(9 am. – promoted by ek hornbeck)
After receiving a $10 billion of tax payer money in the financial crisis bailout and making a record $2.7 billion profit in the first quarter of 2011, Goldman Sachs will lay off 1,000 American workers and out source their jobs to Singapore.
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. Goldman also plans a much smaller expansion in its Brazil unit and in India.
Last year, the Republicans in the Senate, aided by Sen Joe Lieberman and four Democrats, blocked a bill that would have ended tax breaks for companies that shift American jobs overseas. Over the last decade these mega corporations have laid off nearly 3 million American while hiring 2.4 million overseas. These jobs are not low tech jobs as these companies claim but but jobs held by highly educated workers who never expected to find themselves among the unemployed.