumbai, India & New York, USA, October 08, 2008: Tata Consultancy Services (TCS) (BSE: TCS.BO, NSE: TCS.NS), a leading IT services, business solutions and outsourcing firm, and Citigroup Inc. (Citi) (NYSE: C), a leading global financial services company, today announced that they have reached an agreement for TCS to acquire all of Citi’s interest in Citigroup Global Services Limited (CGSL), the India-based captive business processing outsourcing (BPO) arm of Citi for all cash consideration of approximately $505 million, subject to closing adjustments. In addition to the sale, Citi has signed an agreement for TCS to provide, through CGSL, process outsourcing services to Citi and its affiliates in an aggregate amount of US$2.5 billion over a period of 9.5 years. The agreement builds upon the existing relationship between Citi and TCS whereby TCS provides application development, infrastructure support, help desk and other process outsourcing services to Citi.

The acquisition broadens TCS’s portfolio of end-to-end IT and BPO services in the global Banking and Financial Services (BFS) sector. TCS’s enhanced scale and expertise will provide service improvements to Citi and Citi’s customers.

CGSL is one of the largest providers of business processing outsourcing services within the Banking and Financial Services sector, providing end-to-end process management across the BFS spectrum and a broad array of services to Citi’s consumer, corporate and global wealth management businesses world wide. CGSL has more than 12,000 employees located in India and expects to generate revenues of approximately $278 million in 2008.

S. Ramadorai, CEO and MD, TCS said: “This is a landmark acquisition for TCS, helping us not only acquire new capabilities in the banking domain but also underscoring the importance of our long-term, sustainable relationships with our large customers, including Citi.â€