Helping Banks Create Jobs — yeah.

The bank bailout is a roaring success.  Here is the bank’s approach to bank creation.  Maybe they came up with this on one of their expensive retreats at a luxury resort.

Bass, Frank and Rita Beamish. 2009. “Banks Receiving Taxpayer Money Try To Cut Costs By Hiring Non-Americans.” Associated Press (2 February).

“Even as the economy collapsed last year and many financial workers found themselves unemployed, the dozen U.S. banks now receiving the biggest rescue packages requested visas for tens of thousands of foreign workers to fill high-paying jobs, according to an Associated Press review of visa applications.  The major banks, which have received $150 billion in bailout funds, requested visas for more than 21,800 foreign workers over the past six years for 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 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. 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. Such visas are most often associated with high-tech workers.”

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

1 comment so far

  1. Kevin on

    I can vouch for this first hand. The Company brings over workers and makes them commit to a contract that if breached, forces them to leave the country. The result often is the Company paying a lower salary then the same skilled employee receives not on the visa in addition to greater workloads. The demand is so great that foreign employees are willing to accept a lower salary and increased workload.

    This is not only true for the U.S. but for most other countries with a high standard of living.


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