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Old 06-28-2011, 10:54 PM  
KILLER_CLOWN KILLER_CLOWN is offline
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Goldman Sachs Is Firing Employees In The US So It Can Hire 1,000 In Singapore

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.

So this news of the adverse effects that capital requirements will have on employment at Goldman Sachs should help the bankers' as they argue against the requirements in coming months. That's why this looks like a political move to discourage Washington from adding capital requirements above the 7% that Basel III regulations will enforce.

Read more: http://www.businessinsider.com/goldm...#ixzz1Qdb9zG9c
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Old 06-29-2011, 10:22 AM   #2
durtyrute durtyrute is offline
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That's one of many things that I don't get about the government. Whether dem or rep, if you really "care" about this economy and the citizens of the country, why do you allow businesses to continue to do business offshore? The same way I don't understand why the pres will say, "I care about peoples health so we will change the labeling on cigs, but we will still allow companies to sell them and sell alcohol, but we will ban weed because that's uber dangerous". "And remember, we are here to do what's best for us......oh I mean you"
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Old 06-29-2011, 10:55 AM   #3
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Originally Posted by durtyrute View Post
That's one of many things that I don't get about the government. Whether dem or rep, if you really "care" about this economy and the citizens of the country, why do you allow businesses to continue to do business offshore? The same way I don't understand why the pres will say, "I care about peoples health so we will change the labeling on cigs, but we will still allow companies to sell them and sell alcohol, but we will ban weed because that's uber dangerous". "And remember, we are here to do what's best for us......oh I mean you"
How is it the governments place to tell businesses where they do that business?
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Old 06-29-2011, 11:01 AM   #4
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This issue with the big banks is Obamas biggest failure by far IMO, he holds a conference & says 'its time to hold these banks accountable' & i swear to God 10-14 days later theres a news piece saying 'Goldman Sachs/Fannie Mae/whoever sets another new record for bonuses'.

They're either slapping him in the face & daring him to actually do something or its a wink-wink 'you know the deal baby! situation.
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Old 06-29-2011, 11:21 AM   #5
durtyrute durtyrute is offline
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Originally Posted by Hydrae View Post
How is it the governments place to tell businesses where they do that business?
They can tell anybody else what to do. They can tell you to income taxes, they can tell you to go to school, they can tell you to have your kids vaccinated, they can tell you you can't feed homeless people in the park....lol, they can tell you not to walk down the street naked, they can tell you how fast you can drive, they can tell you to pay property taxes even though you don't own the property. Anyway the list goes on, but with what I suggested it wouldn't hurt anybody, it would just create jobs. What's wrong with that?
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Old 06-29-2011, 08:59 PM   #6
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More corporate tax cuts! It's the only way to keep jobs in America! - Corporate establishment (and its republican lackeys)
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Old 06-29-2011, 09:01 PM   #7
petegz28 petegz28 is offline
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More corporate tax cuts! It's the only way to keep jobs in America! - Corporate establishment (and its republican lackeys)
Hmm, I will remember they are Repub lackeys as Immelt and GE pay 0 taxes as he hob-knobs all over the world with Obama.
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Old 06-29-2011, 09:19 PM   #8
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Hmm, I will remember they are Repub lackeys as Immelt and GE pay 0 taxes as he hob-knobs all over the world with Obama.
Corruption is throughout both parties. But let's not act like one party hasn't aggressively advocated corporate welfare over the other party. It's still that way. Sure, there are corporate lackeys in both parties. But the republican party has been completely bought and paid for. It started in earnest with Reagan and they are so thoroughly dogmatic about it now that you can't even get more than a couple to go against the grain even when it is in the best interest of the people.
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Old 06-29-2011, 09:55 PM   #9
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Originally Posted by penchief View Post
Corruption is throughout both parties. But let's not act like one party hasn't aggressively advocated corporate welfare over the other party. It's still that way. Sure, there are corporate lackeys in both parties. But the republican party has been completely bought and paid for. It started in earnest with Reagan and they are so thoroughly dogmatic about it now that you can't even get more than a couple to go against the grain even when it is in the best interest of the people.
Completely bought and paid for? I've heard it all now.
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Old 06-29-2011, 10:06 PM   #10
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Completely bought and paid for? I've heard it all now.
You don't need to hear it from me. All you have to do is listen to those who represent the republican party. They make the case for corporate welfare loud and clear every time they open their mouths. When was the last time they opposed anything that went against the corporate establishment. Republicans have greased the skids for corporate welfare for over three decades now. The party's financial advantage has a direct correlation to their corporate lackey status.
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Old 06-29-2011, 10:11 PM   #11
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You don't need to hear it from me. All you have to do is listen to those who represent the republican party. They make the case for corporate welfare loud and clear every time they open their mouths. When was the last time they opposed anything that went against the corporate establishment?
And here I thought it was a Democractic controlled House and Senate that approved the Wall St. bailouts, GM Bailouts and Stimulus plans, oh and let us not forget QE's I and II.
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Old 06-29-2011, 10:15 PM   #12
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And here I thought it was a Democractic controlled House and Senate that approved the Wall St. bailouts, GM Bailouts and Stimulus plans, oh and let us not forget QE's I and II.
doesn't matter to dems, they'll just try to claim their end of the turd isn't as bad.

..like it really matters.
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Old 06-29-2011, 10:22 PM   #13
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And here I thought it was a Democractic controlled House and Senate that approved the Wall St. bailouts, GM Bailouts and Stimulus plans, oh and let us not forget QE's I and II.
Of course they did. I didn't support all of the bailouts. I think that a lot of people felt there weren't a lot of options. I'm not letting anyone off the hook.

I'm simply pointing out which party advocates for corporate interests in the face of all else that is holy and which party takes political heat every time it tries to step in front of that runaway train.
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Old 06-29-2011, 10:25 PM   #14
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GS want more of that state capitalism.
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Old 06-29-2011, 10:26 PM   #15
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Of course they did. I didn't support all of the bailouts. I think that a lot of people felt there weren't a lot of options. I'm not letting anyone off the hook.

I'm simply pointing out which party advocates for corporate interests in the face of all else that is holy and which party takes political heat every time it tries to step in front of that runaway train.
, you should do stand up.

Both parties suck the corporate tit. Just one likes to pretend it doesn't
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