Schadenfreude for Goldman Sachs outsourcing

Ahh, so sad for the daytraders, fund managers and other folks at the Goldman Sachs, JPMorgans and Morgan Stanleys of the world, having their six-figure, even high six-figure, jobs outsourced to India.

You know something?

That’s the WTO, biatches.

Many of the nearly 200,000 jobs that major U.S. banks expect to whack by the end of next year aren’t disappearing, they’re just disappearing from U.S. soil. Supposedly, somewhere from 20-40 percent of investment research jobs could be sent offshore.

You know something?

That’s free trade, biatches.

Beyond schadenfreude, it’s nail-biting and back-biting time in Manhattan’s downtown canyon walls, too. The NYT story says nobody from Morgan Stanley, Goldman Sachs, Merrill Lynch or Citigroup would talk to them.

That’s all right. Maybe you’ll hang around before the last NYT job is outsourced to Mumbai.

And, here’s part of why they don’t want to talk — silence is coming straight from the top:

“Some of that is self-serving,” Octavio Marenzi, chief executive of Celent, said of the impulse to keep quiet. “If I admit that research analysts can be off-shored to India, that means that I could too.”

So, Mr. CEO has to decide whether to go to New Delhi or accept a golden parachute buyout.

You know something?

That’s the real world, biatches, except we don’t get golden parachutes out here.

Frank wants more investment bank regulation

Massachusetts Congressman Barney Frank, head of the House Financial Services Committee, says investment banks have outpaced government regulation and new standards are needed. I totally agree.

And here’s part of how we got into that fix, and new standards are needed, another gift that keeps on giving from St. Alan Greenspan.

Problem is, in the past, Frank has been ready to “loosen things up” himself at times. Yes, he voted against Gramm-Leach-Bliley, but wasn’t against the general spirit of the act. So, when Frank says “new standards,” regulations might be passed allowing new activities in some investment areas, rather than an across-the-board tightening down.

And, Gramm-Leach was another of those Clinton-era things that, although sponsored by Republicans, was gladly signed on for by Clinton and many other New Dem types. It did pass the House 362-57 and Senate 90-8