How Banks cut costs

From Yahoo News:

Bailout Foreign Workers

Banks are in a great spot.

1) They cut costs by firing American workers and importing cheaper foreign ones.

2) They get a bailout from the public funds.

POST A COMMENTCK(02/02/2009)
And don't forget they have a great multimillion dollar bonus fro doing such a fine job!

CK(02/02/2009)
Bank Bailout money used for Superbowl Party

One wonders why after taking so much money from taxpayers to bailout the banks bad investment decisions, that they would turn around and make another bad investment decision, and host a five day carnival like event?

http://abcnews.go.com/Blotter/story?id=6782719&page=1

BonusOnus(02/02/2009)
CK,

This is why I was opposed to the bailout.

We don't have any oversight on how money is used. And the bailout money is fungible -- BofA can claim that they did not use any of the bailout money to host that SB party. However, without the bailout, they might have cancelled that party and spent the money for the party on something more important.

Instead, a large infusion of bailout money meant that they could continue spending.

This bailout plan is getting worse and worse the more we hear about it. Bush, Obama, and Congress should be held accountable for this.

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