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Banksters use our bailout trillions to outsource even more jobs

NY Post:

US banks that have taken billions of dollars in taxpayer bailouts are still shipping thousands of jobs overseas.

Earlier this month, Bank of New York Mellon, which received $3 billion in TARP funds, opened its third call center in Pune, India, where it now employs 1,300 people.

Doug Brown, who wrote "The Black Book of Outsourcing," said Bank of America, with $52.5 billion of TARP funds in the kitty, has expanded its India-based payroll to 5 percent of its 301,000 employees in 2009, about 15,000 people.

Citigroup, which got $50 billion in TARP funds plus $300 billion in government guarantees, plowed ahead with a program last fall to add as many as 1,000 call-center employees in the Philippines -- weeks after it got its first round of taxpayer relief.

Representatives for Citigroup and Bank of New York Mellon declined to comment on their outsourcing arrangements. A Bank of America spokesman said the firm has not announced any facility openings outside the US since last year.


Well, look. Let's be reasonable. These weren't jobs Americans even wanted, right?

NOTE Normally, I'm not big on outsourcing outrage -- workers everywhere are human, right? But when the banks use my own money against me, that changes the game.

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MOBlue's picture
Submitted by MOBlue on

Some of the firms outsourcing to India are now offering to allow Americans to move to India and do the jobs there for the same wages as Indian workers.

Soon the moving part will be eliminated and American workers will be allowed to work for Indian wages here in the U.S.

Aren't you proud of what your tax dollars are accomplishing. More outsourced jobs and more H 1B visas.