Banks finding a way to work around TARP restrictions

Its a wonder the country is suffering, or maybe We the People are only suffering or maybe, fact is, only big business is suffering from their business dealings that bring them unworldly profits and in turn cause all others to suffer.  Banking institutions continue to do underhanded back room deals.  The Wall Street Journal reports that big banks are finding a way to hire foreign graduates of U.S. universities to work in their overseas offices.  The Troubled Asset Relief Program (TARP) has placed restrictions on H-1B visas issued to foriegn graduates for work in the United States.

To circumvent the restrictions, Bank of America, Citigroup, Goldman Sachs, J.P. Morgan Chase, all recipients of billions of dollars in Tarp funds, are continuing to recruit and hire foreign graduates to work in overseas offices in such locations as Hong Kong, London and Sao Paulo skirting around the immigration restrictions set by the TARP program.  As long as the foreign students are not working on U.S. soil, the banks can continue to employ them.

The Bureau of Labor and Statistics is reporting an unemployment rate of 8.5% for the month of March, although we can assume its closer to 13%, since the BLS only reports new jobless claims for each month and not those that have long since been out of work.  How then can the banking industry justify hiring foriegn graduates, when there are enough qualified U.S. citizens to fill those positions?  The banks explain it this way"...it is in the nation's interest for them to hire highly skilled foreigners who are educated in the United States rather than have non-U.S. companies benefit from American training'"

This all sounds good and encouraging, but doesn't make good sense when TARP funds, billions of them, were taken in the spirit of stimulating the U.S. economy.  The banksters explanation is specious at best and deceitful at worse.  The world is looking to the U.S. to grow it's economy and there are thousands of U.S. citizens, with diverse enough cultures and nationalities to function well in the overseas offices of banks.

There seems to be quite a bit of deception surrounding the recession/depression, and monies being spent in the name of economic stimulation that U.S. citizens will be liable for.  The banksters are still on a mission to make unprecedented amounts of money all the while looking for loopholes they can exploit to continue to make massive amounts of money for their own wealth at the expense of We the People.

Comments

[Vincent]

victor, you are right on target...the banksters had this planned the whole time...they got on tv, put on the "please help us" look(the amerikans are good at that), and walked away with billions

The crazy thing is, they still arent lending any money...They basically got the money to balance their books and pay these crazy ass bonuses to their executives

Meanwhile, a lot of people cannot afford their mortgages and are foreclosed on....the cycle continues, but the banksters are still getting paid

The evil that men do...dont know if anyone remembers that movie...it was made in the 70's...it doucmented the evil things men will do for the money...it's crazy

I, for one, want no part of this amerikan capalistic bullshit....i plan to incur no more debt....i'm paying off what i owe and will not carry any credit....whatever cannot be paid for in cash, i wont have

[Exquisitely Black]

I have to agree with your first commenter. This just makes me sick and I think it is clear that big business in the USA have no interest whatsoever in ensuring the success and survival of American citizens. We should turn our focus to self-sufficiency - entrepreneurship, credit reduction & elimination and saving. It doesn't look like the citizens will be a part of this bailout, so it's on us to save ourselves.

[[Victor Amenta]]

Vincent and EB thaks for coming by and posting these comments. As you both stated, my interpretation of it is, we have to turn inward the be able to grow outwardly. This government has made it very plane that they are not for or about the people, but for the survival of itself.

The government gave huge loans to GM and Crysler and we see they both will be filing for bankruptcy protection. The bailout plan that President Obama, fellow dems and repubs backed and rushed to pass is not working and it will not work. This exhibits that throwing the Petro-dollar at the issue is not the answer. This leaves us with the only alternative, for us is to empower ourselves

[Sister Seeking,Miriam,Mary Ann]

Hello Ensyn!

:--)

Found you by way of Muslim Bushido.

I've been following the recession/depression in international news because our domestic media has a habit of missing the details--and you know the devil is in the details.

My only comment is that, it appears to me, that our financial establishment has sold America, and many of us haven't figured it out yet. Look at the "stern" warning China gave us?

While you have focused on immigrant workers for the banking system, something else to think about is health care. The health care industry claims to be in shortage of nurses, orderlies, and technicians. What I find odd is a report I heard on NPR that many nursing, and allied health schools are underfunded, and have 2 to 5 year waiting lists. It appears that if they hire immigrants, it will drive down the operational costs of health care versus hiring an American? Just something else to consider.

I also doubt that recovery will happen this year or even next year.

Thanks for a great read!

[Sister Seeking,Miriam,Mary Ann]

This leaves us with the only alternative, for us is to empower ourselves
Victor
_____________________________________________________

Word!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[[Victor Amenta]]

Thanks for coming by Sister Seeking, Yes empowerment of ourselves is the answer and I think the how to do that is very important. I will be reading a book entitled How to Survive the Crisis and Prosper In the Process by Darryl Schoon. I think this may be a valuable read for the coming depression. I also believe youi are correct thinking the depression will last for several years to come.

Big up to Khadija of Muslim Bushido a master teacher.

[Get over it]

Get over yourselves. I competed with 50 American kids for my job. I worked hard, stayed late, all the while being friendly and respectful to all. I got an offer, and I believed in the promise of your country and its meritocratic culture.

Because of this cheap political nonsense, I was relocated to the UK. All my support staff, who would have been American, are now going to be British.

Btw, I was summa cum laude (top 5%) at an Ivy-League school. If you're really sure you want to kick out the best talent from your country because they're foreign, go ahead. But know that this will really end up biting you in the ass.