Letter: Banks already ship jobs overseas
Senator Charles Schumer and Joni Kovacs, who lost her son to a prescription drug overdose, called for a crackdown on sites illegally selling prescription drugs. (July 11, 2011) Credit: Bruce Gilbert
In regards to the new Dodd-Frank regulations concerning derivatives, Sen. Charles Schumer's spokesman is incorrect when he says that, "the regulators are going beyond the intent of Congress in this interpretation and would cause thousands of jobs to leave the New York metro region. ..." ["A little help from friends in Congress," News, July 6].
The fact is that for many years now, the larger financial institutions have been sending thousands of jobs overseas in the name of globalization, which in reality means cheaper labor to improve their bottom line.
Globalization has been a boon for corporations but a disaster for the American working people. The idea of a government "by the people and for the people" has become a meaningless sentiment unless you substitute the word "corporation" for the word "people."
Bill Parks, Islip Terrace
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