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,