February 1, 2009

AP Investigation: Banks sought foreign workers

According to AP Investigation: “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.”

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.”

Source: Yahoo Finance

~News submitted by Ben


  1. Danny,

    We have had several conversations since last October concerning my position as a consultant at Bank of New York Mellon. You have been advised of their cheap labor scheme and how it personally affects my life. I will reiterate, I cannot work for people who offshore jobs or import guest workers. My career was destroyed by these policies and they have an adverse effect on my health and well being. Since my first meeting with the team I was reorganized to, I knew that this situation would be negative for me. I was clearly told that the project would be offshored to India and that the technology would be changed because they could not find competent Lotus Notes developers there. Ironically, seems all the positions in my chosen career have been sent there. It was also stated that the position was being offshored for cost since they cannot justify having a resource in New York when the cost in India is so much less. I should have provided my resignation that day, but felt obligated to complete our goal. Unfortunately, my love for the project died in that meeting and I felt very distressed to once again be placed in this situation. At the time, I felt compelled to complete the mission at hand for the benefit of my customers.

    I came to this position with the understanding that it would be long term. In October, when my position was reorganized to this group, that all changed. The position became a dead end job. It is hard to stay motivated on a job that has no future and is detrimental to the health of career options in my homeland. It is even harder to stay in a position that you are constantly at odds with the management. My commute was extended with the move to the new location and I work for people that have no knowledge or competence with the technology being used.

    They are repeatedly holding me from leaving after my 8 hours. Per our discussion, I have been leaving early on succeeding days to insure I only work an 8 hour day averaged out over the work week. We are treated more as a possession than a resource. I have been “talked to” for taking the time that is rightfully owed to me. I thought slavery was abolished in this country long ago.

    On many occasions, I have been told that I will need to work longer days or even weekends and holidays. I have repeatedly stated that I have an eight hour stipulation in my contract to insure I get paid my hourly rate. In January when I was home sick with the flu, I was called several times by management. Seems the lowly consultants are not allowed to be ill, although their people can stay home when their teenage children are sick. I cannot physically commute 6 or 7 days a week. Five days has me suffering from complete exhaustion, and depression which has manifested itself into physical pain. I barely get 5 hours of sleep each night. When exactly am I supposed to sleep or rest or relax? Work / life balance is not an option with this gig.

    We have continually been denied opportunity to work from home. It appears this management has to maintain constant watch on the consultants because we cannot be trusted. Ironically, I have put in many hours at home to get code written for which I have not been compensated. It seems I can get more work done at home because I’m not constantly interrupted by the team of management who seem to continually hover over me. Because we are not trusted, I am not offered this same capability that other consultants have been furnished with. As you have stated, other consultants in the bank are given the luxury of working from home. It seems in this group, we are being discriminated against because we are consultants.

    You are aware that I am engaged in activism to stop offshore outsourcing and the importation of foreign (guest) workers who displace Americans. I am an active and vocal opponent to these destructive policies. Our job market has been flooded with young, cheap, foreign “GUEST” workers who have displaced older American workers and placed them on unemployment, forced them into underemployment, degraded their wages, or forced them to completely give up their chosen professions. The GUEST workers either never depart or depart with the job in hand as it is moved offshore. I am one of those older American workers who was displaced from my chosen profession.

    Offshore outsourcing has had a significant impact on our economy.

    Both of these policies have devastated millions of American professionals who have been displaced from their professions. It has caused a foreclosure and bankruptcy crisis in our country. It has brought the economy to its knees.

    I’d like to share with you several articles about me and how this has affected my life. They are, as follows:,0,2111866.story?coll=ny-top-headlines–Bill-Gates-is-in-DC-this-week-3-12-looking-for-millions-more-H1B-Visas/?src=103

    Additionally, I’d like to share some other information which clearly shows that Americans are being displaced by foreign workers and discriminated against in their own homeland.

    I have kept you abreast of the situation and my continued frustrations. It seems that they have now become beyond unbearable. I would rather be homeless than work for people who willingly and knowingly displace American workers from their professions. The economy in my homeland is collapsing thanks to these policies and treasonous acts. Cheap labor is not the answer to the world problems. It seems to be bringing my homeland to its knees by displacing experienced professionals like myself. It is more important to me to be able to respect who I am and like the person who looks back at me in the mirror. I do not pander to corporate elitism and will not be subjected to displacing yet another American from opportunities or career options.

    As clearly stated previously, when they engage the offshore team, it will be time for my departure. The offshore team in India is being engaged in the project, with resources that are inexperienced, lacking in skill and knowledge, and inferior in quality. Ironically, these resources need hand holding with the simple version of the CMI DTS system. I will not be placed in a position to babysit, handhold or train these resources nor will I be subjected to cleaning up their mess. Thus, it is time for my departure. Effective June 13, I hereby terminate my contract with Bank of New York Mellon.

    Comment by tlc — February 1, 2009 @ 3:56 pm | Reply

  2. The Bank of America has hired a number foreign workers as human resource specialist ( compensation analyst). However, this kind of position is not tech-intensive work. Every American worker with college degree could handle as well as those foreign workers, even better. When those banks have received multi-billion bailout money from taxpayers, they must spare those human resource specialist positions for American workers instead.

    In addition, the H1-B visa is supposed to be reserved for rocket-scientist jobs rather than Accounting, HR, and Sales positions. Why are you, American taxpayers/ workers, not angry for this situation. Those zombie banks took money from American workers and hurt American workers at the same time.

    Comment by bhb — February 1, 2009 @ 11:11 pm | Reply

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