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Goldman Sachs Firing In U.S., Hiring In Singapore

June 30, 2011 by  

Goldman Sachs Firing In U.S., Hiring In Singapore

Goldman Sachs is cutting jobs in the United States so it can expand in Singapore. The company, which received $10 billion in preferred stock purchases from the Federal government under the Troubled Asset Relief Program, alerted Washington to the move first, in order to avoid controversy.

“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,” read an article on FoxBusiness.com, which broke the news. “Goldman is concerned about criticism because it is adding those jobs while it is planning what could be a significant retrenchment in its U.S. workforce, these people say.”

The firm reportedly plans to slash $1 billion in costs during the upcoming year, with most of the cuts coming from its U.S. operations. The article suggested the move is indicative of Wall Street’s negative view of the current regulatory environment.

“Firms like Goldman have to conform to a plethora of new and costly regulations that came as a result of the 2008 financial collapse, and the massive government bailout of the big financial firms that followed,” the article read. “Those regulations, found primarily in the Dodd/Frank financial reform bill… have forced banks to hold higher capital reserves to protect against losses, and also forced them to exit some lucrative businesses like proprietary trading.”

 

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  • SiliconDoc

    Barney Frank and Christopher Dodd, the destructive duo, blow it again, together.

    • James

      Silicon Doc, How do you know what they caused wasn’t intentional?

  • s c

    Goldman Sachs isn’t concerned about any so-called criticism. The ‘deal’ has been made, Uncle Scam is happy, and the only ones left to see this b s for what it is (guess who) is the American people.
    Now that the resident retards have revised the rules to make the bailout terms more palatable (“we don’t need no estinkin’ jobs in the US”), there is no longer any sense of doing anything wrong.
    Goldman Sachs is happy. Uncle Scam is happy. Power-happy anti-Americans are happy. The American people should be off-the-chart pissed, but then we just don’t matter to the Washington ‘gods.’
    Proof positive that crime DOES pay. And justice is just a word.

    • eddie47d

      Why would anyone be shocked by Goldman Sacs. Corporations have been doing this to the American people for quite some time. Yet we have all the defenders of these same corporations clapping their hands loudly saying how wonderful it all is. Our Capitalistic system allows it to happen and anyone who tries to control this corporate greed you want to put chains on and send them to Devils Island.If you want Corporates to be respectable then stop letting them manipulate our shameless laws which allows them to be disrespectful to our nation.

      • karel Eekels

        I continue to wonder why all these associates of GS, Chase, JP Morgan, SEC, etc. ( really responsible for the downfall of the US middle class), have not been prosecuted, all their private assets taken away and do some time in jail

        • TIME

          Can you say Puppet Barry Soetoro? Thats rights Barry is not going to let GS fall, they are TO “BIG to FAIL,” and afterall keeping in mind they are one arm of the NWO.
          Now I hope you better understand why. If not look into who’s the control behind the curtain for GS.
          If you do your home work in the right way you will find its the same people who started WW I, WWII, as well are behind the NWO, aka One World Government game plan. Who owns over 55% of the worlds wealth?

          • bob wire

            Hmm? after 43 spent so much loot in the Fall of 08 propping them up maybe it didn’t seem to be a good idea to prosecute them a few months later?

            As far as I’m concerned all these huge bank are a den of vipers. I’d like to say I feel better for some of them are leaving but the truth is, they need to be watched closely regardless where they are at.

      • revdto

        Here we go again. Capitalism is the big boogey man. Give it a rest, because the facts don’t bear you out. It is the over-zealous regulation of the feds that cause this to happen and has done so ‘for quite some time.’ Before such stupidity, our nation was a lender and not a borrower. Before such stupidity, our currency was the strongest on the planet. Before such stupidity, we had real, sensible capitalism in place and helping business, especially small business, make us prosperous. We need to return to that kind of environment in government which does not see as it’s primary goal the reduction and destruction of capitalism in order to bring more power unto itself.

  • Doc Sarvis

    I assume that they too will be getting another tax break for shipping American jobs overseas as other corporations have. President Obama tried to stop that but congress (all Republicans and perhaps some Democrats) blocked him on that. More corporate welfare for one of the richist companies in the country/world. The rich keep sticking it to the rest of us.

    • lkar

      You are just pi$$ed because you didn’t get your tax break! This is not about stealing money (taxes), it is about regulations strangling jobs!

      • bob wire

        are you sure that’s what it’s about? Regulations?

  • Bev

    It’s called privatized profits and socialized loss.

