Banks taking U.S. taxpayers money to bring thousands of foreign workers to the U.S. for high-paying jobs.

AP Investigation: Banks sought foreign workers

Associated Press - February 1, 2009 7:13 AM ET

SANTA CLARA, Calif. (AP) - An Associated Press review of visa applications shows banks collecting billions of dollars in federal bailout money asked for permission to bring thousands of foreign workers to the U.S. for high-paying jobs.

The dozen banks have received the biggest rescue packages, worth more than $150 billion. They tried to bring in almost 21,800 foreign workers over the past six years to fill openings that paid an average salary of nearly $91,000.

As the economic collapse worsened last year the numbers of visas sought by the dozen banks in AP’s analysis increased by nearly one-third, from about 3,300 in fiscal 2007 to nearly 4,200 in fiscal 2008.

It’s unclear how many foreigners actually got hired, but it’s likely only a fraction of the requests were approved.

Foreigners are attractive hires because companies have found ways to pay them less than American workers.

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