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Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul
Fox News ^ | Tuesday, March 30, 2010 | Kelly Chernenkoff

Posted on 03/30/2010 7:31:40 PM PDT by kristinn

Powerhouse student loan provider Sallie Mae says layoffs are imminent as a result of President Obama's new student loan overhaul.

"This legislation will force Sallie Mae to reduce our 8,600-person workforce by 2,500," Conwey Casillas, Vice President of Sallie Mae Public Affairs, said in a statement to Fox News.

SNIP

"The student loan provisions buried in the health care legislation intentionally eliminate valuable default prevention services and private sector jobs at a time when our country can least afford to lose them," Casillas told Fox News.

Sallie Mae was trying to garner support for an alternative, which the company said was roundly rejected.

"We are profoundly disappointed that a reform plan that would have achieved more savings for students was ignored and now thousands of student loan experts will unnecessarily lose their jobs," Casillas said.

SNIP

Sallie Mae hasn't said exactly when jobs will start getting slashed, but the cuts "will start soon," Casillas said.

(Excerpt) Read more at foxnews.com ...


TOPICS: Breaking News; Crime/Corruption; Government; News/Current Events
KEYWORDS: agenda; bho44; fifth100days; layoffs; obama; salliemae; studentloans; whoscryingnow
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1 posted on 03/30/2010 7:31:40 PM PDT by kristinn
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To: kristinn

I’m sure Waxman will trot them up to testify on their lack of faith...


2 posted on 03/30/2010 7:33:03 PM PDT by neodad (USS Vincennes (CG 49) "Freedom's Fortress")
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To: kristinn

What’s 2500 jobs for millions of votes?


3 posted on 03/30/2010 7:33:42 PM PDT by Rebelbase
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To: neodad

Looking more like Soviet Union every day :(


4 posted on 03/30/2010 7:35:06 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: kristinn

eliminate valuable default prevention services and private sector jobs at a time when our country can least afford to lose them,” Casillas told Fox News.


This really jumped out at me :(


5 posted on 03/30/2010 7:36:31 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: bushwon

Obama and the Democrats don’t care. They are throwing free money at a new generation of voters while funding their stranglehold on the education establishment.


6 posted on 03/30/2010 7:39:38 PM PDT by kristinn (A conspiracy of silence speaks louder than words.)
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To: kristinn

Banks and the private sector consists of “unnecessary middlemen administering student loans”. Here it from the asses mouth- the vid is on the front page of this site now.

http://www.wabcradio.com/

THAT IS the rationale behind the govt taking over the private sector! This is what socialism is all about! The private sector is viewed by Big Brother as “unnecessary middlemen.”


7 posted on 03/30/2010 7:40:08 PM PDT by Canedawg (I'm not digging this tyranny thing.)
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To: kristinn

Woo Hoo, thats 6100 jobs saved!


8 posted on 03/30/2010 7:40:22 PM PDT by infool7 (Ignorance isn't bliss its slavery in denial)
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To: kristinn

It’s the economy, dumbass! Not “healthcare”! Not student loans! Not Cap’n Tax! Not Ammesty for Mexican Nationals! It’s the ECONOMY, dumbass!


9 posted on 03/30/2010 7:42:12 PM PDT by FlingWingFlyer (Help! I've been Alinskyed by the Obamanoids and I can't get up!)
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To: infool7

“6100 jobs saved....”

nailhead. meet hammer.

That’s exactly how they come up with their “saved” numbers....


10 posted on 03/30/2010 7:43:07 PM PDT by DrewsMum (Am I the only one that forgets I'm not on FB & tries to "like" freeper comments?)
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To: kristinn

Sallie Mae has some large offices in Indiana. I would not be surprised if a lot of layoffs will happen then.

Thanks Hussein and Evan Bayh, Joe Donnelly, Brad Elsworth, Baron Hill, et. al.


11 posted on 03/30/2010 7:43:15 PM PDT by TMA62 (TMA62)
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To: infool7

waaay more than 6100 jobs saved.

the government will need to hire 10,000 employees to do the work of those useless sallie mae workers.

thats a net gain of 16,100 jobs.

WHOO HOO!!!


12 posted on 03/30/2010 7:44:08 PM PDT by bluedressman
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To: bluedressman

YEAH BABY!

Now were talkin, RECOVERY!