    • jimmy the greek

      Right !

    • Doc Sarvis

      Privitized profits for the top 1-2% and loss for everyone else.

      • jibbs

        Go away again. please

        • bob wire

          why don’t you go away jibbs? if you have no tolerance for different views, maybe you’d be more comfortable somewhere else.

          You not trying to bully people around are you? Because if you are, it’s not going to work. But in fact only strengthens my resolve to offer you great opposition.

          This thread is about a failing company that required a tax payer bail-out to stay solvent and now does not wish to conform or comply with regulation put in place to keep it from reoccurring.

          So it not really about “regulation” but about a firm that feels that’s it too big to conform and angry tax payers that feel that market principal were ignore and didn’t allow them to fall on the ASSets like most companies would have been allowed to do.

          But how every you see it, ~ everyone here is entitled to voice their opinion.

  • Bruce Porter Sr

    Doc, you obviously have a political slant. R=evil, right?
    However, you should do some checking….and no, I’m not an R.

    However, I think we should all look on the bright side…..a thousand BANKSTERS going to China? Whoa, are we trying to do to the Chinese what we did to our own people?

    Brilliant, absolutely brilliant.

    • lkar

      Singapore is not in China. might want to look at a map.

      • jimmy the greek

        It well be in a a few years .

  • Conservative at Birth

    This is, just the tip of the iceberg. Watch as many more large businesses move their operations out of the country with the highest corporate tax rate in the world.

    • bob wire

      Well, I hope they succeed at well as they have here, the country will become Potterville in short order.

      Can you really say they did us a great job?

  • don

    Thank God I sold all my my Goldman Sux shares! These parasites ruin our economy now they are migrating their destructive trend to unsuspecting china. Hooray!!!!!!

    • jimmy the greek

      Yes , however the chinks well end up gassing them when they pull that crap over there . that is what happened in Europe after WW-1 . After they sucked the life out of Germany .

  • jimmy the greek

    What did you people think ? that bunch of zionist only care about israel and them self’s .

  • Blakely

    I think any Bank, that makes money here should hire Americans or be penalized.
    I just dealt with some foreigners with Chase & I can say that they are far behind Americans in knowledge & service. I found the same to be true with Computer Companies. I didn’t bu another Dell because of their employees.
    Their greed is appalling & we should start isolating these banks, one at a time, until they bring the jobs back.

  • 1minuteman

    goldman sachs said they did not need the bailout but when asked why did you spend it then they said it was the patriotic thing to do. what a slap in the face of every american. they should pay back everything they got in the bailout. they also paid no taxes last year. they run the fed with bernanke and now they are killing more american jobs and hiring from china. communist china.

  • C130 Gunship

    Man will never be free until the last Banker is strangled with the entrails of the last Politician. Now thousands of bankers in the USA will be thrown out of a job because Goldman Suxs can hire Chicons much cheaper over there, and not pay for any relocations. The bankers are about to get what’s coming to them……About time!!!

    • jimmy the greek

      I’ll drink to that ! or smoke to it . LOL

  • P Henry

    As an IT worker whose profession was decimated by outsourcing for years while the scumbags on wall street reaped the profits, I just want to say “welcome to the unemployment line”. How’s “free trade” working out for you now?

  • Raggs

    No doubt that this move has been orchestrated by oblama.

    • Doc Sarvis

      President Obama has tried to stop the tax break that corporations get by exporting American jobs, so I seriously doubt that he has anything to do with this behavior.

      • TIME

        Yea right, LMAO over your lame post, how bloody daft are you?

        • Doc Sarvis

          Please tell me what is incorrect about my post.

          • Vic Vargaz

            He can’t because you are right. Unfortunately Obama is all by himself, he’s knee-deep and awash in the waves of outright GOP treachery, selfishness, and social irresponsibility. He is amidst our putrid, stench-effusing corrupt members of Congress who are all floating around in their new ethics-free swimming pool constructed from monies they looted from all of us and named “The New American Punchbowl of Turds”. Built, owned, and sponsored by the American special-interest Banking Industrial Complex. Naturally – as American as mock apple pie.

  • Mark

    Every time I hear “capitalism” I want to throw up. Bailouts, subsidies, too big to fail, etc. The gov’t picks and chooses and we get stuck with bill. Corporations/banks screw up, they need to face the consequences.

    • jimmy the greek

      Capitalism and communism are two sides of the same coin , the only hope for America and Europe is National Socialism It fixed the economy of Germany in 1933 and it well work for America now .

