"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Thursday, March 26, 2009

IBM continue outsourcing and "letting" US staff go"

A bird whispers in Lord Patel's transatlantic listening post that report IBM is planning to layff 6,000 U.S. employees. THis will lead to transferring jobs and functions to India. Wat is calld the global business-services unit is the core of the change , and is a major part of IBM's efforts to steadily build up their foreign based workforce.

Figures supplied show that foreign based employes accounted for 71% of IBM's employees at the start of the year, up from 65% in 2006.

It's already started see memo ..

“Starting next week several Hartford delivery teams will be working directly with fellow IBM team members from India to begin the second phase of our Global delivery solution planned for the Hartford account. The teams will be engaged in a multi-week effort to facilitate knowledge transfer to prepare for migration of specific work activities to global delivery counterparts later in 2009. Your continued support and leadership is critical to ensure our overall success and to ensure we continue to deliver high quality cost effective solutions that IBM committed to the Hartford. Please ensure you and your teams actively support this effort.”

Computer World in January had a report , "IBM won't disclose plan, but union fears as many as 16,000 may lose their jobs"

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