WR - Well, what else is American's lending institutions up to?

09-26-2008, 01:06 AM

ddoubleez

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Well, what else is American's lending institutions up to?

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Let’s hear it for Citigroup, Goldman Sachs, Morgan Stanley, and other Wall Street banks that are opening up tens of thousands of new, well-paying jobs for researchers and analysts!

Unfortunately, the jobs are in India, the Philippines, and Eastern Europe, with many also headed to China. These powerhouse bankers – who profit enormously from America’s people, laws, protections, and subsidies – no longer feel any responsibility for providing good American jobs. Indeed, they are likely to offshore some 40 percent of their research-related jobs, cutting about 200,000 U.S. employees this year alone.

Banks are not letting their executives talk to the media about this, hoping that We the People won’t notice that these high-quality positions for America’s college graduates have gone bye-bye. They even have euphemisms for their actions, saying that the cuts should not be called offshoring, but “reengineering” of their workforce.

Call it what they will, the demise of banking jobs is moving higher up the organizational charts, including upper-level executives in charge of product development, trading, and sales. The banking job trickle out of America has become a flood. So much so that outsourcing firms in India like to joke that the only role for top bankers in the U.S. will be to greet clients and shake hands when the deal is done. Only, it no longer seems to be a joke.

The Wall Street giants get foreign employees to whom they can pay a fraction of American salaries. But what does our society get? The products and services are not improved, nor are they cheaper – the labor savings are not passed on to customers, but pocketed by those at the top. It further widens the disparity between the very wealthy and the rest of us, weakening America’s economy and undermining our democratic ideals.

If Wall Street doesn’t give a damn about Americans, why should America be underwriting Wall Street?

“… India’s Role Is Growing,” The New York Times, August 12, 2008.

Thursday, September 25, 2008
Posted by Jim Hightower

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09-26-2008, 01:21 AM	#2
FattyJJ Join Date: May 2005 Location: Georgia Posts: 797/0.59 Threads: 30 Friends Network	Re: Well, what else is American's lending institutions up to? HEY! Maybe we can borrow some money from India now to pay China back!

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09-26-2008, 05:35 PM	#3
joerockhead Erica Ownz me! Join Date: Dec 2004 Location: 5280' Posts: 8,373/5.67 Threads: 343 Friends Network Gold Member	Re: Well, what else is American's lending institutions up to? Well, think about it. When you can pay someone $2,500.00 a year vs $35,000 a year, what do you want to do? Is it wrong, YES. Will the Media say anything? Probably not.
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10-12-2008, 02:21 AM	#4
bleh123 whore Join Date: May 2004 Location: America Posts: 481/0.28 Threads: 12 Friends Network	Re: Well, what else is American's lending institutions up to? I disagree. A company would be stupid to outsource vitally important positions abroad. Why? Well, when the outsourcee realizes that the outsourcer COMPLETELY depends on them, guess what happens? This is exactly what Adam Smith is talking about in his "Wealth of Nations," it doesn't matter if you are white, black or brown or from America or India, the greatest common factor among ALL humans is their own self-advancement (not to say that Smith is Machiavellian...which he is not). So basically, the outsourcing company gets hijacked and is forced to raise how much money they pay or not be able to do business at all. Additionally, the jobs that citigroup and the rest of the banks are generating abroad are not necessarily short-changing jobs in America. The reason why so many offices are being open around the world is: well, I'll let you figure this one out on your own, but if you have something that allows for instantaneous communication around the world...let's call it, oh...the Internet. So you have that, now what happens on a typical day for a research analyst? They get up real super early in the morning, go to work (if they had left for home) and work all day until they need to sleep again. So...everyone needs to sleep, right? Now, here's an interesting thought, when you are going to sleep, there is someone on the opposite side of the world who is...believe it or not, waking up right now! PLus, think of all those pesky, (sometime worthless, e.g. Columbus Day) holidays that other countries don't have... Therefore....24/7/365 analysis, it's a no-brainer for a financial compnay that needs to have research done to set-up offices world wide. It's already being done, where analyst in Moscow work on one problem, and when they're done, they transfer it over to the New York branch and so on.

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10-12-2008, 03:47 PM	#5
fmb bitch Join Date: Jan 2007 Location: SC Posts: 2,435/3.36 Threads: 73 Friends Network	Re: Well, what else is American's lending institutions up to? It's capatilism; if there is a dollar to be made, the dollar will be made! I don't agree with the principle; I prefer to have my stuff in my own backyard, not someone elses.

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10-30-2008, 06:17 PM	#6
ddoubleez Test Tickel Join Date: Feb 2007 Location: houston, texas Posts: 1,769/2.53 Threads: 78 Friends Network	Re: Well, what else is American's lending institutions up to? Well, isn’t this special? Despite Washington’s assurance to us angry commoners that its Wall Street bailout scheme would, by gollies, include a crackdown on excessive pay to top executives – there seems to be a few loopholes. The Guardian newspaper in London analyzed corporate pay plans that were recently drawn up by Citigroup, Goldman Sachs, Merrill Lynch, Morgan Stanley, JPMorgan Chase, and Lehman Brothers. The highest-ranking executives of these banks are to split a total of $70 billion in salaries and bonuses this year. Bonuses? The stock prices of the firms have plummeted in the past year, Lehman Brothers has collapsed completely, the bungling executives have caused a global financial crisis, and the five remaining banks are down now down in Washington loading up their share of a $700 billion taxpayer bailout. They get bonuses for that? The math is infuriatingly easy here: This $70 billion executive payout means that honchos in these firms will siphon off 10 percent of the bailout funds that were supposed to shore up our economy – not reward executive failure. Meanwhile, there’s the loudly ballyhooded effort by Congress to restrict future pay for the big shots at banks getting bailout money. Congress’s bark was ferocious, but its bite turns out to be harmless. The banks are limited to a tax deduction of only $500,000 for each executive’s pay. But there’s no limit on how much total money is doled out to the execs – meaning they can still be paid $5 million or even $50 million a year. The banks wouldn’t get a tax break on the big sum, but – hey – they’re already getting billions of our tax dollars from the bailout, and that money can be used to maintain the extravagant paydays of those at the top. These are not merely loopholes in the bailout scheme – they amount to blantant frauds. “Call of inquiry into Wall Street bank bonuses,” www.guardian.co.uk, October 21, 2008. “Banks’ Bailout Unlikely To Crimp Executive Pay,” The New York Times, October 15, 2008. “Wall Street banks in $70bn staff payout,” www.guardian.co.uk, October 18, 2008.

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