      • Raggs

        HILE HITLER / oblama!

        Youy freakin idiot!

  • Rennie

    “Tax the rich! Tax the rich!” Gov. Patterson warned this was a stupid slogan, and he got booted out of office by Obama for telling the truth. Patterson could see the exodus of wealth from NY state it was causing, higher taxes and a weaker economy for the rest of us stupid enough to remain, (or simply unable to sell our homes for enough to relocate elsewhere).

  • Carol

    Does this surprise me not in the least now that they OUR money they are going to run with it and The White House isn’t stopping them not even in the least.

    • Bleh

      It would be contrary to the White House’s observable agenda to stop them. The White House is not interested in what is best for America and has not been for some time now.

      • Doc Sarvis

        I’ll say it again; President Obama has tried to stop the tax advantages for corporations to export American jobs overseas – congress would not allow him go do so. That is as far as an American President can go unless all you conservatives actually want our President to dictate to private business.

        • Cawmun Cents

          He cannot stop businessfolk from taking their business to where there are not draconian taxes.And if you think it is right to tax someone more because they are successful then where is your head anyway?That is the kind of thinking which has all these business people taking their business overseas.But only business can create jobs.But then you tax them more for creating jobs and being successful.But then they take their business where there are fewer taxes and then there are no jobs here in America.But then you can always blame it on the greedy businessmen,so John Q.Public thinks it is about greed and not about draconian tax laws.But if John Q.Public knew why the pilgrims came here to America in the first place…he probably wouldnt see things that way.Which is why you have marxists teaching the people through misinformation so you can control what they think.And then youare surprised when entrepeneurs go to places which dont think that way….Hmmm does the phrase”vicious circle” mean anything to you?Not if you are a progressive liberal democrat in power.-CC.

        • Rich

          Doc,
          Maybe you missed it but the Dems had an absolute majority in both houses for one year. Nothing that Obama wanted was blocked by Congress. Corporations create jobs and employ people to do them. People who are lazy, inefficient, overpaid for their position or just can’t get it right are replaced by other workers. These workers pay more into the tax coffers than they take out. Competition and the profit motive create new technology and innovation. You’re right that this does not work well for all as it tends to favor hard work and intelligence. Government jobs and government created jobs work exactly the opposite. There is no incentive to do better work and no penalty for doing bad work. They take out more than they put in and favor the slow and lazy. Are you that slow that you think a person assigned to be a brain surgeon does a better job than somebody pursuing his passion.
          You are anti corporation and yet the standing oxymoron for the 50 years has been government efficiency. The biggest gravy train and quickest path to wealth is working in Washington. Yeah, let’s let them handle a few more things.

  • i41

    Trying to defend the — Onumnutts, who does he choose to be his advisors and hire more romper room clown who never worked in a real job. Think of Tax cheat Geithner, who got 21 million for 6 months on Wall Street, or any other questionable tax cheat Daschle, who still sits on Wall Street, GE door knob who took $138 billion of stimulas money to China, better quit sucking on Oumnutts jock strap, Doc. The tax the rich bs, never seen a poor or a welfare rat create a job, except for worthless degreed government paper pushers and a bevy of leech lawyers.

  • Bob Marshall

    Having just read the latest Foreign Affairs magazine there was an article stating that China was moving ahead of the US faster than anticipated. In less than five years China would be the number one economic power in the world with the US second and India third.This move by Goldman Sachs is just one of many move to be made by US corporations.

    • Raggs

      Yeah and anyone that CANNOT figure out why companies are moving out of America are totally freakin STUIPD!… ( 90% of those that have posted above )…

  • 6thGenTxn

    A few points of clarification.
    1. Capitalism is not perfect. It just happens to be better than any other economic system. Most of the problems we see today are caused by government intervention in the capitalistic process.
    2. Taxes and regulations are optional for the wealthy because they have the resources to move to an environment with lower taxes and regulations.
    3. The United States has the second highest corporate tax rate in the world. Layer on State income tax and the case of Goldman further layer on New York City income tax and you have the highest total income tax rates in the world. Where would you locate your business? In the stagnant economy of the highly taxed, highly regulated, United States? or The rapidly growing economy of lower taxed, lower regulated, Singapore which is strategically located on the Straits of Malacca halfway between the two largest populations in the world, India and China?

  • mickey

    Forget learning Spanish, learn Chinese.

