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Bank of America CEO Finally Leaving His Post

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The CEO of Bank of America, Kenneth D. Lewis, is leaving his post as of the end of 2009. After betting Bank of America’s future on the housing market that collapsed, this guy is finally giving up the reigns and leaving in December.

Bank of America bought Countrywide and Merrill Lynch and subsequently ended losing tons of money in the housing market debacle.

Bank of America CEO Kenneth D. Lewis

Bank of America CEO Kenneth D. Lewis

While Bank of America received bailout funds to help it stay afloat, it continues to harrass homeowners who cannot pay their mortgages due to job losses and ironically, Bank of America is one of the firms who is aggressively outsourcing most of it’s core business functions to India and other countries to lower expenses. The bank is continually trying to lower costs which means lowering it’s tax basis and lowering the wages of it’s workers.

Under Kenneth D. Lewis, bank shares have dropped in value and the bank reduced it’s quarterly dividend to 1 cent from 64 cents for shareholders in 2008 and shares are 33% lower than in April of 2001 when Lewis became the CEO. The Standard & Poor’s 500 Index declined 14 percent during the same period. The stock closed yesterday at $16.92 on the New York Stock Exchange.

“Their loan portfolio is horrible looking and it’s not going to be easy for them,” Mike Williams, research director at Gradient Analytics in Scottsdale, Arizona, said in an interview before Lewis announced his departure. “They would have been better off without the Merrill and Countrywide acquisitions over the next few years.”

Kenneth D. Lewis should have been fired long ago. Bank of America’s executives have been joyriding, yachting, and living luxuriously for quite some time while they put increasing pressure on American citizens and remove jobs and send them to India. Bank of America has people stressed out, collection calls happening everyday, and has people jumping off bridges all over the United States while corporations in India are having a great time reveling in the glory of getting new jobs and new business from America.

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Written by undagroundmilli

September 30, 2009 at 11:31 pm

The Murder of the Middle Class in America

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I write for an online newspaper, The Atlanta Examiner. I wrote an article awhile back discussing how H1B Visa’s are responsible for murdering the middle class in America. I’ve had some very, very interesting and heated responses on this article. I’ve had 78 comments on this one article alone.

Middle Class workers are extinct

Middle Class workers are extinct

I’ve had immigrants who are on H1B Visa and who want to keep their jobs and stay in America and I’ve had true American grit respond who have lost their homes, cars, families, and plain lifestyle. I notice the H1B Visa dudes accuse me of not being intelligent, typical Indian opinion of black Americans, and say all Americans need to get smarter to keep their jobs.

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My cousin works at a very well known bank in the San Francisco Bay Area. The bank has outsourced banking and it’s associated activities to India. The American workers are training the staff in India to come up to speed and the bank has said that they are keeping all workers over here in the United States. Several Indian employees in India make it well known via email how great they are and how they are able to do a better job than the Americans. Why? They want to get out of India and come unseat the American worker ASAP.

The H1B program is specifically for specialized talent to come to the USA and work to augment American workers. I see this program as successful for brain surgeons and NFL quarterbacks. Very rare talent to find. A bank employee? A Java developer? A .Net developer? You mean to tell me that American corporations cannot find this talent in America? I don’t believe it at all. No amount of selling this to me will convince me that I’m an idiot and that Indian workers are smarter than me.

American corporations that continue this practice of lowering costs and displacing American workers are murdering the middle class in America. Let the flame throwers throw their fire. I don’t care. This has eroded the American worker family, health, emotional stability, and financial well being. And yes, I’ve heard it all and that immigrants are the best thing since sliced bread and Americans are the laziest beings on earth. If this were true, why is the cat from Bangladesh fervently trying to leave his country and get seated in California for a job?

Why does he love America so much and not love his own country? I’m not saying this in hate. I’m saying this because Americans need the jobs to ensure a thriving middle class. No middle class means the economic destruction of America. No president, congress person, mayor, or anyone can save this economy until they save and put Americans back to work right now. Not in two years.

Written by undagroundmilli

September 25, 2009 at 8:06 am