After they caused the 2002 Silicon Valley collapse by destroying companies such as Sun Microsystems, PeopleSoft, and others, India Inc “global staffing agencies” fled to Wall St in 2003 to siphon all the good paying job there too.
Consider the companies that died, or had to be bailed out by American taxpayers:
- CountryWide mortgage shipped its loan processing work to India.
- Lehman Bros., outsourced to India Inc failure shop Wipro, then cancelled the deal later, then died.
- Citibank was almost destroyed by India Inc CEO, Vikram Pandit.
- Bank of America, which replaced its American workforce with one imported from India, also had to be bailed out. One of its American workers comitted suicide as a result.
- Fannie Mae, the Federal home loan lender, was almost destroyed when a convicted Indian guest worker tried to destroy 4000 of its servers by planting “logic bomb” software.
- Many more cases of US financial firms outsourcing to India Inc staffing companies.
Outsourcing to India Incs is the kiss of death.