Bank of America and JP Morgan Chase - The New American Hoovers

[WhiskeyGirl]

Bank of America and JP Morgan Chase, each Hoovering up at least $20 billion in federal bailout money, loaned the NBA a reported $200 million to help teams cover losses.

I'm in favor of my tax dollars being spent to create jobs, but not if the jobs created are Samuel Dalembert (averaging about six points and nine rebounds) playing center for $11 million. Let NBA teams face foreclosure like the rest of us.

One bank that got $45 billion in stimulus funds is considering sponsorship of Yankee Stadium. As you kiss your family home goodbye, take comfort that your share of bailout money is trickling down to A-Rod's cousin.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/03/07/SPV816A8K0.DTL

 

[WhiskeyGirl]

JPMorgan to up outsourcing to India by 25%
9 Mar 2009, 0245 hrs IST, Pankaj Mishra, ET Bureau

BANGALORE: The second-biggest bank of the US, JP Morgan Chase, which acquired Washington Mutual and Bear Stearns recently, will increase its outsourcing to India by 25% this year to nearly $400 million. It will also manage the integration of the acquired companies from India to bring down the cost of integrating different information technology (IT) systems.

...cancelled its $5-billion outsourcing contract with IBM in 2004...brought back around 4,000 IT staff in-house after the new CIO Austin Adams had proposed a “do-it-yourself” strategy for the merged entity.

“...Mr Chiarello, the current CIO, wants to ensure that he helps JP Morgan meet cost-reduction goals,” the expert added. With large global banks like Lloyds TSB and HBOS, and Bank of America & Merrill Lynch merging, India’s top tech firms, including Infosys, TCS and Cognizant, are bidding for at least three $100 million-plus contracts.

http://economictimes.indiatimes.com/Infotech/ITeS/JPMorgan-to-up-outsourcing-to-India-by-25/articleshow/4242704.cms

I wonder what kind of tax incentives are in place to help them offshore these jobs.  Maybe President Obama has plans to help find the American IT people jobs?  Maybe they can find work with all those recovery websites the government is setting up?

[WhiskeyGirl]

Unemployed for six months, the former IT manager at the JP Morgan Chase investment bank hoped to generate at least one interview at the fair, organised by www.monster.com, a jobs website. About 1,000 positions were on offer from 92 employers at the event.

“Luckily, my wife has a job,” said the 37-year-old from India who has two children. “I can’t go back to India because IT has stalled there because of the US recession.”

Unofficial numbers, including “discouraged workers” or those who have given up looking for jobs and those who have to work part time because employers have reduced their hours, bring the jobless level to 14.8 per cent.

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090308/FOREIGN/937491771/1014/SPORT

[LouiseVargas]

Whew! Thanks for the info. Now I won't feel so bad defaulting on my BofA credit card, but not before I buy some more stuff!
 

[A's Fever]

Bank of America and JP Morgan Chase, each Hoovering up at least $20 billion in federal bailout money, loaned the NBA a reported $200 million to help teams cover losses.

I'm in favor of my tax dollars being spent to create jobs, but not if the jobs created are Samuel Dalembert (averaging about six points and nine rebounds) playing center for $11 million. Let NBA teams face foreclosure like the rest of us.

One bank that got $45 billion in stimulus funds is considering sponsorship of Yankee Stadium. As you kiss your family home goodbye, take comfort that your share of bailout money is trickling down to A-Rod's cousin.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/03/07/SPV816A8K0.DTL

This piece originated on the sports page of the SF Chronicle.  It's sports satire, not political commentary.  The sportswriter doesn't even have the facts right:  Bank of America pulled out of Yankee Stadium talks a couple of weeks ago.  He may have been thinking about Citi and Mets Stadium    Considering his questionable premise regarding B of A's lending practices, it is probably best that he stick to sports and not business news!

 

[WhiskeyGirl]

Wednesday, February 18, 2004
Bank of America to outsource 1,000 jobs to India

Bank of America Corp. will set up an Indian subsidiary for back-office operations with 1,000 employees by the middle of 2005, Reuters reports.

Bank of America, which has faced protests over outsourcing jobs overseas, is among the biggest clients of leading Indian software exporters such as Tata Consultancy Services and Infosys Technologies, analysts told the news agency.

http://www.bizjournals.com/albany/stories/2004/02/16/daily18.html

I wonder how many Indians are on unemployment due to the global economic problems? 

Is Bank of America a zombie?  No American workers except highly paid managment and a few tellers?  And...we, the taxpayers are enslaving future generations to bail them out.   

Looks like jobs Americans used to do -

Types of Jobs to Outsource

Filed in archive Outsourcing Issues by on March 11, 2004

Most jobs can be outsourced now. At the moment, types of jobs ideal for offshore outsourcing have the following qualities:

- Technical with measurable standards
- Relatively easy for knowledge transfer
- Can be done without direct physical contact with customers or colleagues

Examples of ideal outsourced jobs:

- Computer operator
- Call center
- Data entry
- Paralegal
- Bookkeeping and accounting
- Payroll
- Tax preparation
- Bill processing
- Analysis
- Diagnostic

read more here -
http://www.outsourcing-weblog.com/50226711/types_of_jobs_to_outsource.php

[WhiskeyGirl]

How many billions of dollars have Americans sent Bank of America?  They outsourced American jobs to save a few 'millions'...

Bank of America says outsourcing saved about 100 million dollars for the past 5 years. It is rumored that the Bank is going to outsource more jobs (call centers to Latin America) with the increase of Latin customers. The company runs a Culture Connection program that is responsible for outsourcing jobs worldwide.

http://www.dropshiparea.com/wordpress/2006/06/15/201.html

I wonder what the eventual return on taxpayers 'billions' sent to Bank of America will be?  One job?  The outsourcing is some kind of 'paying it forward' scheme?