AP Investigation: Banks sought foreign workers

[dbackjon]

SANTA CLARA, Calif. – Banks collecting billions of dollars in federal bailout money sought government permission to bring thousands of foreign workers to the U.S. for high-paying jobs, according to an Associated Press review of visa applications.

The dozen banks 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.

The figures are significant because they show that the bailed-out banks, being kept afloat with U.S. taxpayer money, actively sought to hire foreign workers instead of American workers. As the economic collapse worsened last year — with huge numbers of bank employees laid off — the numbers of visas sought by the dozen banks in AP's analysis increased by nearly one-third, from 3,258 in fiscal 2007 to 4,163 in fiscal 2008.

The AP reviewed visa applications the banks filed with the Labor Department under the H-1B visa program, which allows temporary employment of foreign workers in specialized-skill and advanced-degree positions.

http://news.yahoo.com/s/ap/20090201/ap_ ... _workers_2

[dbackjon]

Shameful. The H1B visa program has been abused, and needs to be revamped or eliminated.

[AZGrizFan]

Shameful. The H1B visa program has been abused, and needs to be revamped or eliminated.

Thats the answer.

[Appaholic]

At what point does the average American citizen start a posse comitatus with his local banking institution? When his wife get's laid off? He gets laid off? His house gets foreclosed upon? or when the bankers show up on TV defending their avarice and greed? Baseball bats....immediately....

[UNI88]

Shameful. The H1B visa program has been abused, and needs to be revamped or eliminated.

Thats the answer.

DBack is right about the H1B program being abused but I don't think I would eliminate the program. I've worked with a number of H1B holders and they've almost always been extremely intelligent and hardworking. The H1B program when working is a boon to America and its economy. It helps to bring the best and brightest from other countries to the U.S. where they help to drive the the country forward through innovation and hard work. The program also has made it harder for the original countries to compete with the U.S. as they've lost some of their better minds to jobs in the U.S. Last I knew the program was becoming less popular in developing nations (especially India) as more people were choosing to pursue jobs in their native lands.

Reform - yes; eliminate - no. The program is beneficial but the abuses need to be stopped.

[AZGrizFan]

Thats the answer.

DBack is right about the H1B program being abused but I don't think I would eliminate the program. I've worked with a number of H1B holders and they've almost always been extremely intelligent and hardworking. The H1B program when working is a boon to America and its economy. It helps to bring the best and brightest from other countries to the U.S. where they help to drive the the country forward through innovation and hard work. The program also has made it harder for the original countries to compete with the U.S. as they've lost some of their better minds to jobs in the U.S. Last I knew the program was becoming less popular in developing nations (especially India) as more people were choosing to pursue jobs in their native lands.

Reform - yes; eliminate - no. The program is beneficial but the abuses need to be stopped.

There's a perfectly qualified American ready to take every H1B program job.