pilate
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Antioffshore Adept
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Bank takes tax payer money and sends jobs offshore - 2008/11/07 09:53
I wanted to draw your attention to this sham bailout for banks at taxpayer expense, yet they continue on a path of job destruction and outsourcing supported by taxpayer money.
As I understand, US Citizens are paying $700bn to bail out insolvent banks for their poor decisions and judgement while their executives looted like bandits, but the very same banks are signing new contracts with indian outsourcing companies even now.
Here is an example
http://www.businessweek.com/globalbiz/content/oct2008/gb20081010_639548.htm?
chan=globalbiz_asia+index+page_technology
"That's the largest-ever purchase for TCS. What's more, the company bagged a $2.5 billion contract to provide process outsourcing services, application development, and infrastructure support to Citigroup and its affiliates over nine-and-a-half years"
Let me understand this, US treasury invests $25 bn taxpayer money in Citigroup. Citigroup turns around and awards $2.5 bn out of that to Indian offshoring company - TCS!! This is "corporate socialism" at its finest.
President-Elect Obama, are you seeing this? Or are you just listening to Citigroup director and former treasury secretary Robert Rubin (who is as guilty as Greenspan in precipitating the current credit crisis).
US Govt sould use the new found clout of govt ownership in banks to stop offshoring by these firms while millions of jobs are lost in the US(wait for another report of job losses tomorrow). There should be a law to stop offshoring by the firms that took taxpayer money. Any savings that these firms would get from these contracts are peanuts compared to the massive amount of taxpayer money (almost a trillion dollars) injected into these firms to keep them solvent.
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