BoA, Wells Fargo, TARP Recipients, Forcing U.S. Workers to Train their Foreign Guest Worker Replacements Before Being Fired

Wells Fargo, a TARP recipient who bought Wachovia, is now forcing U.S. workers to train their foreign guest worker replacements before being fired. So is Bank of America.

Are you thinking wait a second, weren't those banks given billions and billions in U.S. taxpayer dollars? Aren't they supposed to first consider U.S. workers for jobs in the United States? Weren't Bank of America and Wells Fargo made H-1B and L-1 guest worker dependent employers by legislation recently passed by Congress?

Think again. It's almost beyond reason the desire by multinational corporations to replace Americans with foreign workers. In their continual quest to labor arbitrage Americans, of course TARP banks found a loophole around the new law! All they have to do is use contractors, little body shops claiming to be a business who provide the foreign guest workers and wala, job done, one can replace employees with foreign guest workers!

Let's amplify this more:

While taking U.S. money these companies insist on firing Americans and hiring foreign guest workers

Remember, while receiving TARP money, Citigroup as well as other signed multi-billion dollar offshore outsourcing contracts as well.

The loophole is that a Charlotte business can use third-party consultants to find workers in other countries instead of hiring foreign workers directly. Those consultants provide foreign workers their H-1B Visas, fly them to Charlotte and pay for their apartments before sending them to work in a local job. But because the Charlotte business is paying that contractor and not the employee directly, it's not a violation of the bailout law.

If an American has to train someone to take their job...obviously there is no skill shortage.

The Wall Street Journal is literally asking you to post your story on career arbitrage from foreign guest worker Visas.

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Is this an April Fools Joke?

Please tell me this is just one big joke.

longest running joke in labor history then

Nope. It's true.

It's just unbelievable how many idiots push for global labor arbitrage. They think it's "something to trade", that labor, people are something to trade.

I've heard others say this is all "good" and we need to give away our jobs to foreign countries to "help them"...

we've "helped them" to the point China now owns the U.S., is recommending a different currency than the dollar and India's offshore outsourcing industry is ~5.8% of their GDP.

Pure labor arbitrage....

imploding the U.S. economy, middle class and still these freaks and I truly blame economics, cannot stop pontificating and participating in group think and start paying attention to income, the trade deficits, middle class and even the theory of free trade itself and admit this is destroying the United States.

It's just like derivatives. Any fool with advanced mathematics can take a look at those base equations, realize they are seriously flawed....and the same is true with the concept of trading people, labor....

I am beginning to think most of these people got a "D" in Calculus and never actually touch the very theory they are supposedly "expert" in.

(rant off).

Globalization without a safety net is

complete suicide. There were people who thought the manufacturing sector would be the only thing effected by globalization. Guess what, if it deals with zeros and ones it can go or "on-shored" more easily.

If so

It's a joke that has been going on since April 1 1996, or at least, that was the earliest I heard of it.

Moral hazards would not exist in a system designed to eliminate fraud.

Maximum jobs, not maximum profits.

re: April Fools

Yup, the longest, ugliest April Fool's joke in history. I've been following this crap for years, and yet every time it happens again the victims seem to believe that their situation is unique and unprecedented. Year after year, thousands more citizens' jobs handed over to foreign consultancy services because the greed-bags just can't live on their piddly million-dollar salaries and need to skim off more, year after year, the local papers' comments sections fill up with outrage, year after year, the local government whimpers about "being had" by corporations who were given huge sums in tax breaks for promising local jobs that somehow never manage to materialize...but nothing changes, and nothing is done, and the cheap labor kleptocrats and their minions just become more arrogant toward and contemptuous of the American taxpayers they're so successfully raping and pillaging.

Hell, why shouldn't they? It's human nature. We've been wearing that "kick me" sign for 20 or 30 years now, and it just encourages 'em. Now that the rip-off should be apparent to anyone with half a brain, in all its blatant, sociopathic, obscene glory, it's even more saddening to see those comment writers reveal their innocent hopes that Obama or Congress or some other dear leader would save us from these evil-doers *if only they knew!* Sigh.

Bad and Cruel Joke on the Middle Class

When will these banks learn that they need to help unemployed Americans, so we all get out this recession. One good reason to move your business away from these banks and put them in a local credit union.

But first, WHEN WILL OBAMA LEARN that he should fire these CEOs that continue to hire foreign workers instead of helping Americans. These are the head honchos of TARP funded banks (AIG, Bank of America, CitiGroup) and federal agencies (Fannie Mae and Freddie Mac). That's a lot of high paying jobs.

We are really in a big mess when common sense does not drive basic business decisions. If you want to sell a car, an ipod or any new gadget - you must make sure that Americans have good jobs so they can afford them.

BofA's Overseas Workforce Grows

BofA's overseas workforce has grown sharply.

BofA says it is an international bank. Ha. Ha. But it begs for U.S. taxpayer money. Maybe next time they can ask the Indian gov't for a bailout.

Simple Supply/Demand Equation

This debate seems to be highly unnecessary if we would simply apply the laws of supply and demand. The H1-B visa limits have been changed both up and down over the past ten years. Due to significant lobbying and coordinated efforts by the high-tech industry the limit were raised from 65,000 in 1998 and climbed to a high of 195,000 for 2001, 2002 and 2003. In 2004 the number returned to the current 65,000 as the high tech industry slowed down its meteoric growth.
Now let’s look at today’s situation. 8.5% unemployment nationally with many economists predicting 10% by the year end. New college graduate are especially being hit hard with little to no prospects of finding the jobs they had hoped for 4 years ago when they started on their journey. Simply said, the demand is gone. So the answer is not to keep importing more supply. We need to simply balance the supply with the demand. And once this US economy heats up and confidence is restored we will turn back on the importing of talent. Surely, amongst all those congressional leaders, there is a business person somewhere. This is neither protectionist nor xenophobic it is simply good business.