NEW YORK — With the Dow Jones industrial average flirting with a record high, the split between American workers and the companies that employ them is widening and could worsen in the next few months as federal budget cuts take hold.
That gulf helps explain why stock markets are thriving even as the economy is barely growing and unemployment remains stubbornly high.
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Companies are hiring, firms like our own State Street Corporation (STT) are busy hiring in INDIA in places like Mumbai, Punea, and Chenai to replace Amwericans in North Quincy. Boston - The Fund Adminsitration Divison, and Irvine CA. as well as Kansas City..By my estimate (I worked there for 14 years) almost 3200 US middle class jobs have been shipped to India by State Street Corporation with the bulk of these jobs being sent there by the current CEO Jay Hooley and his Joint Venture Director Allen Greene. This has all occured over the past three years or so since State Street Corporation (STT) received a US TARP bailout of about $2 Billion and a $11.5 million tax break from the City of Boston, while the firm was busy basically "kicking to the curb" the very Americans that helped State Street when it was in fear of its own survivial.
The obvious answer to this widening of the employed from the unemployed is to shed an actual light on what firms like State Street Corp (617) 786-3000 are doing in dumping desparately needed middle class US jobs for pennies on the dollar utilizing foreign owned firnms like SYNTEL (SYNT) Corporation of Troy MI. If the GLOBE would raise its own bar of journalistic integity or even "ethics" then firms like State Street could not go on public TV and basically "lie" about harming future generations of America's children for the CEO and those people around him - on the third floor of the John Hancock Tower' - financial and personal gain..
http://www.wgbh.org/programs/Greater-Boston-11/episodes/July-19-2012State-Street-outsourcing-40276
Soaring revenues with fewer workers, to whom they are providing fewer benefits and paying less (excepting, of course, those CEOs who are mandating it - they get more, more more). And that's not even starting on the outsourcing trend. Where's the outrage, people??
With jamie Gorelick ,911 Commissioner ,Wilmer Hale Dorr; General Myers ,Northrop Grumman ,JT. Chiefs of Staff , Witness 911 Commission ; Christine Whitman ,EPA, gwb 43 , (the air is clean to breathe at Ground Zero ,choke choke . How can they miss '?
Gorelick takes her 26 million from Fannie's Mae; plunks it in United Tech Stock ; Oh oh
I forgot ,they are on the Board of Directors ;Audit Committee . What a shame .
It is more than profits that drives employment increases. A business must decide if additional employees can drive sales and profits higher. This requires a stronger economy and a healthy business environment. With now 4+ years of the President pounding on Greedy Businessmen, and promising higher taxes, additional regulatory costs, and Obama care costs still to be implementled, the business environment is quite suspect. Better to spend cash investing in higher productivity than hiring people with only hopes for higher profits.