Should TARPfare Bums Be Allowed To Outsource?
source: http://www.informationweek.com/blog/main/archives/2009/03/should_tarpfare.html
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- Conniepae
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Not on our dime. If there isn't a law in place to stop our tax dollars from being outsourced? There should be! Enough is enough!
I'm not against other countries gaining jobs, but not with our money. If our money is to be spent, it should not be to create jobs in other countries! If corporations get TARP monies, they should create jobs in America, if jobs are to be created.
Posted by Paul McDougall, Mar 24, 2009 03:10 PM
A Pennsylvania lawmaker is blasting JP Morgan Chase for accepting $25 Billion in TARP funds while planning to outsource thousands of U.S. tech jobs to India. And you thought AIG bonuses were a hot-button issue.
My colleague Bob Evans and others have written about JP Morgan's plans to increase its use of India-based contractors by as much as 25%, partly to speed the integration of IT assets previously owned by Washington Mutual and Bear Stearns.
Democratic Congressman Robert Brady, from Philly, calls the bank's plan to ship out jobs while drinking lustily from the public trough "outrageous."
"We would like to remind you that the taxpayers of the United States of America contributed $25 billion to your company to help stabilize our economy not send jobs overseas," Brady recently wrote to JP Morgan CEO Jamie Dimon.
"There seems to be a disconnect between some major financial institutions and the suffering of the everyday people who are losing their jobs," said Brady.
Brady's populist appeal makes sense, at first. Why should American taxpayers' dollars be used to hire workers in India?
On the other hand, JP Morgan and its buddies on the corporate welfare line need to operate as efficiently, and cheaply, as possible if they're to get out of the crater-sized pit they've dug for themselves. TARP in a sense makes us all shareholders in the companies that received funds, and the inexpensive labor offered by India could lead us to a higher return on our investment.
Before Congress acts rashly, and, say, hauls CIOs like JP Morgan's Guy Chiarello (himself no stranger to handouts) before a subcommittee and outlaws outsourcing by TARP recipients, it needs to weigh the real pros and cons of the issue. Government by sound bite is getting really old, really fast.
What do you think? Should TARP recipients be allowed to outsource?
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Conniepae
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Now that the American tax payers are forced to put our tax dollars into these companies, companies like GM should account for the amount of dollars spent on building plants in other countries, which they assumed would increase their profit? How much did they gamble? Now, possibly at our expense? We may end up paying the bill for their errors in judgment, as well as loosing our jobs in the process.
Any talk of building plants in other Countries, should be off the table! ‘International’ companies should go to an international bank for a bailout, not us. We should refuse to let our tax dollars be used unless they prove it will benefit us, here in America. If they can't prove it will benefit us, shut their doors. Open the doors to investors who want to keep jobs here. Give any bailout money to GM's suppliers who need to be paid! Then move along to new companies, which want to create jobs in America.
The 'so called' Global economy is fine, but don't make us pay for their bad judgment. Let the countries, which have gained our outsourced jobs, pay for their recovery.
- 3 years ago
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Conniepae
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ras_menelik
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ya to outsource jobs is un American,be a capitalist like GM and outsource $$$$$
- 3 years ago
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ras_menelik
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jubal
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NO NO NO NO NO
- 3 years ago
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jubal
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SHAWN_RITTIMAN
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Outsourcing has taken enough jobs from our economy!
- 3 years ago
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SHAWN_RITTIMAN
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Conniepae
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Returns on our investment, should be jobs! Large institutions gaining profit does not benefit ordinary Americans as much as jobs and extending our tax paying base.
Stating that large corporations will make money from cheap labor is an "Assault on Reason". Their quest for more, more, more is what got us into the position we are in. Enough is enough, we need jobs, more than they need more money!
NOT WITH OUR TAX DOLLARS!
- 3 years ago
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Conniepae
