Obama's Jobs Summit Recommendations
Washington – President Obama rolled out his jobs summit or possible PR stunt today to review the nation's growing unemployment crisis, where Vice President Joe “Middle Class Czar” Biden addressed an audience of corporate CEOs from General Electric, Boeing, Google, Xerox and others, along with several “prominent” economists and labor leaders. While the government faces mounting pressure from labor unions and professional guilds regarding corporate America's role in kicking millions of educated US citizens to the curb in favor of cheap foreign labor, there is much that corporate America's CEOs could do to make the Obama administration's job a whole lot easier. For an excellent list of action items to create a successful American citizens jobs program, please read our good friend Rob Oak's excellent, laser-focused list of bullet-proof solutions at The Economic Populist here. Some of the mandatory highlights include:
- Cancel all State and Federal offshore outsourced contracts. Bring those jobs back.
- Immediate freeze on all guest worker Visas.
- Mandatory Expansion of Nursing Schools with above market value Professor Salaries. Students must be permanent residents, U.S. citizens.
Let's start with one of the business leaders at the summit, CEO of Xerox, Ursula Burns. Earlier this fall, Xerox announced plans to acquire Dallas-based Affiliated Computer Services, an outsourcing firm for $63 per share -- about 33 percent over market value. Since the acquisition announcement, the Xerox share price has tanked by 12 percent, but this couldn't possibly stop ACS chairman from grinning all the way to the bank, could it? Just last week after a Xerox filing with federal regulators, the ACS chairman can stand to pocket a modest $41.3 million severance package resulting from the takeover deal PLUS $17.4 million more to foot the taxes on the severance deal. But wait – there's more - he'll ALSO stand to collect a whopping $800 million upon the finalization of the ACS stock sale to Xerox, according to this footnoted.org article. But in order to make the deal pay, will heads at Xerox have to roll to secure “cost savings” of between $300 to $400 million a year? Peter Bendor-Samuel, CEO of the Everest Group Dallas Business Journal explains:
“Through the acquisition, Xerox said it will establish annualized cost savings in the range of $300 to $400 million in the first three years after the transaction. The companies did not say anything about potential layoffs.
“You have some (job losses) coming from somewhere,” Bendor-Samuel said. “ACS is a very well-run and lean company. There’s not a lot of fat (in ACS).”
Aside from Burns' impressive record of working her way up through the ranks at Xerox to earn the distinction of becoming the company's first black female CEO, she was also appointed by President Obama “to help lead a national program aimed at honing students' skills in science, technology, engineering and math” according to this Daily Record report. I hope more American students will consider the STEM fields, as these kids have watched our government collude with greedy corporate executives to sell off the jobs of their computer scientist and engineering fathers, mothers, brothers, sisters, uncles, aunts and neighbors to the lowest third world bidder under the ruse of a Great Labor Shortage. (h/t David Sirota.)
Leave it to Biden who has a way with words, as he characteristically cuts to the chase with the business and “thought leaders" below:
"Your presence is welcome, but quite frankly it's not as important as your input. Without you, it will not become a reality.