AP Investigation: Banks bailed out by taxpayers sought foreign workers (wages, salaries)
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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.
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Foreigners are attractive hires because companies have found ways to pay them less than 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.
As always - thanks guys!
I read this earlier today and have mixed reactions to the story. The first question I need answered is how many of those who had a visa requested for them got their MBA from an American University. If a student from India attends Harvard and does their internship at a American company is it surprising that company would want to hire them? Look at the percentage of international students at elite American Universities and that might be the population being discussed. Not sure as the article doesn't give enough information.
End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama and Joe Biden believe that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama and Biden will also fight to ensure that public contracts are awarded to companies that are committed to American workers.
Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.
I read this earlier today and have mixed reactions to the story. The first question I need answered is how many of those who had a visa requested for them got their MBA from an American University. If a student from India attends Harvard and does their internship at a American company is it surprising that company would want to hire them? Look at the percentage of international students at elite American Universities and that might be the population being discussed. Not sure as the article doesn't give enough information.
Ehhh....I realize it's not illegal and what you say is true, but that's a lot of visas. A graduate of a US MBA program - who'd been living here that long - wouldnt accept a lower starting salary.
End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama and Joe Biden believe that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama and Biden will also fight to ensure that public contracts are awarded to companies that are committed to American workers.
Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.
These aren't jobs being sent overseas but bringing/keeping foreign workers here. They want the top talent and I want my money being managed by the best honest talent and that is often not American. One of the things now being taught in American schools is corporate ethics as Universities know we have major problems with our own kids. Top talent is top talent. Below is a list of the top 100 MBA programs in the world. These graduates are sought out by the top companies as they are the best able to produce.
These aren't jobs being sent overseas but bringing/keeping foreign workers here. They want the top talent and I want my money being managed by the best honest talent and that is often not American. One of the things now being taught in American schools is corporate ethics as Universities know we have major problems with our own kids. Top talent is top talent. Below is a list of the top 100 MBA programs in the world. These graduates are sought out by the top companies as they are the best able to produce.
"""""""""Foreigners are attractive hires because companies have found ways to pay them less than American workers."""""
Another terrorist attack on Americans by corporate America who have been given Welfare checks using OUR money...NOT some Indian students money!
MORE proof that giving the uber-wealthy MORE money(tax cuts, welfare checks) does NOT create jobs for AMERICANS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ehhh....I realize it's not illegal and what you say is true, but that's a lot of visas. A graduate of a US MBA program - who'd been living here that long - wouldnt accept a lower starting salary.
They have/had no problems getting jobs. The AP article doesn't discuss whether the visa requests for 2008 peaked earlier or later in the year.
"The average annual salary for those jobs was $90,721, nearly twice the median income for all American households."
"Foreigners are attractive hires because companies have found ways to pay them less than American workers."
There is a difference between reading an article and understanding it. Many of you read and post quotes, but do not understand what it is you are posting.
"""""""""Foreigners are attractive hires because companies have found ways to pay them less than American workers."""""
Another terrorist attack on Americans by corporate America who have been given Welfare checks using OUR money...NOT some Indian students money!
MORE proof that giving the uber-wealthy MORE money(tax cuts, welfare checks) does NOT create jobs for AMERICANS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Was that the conclusion of the author or the data? Was there any data on salary presented showing starting salaries for new employees with and without visa status?
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