US banks outsource $5 bn to India

[jtrockville]

Citi, BofA & JPMorgan to outsource $5 bn of IT and back office projects to India

BANGALORE: America’s top banks including Citigroup, JP Morgan and Bank of America are set to outsource IT and back office projects worth nearly $5 billion this year to India, as they seek to lower costs of complying with new regulations and integrate banking systems.

...
http://economictimes.indiatimes.com/tech/ites/citi-bofa-jpmorgan-to-outsource-5-bn-of-it-and-back-office-projects-to-india/articleshow/7490712.cms

So when these guys were failing, we bailed them out.
Now, when the folks who bailed them out need jobs, they offshore?
Even though they're raking in enormous profits?

[rpannier]

1. Never changes

Never gets reported on by the Lamestream Media

[OhioChick]

2. Makes me sick as hell n/t

[juajen]

3. Reprehensible! So many people need help in this country and this is

what we get. When will our youth realize what is going on before their very eyes? I'm getting really tired of fighting battles. I'm just too old. The young need to pick up the staff.

[defendandprotect]

4. Bretton Woods Accords, overturned by Nixon, had a great deal to do with

stability of nations -- keeping capital in check --

capital can now jump borders -- workers can't do that as easily --

[ChromeFoundry]

5. Next time...Let India bail them out.

Boycott all of your business with them. Let them feel the pinch in this economy.

[jtrockville]

8. Actually, I was thinking of a different approach...

During "the crisis", the meme was: we don't DARE punish the people who put us in this mess.
Well, the actual meme was: we don't DARE punish the people who can get us out of this mess... but whatever.

I'd really like to know why we didn't oust every last one of 'em and replace them with some financial wizards in India? I bet they could screw up the market for a fraction of the cost of US financial wizards.

Who knows? Maybe the financial wizards in India wouldn't have screwed it up in the first place.

[AdHocSolver]

6. Made possible by U.S. no-strings bailout money. K-R nt

[shanti]

7. india

has my mortgage. :(