Feb 1, 2009

Breaking News Story: AP Investigation - Banks Sought to bring in Foreign Workers

SANTA CLARA, Calif. – 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.

My Comment:
It happened on Bush watch, but Obama and his people new, plus they are doing nothing to correct it.
People, this is your New President, your so-called friend of the people. If this is the Change we were promised, I can live without it!


Clayton Bowler said...

So in two days, we find out GM was investing bailout money in South America and the banks were looking to import workers and use bailout money to do it. I know a few companies I won't be doing business with again. I can handle the CEO pay, but using our tax dollars and spending it overseas upsets me.

get lost you losers said...

more republican boo hoo