Big Tech Prepares for Big Layoffs:
Rumors abound that AT&T (T), Yahoo (YHOO), and eBay (EBAY) will together release thousands of workers into the unemployment pool. Those will add to the mounting figures: Earlier this year, Sun Microsystems (SUNW)let up to 2,500 employees go; Nortel (NT) is cutting 2,100 jobs; Hewlett-Packard (HPQ) will reduce staff by nearly 25,000 following its acquisition of Electronic Data Systems; and even Google (GOOG) got into the game with the shedding of 300 jobs at DoubleClick.
According to the San Jose Mercury News, there are around 1,417,000 people out of work in California alone. That's up 413,000 from this time last year.
Thursday, Alley Insider posted an anonymous tip that Yahoo! will soon be axing 3,500 jobs.
Wall Street already is being hit with massive layoffs. Citigroup today made a $2 billion dollar deal with Indian outsourcer TATA to offshore outsource even more jobs and displace US workers with foreign guest workers.
So...tell us again about that tech worker shortage or how guest workers magically don't displace and labor arbitrage US workers?
The government is only making things worse
Then will government please repeal the stealth H-1B increase instituted (illegally?) by a DHS emergency ruling earlier this year?
New college grads, unemployed tech workers, and tech workers in danger of losing their job are hurt by that decision.
http://blogs.wsj.com/biztech/2008/04/07/government-quietly-changes-rules...
"What’s striking about the new rule is how it came about. Instead of releasing a draft and soliciting comments from the public – the typical process for governmental rule changes – DHS cited a clause in the Administrative Procedures Act, which is reserved for emergencies, to make the rule effective immediately."
well
This is a lobbyist agenda and they stop at nothing to try to labor arbitrage Americans...It's pathetic. I hear ya.
Bill Gates is behind it
We need to start naked shorting MSFT