Quote:
Originally Posted by mosholu
In all the commotion regarding the big banks and Wall Street the fact that they have moved thousands of jobs off shore never gets any play. Yet the management were paid a large bonus on the "improved results" which partially came from moving jobs overseas. When the bailout came I was hoping that there would be some noise about having a commitment to bring some of that back to the US I guess it is too small an issue in the scheme of things. The bank I used to work at had well over a thousand employees in Bangalore and if you talk to the senior it people they would tell you they savings were insignificant but nobody wanted to tell the emperor that he had no clothes.
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Mosh - please answer the following for me -
You have $10,000 to invest and want to put it into the banking sector. Bank A is locally owned and operated, employees only a US workforce, is not technolgy focused and doesnt offer a lot of innovative ideas but it is relatively profitable and stable.
Bank B is aggressive, and is looking to lead the sector, invests in new technology and is all about cutting costs, do more with less. They outsource tons of work but have the latest and greatest products and technology. As an investor where would you put your money?
People need to realize the goal of a business is to make money, period. they have no social, political or economic obligations. They only have legal obligations and obligations to their shareowners.Ex - the goal of the Boston red Sox is to make money, period. If it became profitable to lose baseball games, they would do all they could to lose them. They have no obligation to anyone but their owners.