    Look, I was really, really stupid 20 years ago when I was given a chance to learn Chinese and didn’t. If your kid has any brains, get them a tutor and teach them Chinese. They can work in an US country overseas as well as here.

    obama is hbent on making this a regressive country and many more of him are in the government now, thanks to him. He directedly is expanding the slave state expansion for slave votes. The writing is on the wall. We aren’t going to stop amnesty with Congress the way it is. We aren’t going to stop outsourcing the way it is. We aren’t going to stop anything with obama czars in place, not just for this period but for the future as well.

    The only way we are going to stop the New World Order is to keep commerce moving. The only way to keep commerce moving is by going to where the jobs are and by starving the beast of US dollars supporting another slave idealogy.

    Face it, China is not going to let the US become the NWO. China is not going to back off US nukes. And China is not going give into invasion by birthright.

    While we are being distracted by all this NWO agenda and slave voting agenda, China is moving on. soros and obama may think the diversions are going to work but they will only work if we don’t take some action.

    Right now, our actions, to no avail has been to send emails and faxes to Congress which by now we know doesn’t have the best interests of the US in mind. We bellyache about job losses and illegals but know the reality of it all–Congress is taking no action.

    We hear all about the threat of “terrorists” while the economy eroded, by the will of the politicians. We hear all about obama not being vetted for the office, yet the politicians took no action. In fact, they have allowed the first foreign leader to take an office position in the US–NWO leader.

    obama allowed 80 miles of US territory to cede to Mexican cartels. CA is going to have a Mexican governor installed in a couple of decades.

    Now even NumbersUSA want an e-verify program which will first off list any US citizen in a federal computer bank, foreigners are next. Another site wants a Constitutional amendment for a balanced budget agreement when in reality we are not law bound to pay one dime in tax.

    Take a look at your Congressman. How many employ illegal labor (or have a majority of their people on welfare) and live in mansions themselves? I would venture to say, most are dems but the reality is they envision the entire US populace nothing more than what they practice themselves.

    We have obama going to the UN and to NATO but not to Congress. Has Congress done much about this?

    Starve the beast. If you or your child is employed outside of the US, then don’t pay US taxes. Until the beast is starved, we will no longer be a country of individual endowments.

    When this country is a complete welfare country and no longer growing in any sense of the word, then it will not be a magnet to the great infrastructure of consumers.

    Bottom line, do something. Pass information but the time of sitting on our hands appears limited. 2012 is obama’s goal of stuffing the ballot box. Nothing more than another third world vote.

  • i41

    Any boneheaded —– who thinks Onumnutts is trying to do something positive for the citizens of USA, look at all of the 6000 new regulations the NOcare bill had in it, as well as the Dudd and Flanks Banking Reform Bill that are still killing all jobs creation. When libatards whine about subsidizes for businesses and corporations, it isn’t cash as the dumb— think it is, but the write offs for equipment and experimentation. Which the ignorant —– would understand why they are needed, if they had enough brains and guts to form their own business. Then they would see why they get and need tax breaks, something most sheeple wage earners can not fathom.

    • Rusticus

      You must be taking Wall Street propaganda I.V. Bank regulations, as weak and inconsequential as they are, are supposed to keep the financial parasites from cheating people and destroying the economy, again.

      It is and always has been banks and corporations that have been killing U.S. jobs. People like the Koch brothers object to the fact that the average wage in this country is $40,000/yr. They are doing their best to get the average wage to $4,000/yr.

      • Cawmun Cents

        The it was the Kochs’idea to fine people for not exercizing their right to healthcare?So…healthcare is a”right”,but you fine people if they dont exercize their”right”,but then how could it be a”right”,but then quality healthcare is a”right”,but then how can you fine people for not using their”rights”?Are they going to fine people for not voting?How about not owning a firearm?Oh…thats right…they”fine”(a euphemism for taxing)them for being successful.But then they dont want to be successful because they get fined for it,but then to create jobs they have to be successful,but then they are fined for being successful…..wtf?-CC.

  • ekim

    Give them time ! The story is just now unfolding. Goldman is in bed with the unions and will hire only union workers in Singapore at the behest of this administration and Trumpka. Keep your ear to the ground. Payback for payback for payback !

  • art

    the one word in the replys that really
    stood out, “parasite”. for a description
    of parasite go to,Parasites on humanity (1944)

  • http://fox walter

    Disolve this corrupt company and put all the executives in prison.

  • aaron

    we give them taxpayer money without interest so they do not go broke. they ship it out of the country to make more money rather than use it here to create jobs etc. now they are going to lay people off here & replace them with people in singapore. it’s like cutting off a healthy finger to save a diseased finger-it does not work!

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