Bailout: banks wanted thousands of foreign workers as they laid-off Americans (H-1B)

From this:

Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year and Americans were getting laid off, according to an Associated Press review of visa applications.

The dozen banks now 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...

Diane Casey Landry of the American Bankers Association spins it as being an artifact of the good times, with the current situtation being different. A Michael Bloomberg spokesman is quoted as supporting the scheme. The Associated Press wasn't able to get any specific banks on the record, but they've filed a FOIA request for more information.

Other tags: h1b · mortgage mess

Sun, 02/01/2009 - 18:33 · · Importance: 4

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