Despite Layoffs, Bailed-Out Banks Hire Contractors on Visas
The Banks' War on Workers
By MISCHA GAUS

As hundreds of billions of taxpayer dollars flow into rickety U.S. banks, public outrage has followed revelations that executives planned to spend the money on Vegas getaways, $35,000 toilets, and fat bonuses.

Less attention has been paid to how these bailed-out banks are driving down tech workers’ wages–and stoking anti-immigrant hostilities—while laying off tens of thousands of workers.

Banks that took public money sought about 4,200 visas for skilled workers from abroad in the 2008 fiscal year, according to an Associated Press investigation. In response, Senators Bernie Sanders and Charles Grassley attached to the latest round of bailout funds a requirement that banks must try to find U.S. workers first, and not displace them three months before or after taking public funds.

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