When the titans of capital started moving our low skilled manufacturing jobs overseas to the lands of China, Central America, and other bastions of pseudo slave labor, the lower middle class worker was not worried. After-all, they believe that would never happen to them. Who cares if all those little plastic toys and utensils are made elsewhere?
When the titans of capital started outsourcing our more skilled manufacturing jobs, most of the middle class figured that just maybe it would end there. The textile factories were closing and little towns were dying. But like deer in the head lights no one knew what to do so they just stood there as they were just run over.
When the titans of capital started seeing the flexibility, speed, and efficiency of the Internet they found a structure to outsource Software Engineers, Doctors, Radiologists, Teachers, and many other professionals. These professionals took our loans to invest in their education. They did it the American way. They worked hard. Now they are lost and don’t know where to go from here.
When the titans of capital had no one else to outsource to maximize the profits of the few, their few, they start to eat their own. They started to outsource the up and coming titans of capital.
Goldman Sachs has begun the process of maximizing its profits by ridding itself of over 1000 high end investment banking jobs. These were some of the most devoted and staunch supporters of unfettered and unregulated capitalism. These are generally the staunch supporters of low taxes and a meager safety net. Ironically, many who thought they were immune to the excesses of supply side economics that pilfered the middle class and an immoral form of capitalism are the ones who will be dependent on the safety net and taxes they so abhorred.
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Goldman Sachs Is Firing Employees In The US So It Can Hire 1,000 In Singapore
Goldman Sachs is going to fire employees in the U.S. and some other countries so that it can hire 1,000 in Singapore, where it’s cheaper.
Charlie Gasparino heard the news from people who were briefed on the hiring in Washington. He says Goldman gave Washington the heads up because hiring offshore is likely to cause a backlash.
He didn’t give a specific timeline, or say which units would be hit, but here’s what’s going to happen, according to Gasparino:
Goldman is so concerned about the potential for criticism that the firm’s representatives have been alerting staffers of lawmakers in Washington of the hiring spree in recent weeks as a way to mollify any concerns they may have about previously undisclosed plans to add 1,000 jobs to the firm’s Singapore office, according to people in Washington with direct knowledge if the matter…
The jobs in Singapore are likely to be “high-paying, skilled positions in sales and investment banking,” the same types that are likely to be cut in the firm’s domestic operations, according to one person with knowledge of the matter. This person added that the firm has recently briefed people in Washington about the new overseas jobs because it “is afraid of the fallout” as it plans to slash $1 billion in costs over the next year — a move that will mean a significant, though still undetermined number of layoffs across its operations, though people close to the firm expect the biggest hit to come from the US.
The layoffs come at an interesting time. Banks are fighting tough regulations like capital requirements that they say will stem growth. Preparation for the regulations require banks to free up capital — like the $1 billion Goldman plans to slash in the coming year.
Goldman’s planned layoffs and offshore hiring are exactly the opposite of what Washington wants of course. Unemployment is already too high. And offshore hiring that’s a result of something the government is requiring will result in headlines that look bad for both Goldman and Washington.
