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
||H-1b Petitions 2001-20007
|Bank of America
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?