More Corporate Welfare for US Financial Industry?

By Randall Burns

11/28/2008

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?

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