Bankers and Bailouts

An investigation by The Associated Press found that banks receiving the biggest bailouts requested visas for thousands of foreign workers while laying off American employees. Legislation by Senators Bernie Sanders (I-Vt.) and Charles Grassley (R-Iowa) would require the bailed-out banks to hire only Americans for one year. "It is obscene and vulgar for these huge banks getting taxpayer bailouts to use the bailouts to throw American workers on the street and bring in foreign workers," Sanders told AP. Banks accepting taxpayer bailouts should first hire laid-off American banking workers, he said. The legislation, Sanders added, was in response to the investigation which revealed that the dozen banks now receiving more than $150 billion in bailouts requested visas for more than 21,800 foreign workers over the past six years for high-paying jobs.

In a speech on the Senate floor, Sanders said the American people are furious that a handful of Wall Street executives through their greed, recklessness and possible illegal behavior have plunged us into the worst financial crisis since the Great Depression.