More Corporate Welfare for US Financial Industry?
November 28, 2008, 01:51 PM
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The Federal Reserve committed $600bn to buying up toxic mortgage assets and the US treasury underwrote a $200bn credit line to the securities markets for car, student and credit card loans. ....... The influential Oppenheimer & Co analyst also warned that about 30% of the new capital raised by Bank of America, Citigroup and JP Morgan would have to be poured into covering losses on credit cards.[Torrent of gloomy news gives US little to be thankful for, by Dan Milmo, guardian.co.uk,November 27, 2008]
Looking at the statistics:
Company H-1b Petitions 2001-20007 H-1b Rank
JP Morgan 3498 #20
Citigroup 5400 #13
Bank of America 2161 #51
After what we saw at Enron, I find the pattern of intense use of H-1b visas followed by enormous financial losses to be an interesting on. I wonder how much of these funds will be showing up in places lke India—and how many of these credit card loans involve either recent immigrants—or people who cannot legally work in the USA?