Personal Liberty Digest™ will be upgraded this weekend to reflect a dynamic new look and mobile-friendly viewing to enhance your experience! Plus, we'll be providing even more of the compelling content you've come to expect, delivered in a whole new way!

  Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

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.”

 

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Facebook Conversations

Join the Discussion:
View Comments to “Goldman Sachs Firing In U.S., Hiring In Singapore”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.