With more than 27,000 employees around the world, State Street Corp. will absorb 100 employees from Morgan Stanley Investment Management as part of a deal announced today to provide servicing for investments worth about $300 billion.
State Street, which specializes in providing financial services to institutional investors, will handle trade settlement, portfolio administration, and reporting and reconciliation services for most of the Morgan Stanley unit’s $386 billion in assets under management. The 100 workers are mostly in the U.S., but some are based in other countries, a State Street spokeswoman said. A Morgan Stanley representative declined to comment.
State Street shares added 54 cents to $40.74 in morning trading. Morgan Stanley gained 56 cents to $31.07.
This is a wonderful trend if the Morgan Stanley jobs go overseas and American MBA’s are replaced with geniuses who prefer to live with cows or kill their daughters.
For too many years it was fun for the American elite to replace the working class with illegal aliens from Mexico – about 80% of “new” construction jobs. Brain jobs, like computer programming, were filled with Indians who would work for half pay for a couple years until they learned the real salary rates in this country.
But, if India wants to, it can graduate a million MBA’s every year, and most of them smarter than the legacy-ordained, lucre-lusting Harvard types. Salaries will drop from nearly a million dollars a year at some firms to $60,000, just as MS’s in Computer Science saw their pay plummet because of job competition imported from the land of worshiped cows, or outsourced to that former British wage slave colony.
Since the banks run the world, we will suddenly see a change in media and government to keep American jobs strong and not competing with denizens of jungles and rice paddies. That’s great news.
This could be bad news for Chelsea Clinton, however.
Chelsea is now engaged to her boyfriend Marc Mezvinsky, a spokesman for former President Clinton told ABC News this morning.
People magazine got a hold of the couple’s email to friends and family sharing the news. They’re planning to wed next summer.
Mezvinsky works at Goldman Sachs; his parents are both former members of Congress. His father pleaded guilty in 2002 to swindling dozens of investors out of $10 million after getting caught up in a Nigerian scam.
Maybe, Nigeria will start graduating MBA’s and Chelsea and hubby will go on food stamps, or maybe Marc could work at Bill Clinton’s library for $7.25 an hour until some NAFTA-inspired illegal alien takes the job for $3.
Marc can thank new daddy Bill for no job, low pay, NAFTA, the New Democrat Coalition, the Third Way, and the deregulation of banks and financial giants, including Goldman,
More on swine flu battle in China. This is from NY Times:
By EDWARD WONG
Published: November 11, 2009
CHANGGANG, China — Few farmers in this southern village gave much thought to the epidemic that had begun spreading rapidly in the United States early this summer until the authorities sealed its 100 residents off from the outside world for about a week. It turned out that a visitor from California had shown symptoms of the swine flu virus, or H1N1, when he arrived for a funeral.
The village of Changgang was quarantined for about a week. Quarantines and medical detentions are among the aggressive measures that Chinese officials have taken to slow the transmission of H1N1, which quickly spread worldwide after being diagnosed first in North America.
To protests from around the world, China isolated entire planeloads of people entering the country if anyone on the plane exhibited flulike symptoms. Local authorities canceled school classes at the slightest hint of the disease and ordered students and teachers to stay home. China was virtually alone in taking such harsh measures, which continued throughout most of the summer.
Now, Chinese and foreign health officials say that some of those contested measures — more easily adopted by an authoritarian state — may have helped slow the spread of the disease in the world’s most populous country. China has not had to cope with a crush of cases, and it began administering a vaccine for swine flu in early September, the first country to do so.
Foreign officials also say that China demonstrated an unusual openness to sharing information about H1N1 with its citizens and other governments, in contrast to its secretive approach to the near pandemic of severe acute respiratory syndrome, or SARS, a few years ago.
That is not to say that China has been spared. On Tuesday, Health Ministry officials reported an “explosive” growth of H1N1 on the mainland because of the onset of winter, with 5,000 new cases in the previous three days pushing the total to more than 59,000.
At least 30 people have died here after contracting H1N1.
Exact data on the virus are hard to pin down; many more cases are suspected than confirmed, and countries often use different methods to identify cases. Still, the indications in China are much more positive than those in India. Like China, India has more than a billion people, many living in poor, rural conditions, and was exposed to the virus after it had been identified in the West. The Indian Health Ministry has reported 505 deaths.
The United States, where the virus was spreading before it was identified in the spring, has reported more than two million cases and about 4,000 deaths in a population of 300 million.
The Centers of Disease Control and Prevention (CDC) has been playing games with the press by changing the way it has reported Swine Flu deaths and hospitalizations. The impression given was that swine flu is nowhere near as dangerous as other countries believe – nations that used quarantines, for example.
The original reporting of swine flu estimated all cases. That was then changed to hospitalized cases. In early September deaths and hospitalizations prior to 9/1/09 were excluded from reports in a “reset.” Recently, most of the hospitalized cases were eliminated from totals because suddenly they were not applicable.
The truth can sometimes even be found in reports by the Associated Press, as the following dispatch reveals:
LONDON – Health experts say extraordinary measures against swine flu — most notably quarantines imposed by China, where entire planeloads of passengers were isolated if one traveler had symptoms — have failed to contain the disease. Despite initially declaring success, Beijing now acknowledges its swine flu outbreak is much larger than official numbers show.
China’s official count of nearly 70,000 reported illnesses with 53 deaths is dwarfed by estimates of millions of cases with nearly 4,000 deaths in the United States, a nation with about a third of China’s population. Dr. Michael O’Leary, WHO’s top representative in China, says there has been a dramatic spike in Chinese swine flu cases recently and those reported by the government are only “minimum numbers.”
“We have new cases occurring all the time,” he told The Associated Press last week. “There’s always more deaths than we could possibly know about.”
So, the argument is that the United States has about 80 times as many swine flu deaths as China, which has four times the population, and that means that the Chinese authorities are hiding the deaths – not that quarantines work?
We have made no effort on a federal level to contain this disease, and it has been the CDC hiding deaths by misleading the press and changing report methods that is at blame. It is reasonable to say our government has caused unnecessary deaths, and the government of China has acted for the safety of its citizens.
The question is why? The only answer is protecting the economy from the results of less shopping because people are concerned about catching a sometimes fatal disease. Remember “Jaws?” Don’t close the beaches because it will hurt tourism.
The investment cash is going to China, India, South Korea and Vietnam, where factories are being built by American companies to make products to export to the U.S. and elsewhere. Those countries rebate the local Value Added Tax (around 20%) to exporters because most every country has their own VAT on products coming into their countries – EXCEPT THIS COUNTRY. In addition, most countries have tariffs on incoming goods if their local economy needs to promote manufacturing jobs.
If we introduced a Value Added Tax here to replace the Income Tax, business would pay an additional 20% to import into America, giving us real tax revenue, instead of sodomizing the middle class.
Ask yourself why almost every nation in the world has a VAT and encourages exports and discourages imports. Could it be big business benefits while Americans are the dumb consumers who allow this travesty sold to us as “free trade?”
Read the Article at HuffingtonPost