13 posted on 03/30/2010 7:47:21 PM PDT by infool7 (Ignorance isn't bliss its slavery in denial)
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To: TMA62
Sallie Mae has some large offices in Indiana. I would not be surprised if a lot of layoffs will happen then.

I have a friend who's in the senior management there...they don't know the details yet, but they know that their core business is gone.

14 posted on 03/30/2010 7:48:28 PM PDT by Lou L (The Senate without a fillibuster is just a 100-member version of the House.)
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To: bushwon

Absolutely. I wake up every day now wondering what new assault on our freedom will take place.

Its worse than the twilight zone.


15 posted on 03/30/2010 7:48:52 PM PDT by GlockThe Vote
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To: kristinn

I’m sure that the government will hire about 6,000 to replace them at a higher wage, more benefits, and less actual work.


16 posted on 03/30/2010 7:49:51 PM PDT by Blood of Tyrants (The US will not die with a whimper. It will die with thundering applause from the left.)
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To: GlockThe Vote

Absolutely. I wake up every day now wondering what new assault on our freedom will take place.

Its worse than the twilight zone.


Waxman and Stupid (I mean Stupak) will probably call Sallie Mae in to hearings to explain themselves and their audacity to complain just like ATT, Verizon, Deere, and Cat have to tomorrow :(

Yup it is the twilight Zone!


17 posted on 03/30/2010 7:54:33 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: bluedressman

I shouldn’t have said anything, now they’re probably thinking they can save some of those pesky inefficient private sector insurance jobs too.


18 posted on 03/30/2010 7:55:37 PM PDT by infool7 (Ignorance isn't bliss its slavery in denial)
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To: kristinn

A friend I went to college with actually voted for Obama and works for Sallie Mae (wonder how she feels now).


19 posted on 03/30/2010 8:05:14 PM PDT by Lilpug15 (The Forgotten Man: He works, he votes and he generally prays - but He Always Pays": Sumner)
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To: Canedawg

“Banks and the private sector consists of “unnecessary middlemen administering student loans”. Here it from the asses mouth...”

And guess who the a$$ clown has selected as the new financing “middlemen”... the American taxpayers.


20 posted on 03/30/2010 8:06:19 PM PDT by Common Sense 101
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To: infool7

my theory is that it will be easy for them to show a quick cash profit on administration of student loans. For one they are deferred debt instruments and they can jimmy the numbers of expected defaults to show higher expected returns in future years then they will actually earn. Also they could suspend currently due loans at the drop of a hat. They will then use this as a ‘see we told you so that we can run a profit’ in a move to usurp the insurance companies themselves.


21 posted on 03/30/2010 8:06:29 PM PDT by bluedressman
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To: kristinn

There is only one other bank in the nation that will be allowed to make student loans other than the government and that bank is located in ND ( in a district where Zero needed a vote for his health care). Another Zero blackmail using tax payers money, but using it as if all of it was his personal funding. We will probably see a bunch of educated ACORNS plus he will cut them a deal on their fees to join his private army “ that will be as well funded and as well equipped as the regular Army”, because DICTATOR is on his mind!


22 posted on 03/30/2010 8:12:16 PM PDT by Macgedos
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To: kristinn

Off to the Gulags you scoundrels, how dare you question the great Odorko, almighty d**khead in Chief!


23 posted on 03/30/2010 8:13:49 PM PDT by HerrBlucher (END THE WAR ON LIBERTY!)
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To: bushwon

You are WRONG! What a PUTZ!
PUTIN and Chairman Mao are laughing their “BIDEN” Arses OFF!
They have gone Capitalist and are watching this Flaming Douchebag, OBOZO(or whatever his alias is today!), do what they couldn’t do!! Destroy AMERICA by Forcing AMERICA into the FAILED COMMUNISM of the Soviets and China of Fifty Years AGO! OBAMA is a Flaming IDIOT who is the Puppet of the Whores! Soros, GORE, Terayza Ketchup, Farrakkon, Chavez, Castro, Imanutjob and many other Despots who Dispise and Hate FREEDOM FOR THE PEOPLE!!


24 posted on 03/30/2010 8:15:50 PM PDT by True Republican Patriot (May GOD Continue to BLESS Our Great President George W. Bush!!)
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To: kristinn

this bill is designed to put people out of work.
more people out of work = more people dependant on the government...

Think about it...


25 posted on 03/30/2010 8:25:04 PM PDT by TV Dinners (Hope is not a Strategy)
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To: kristinn

Waxmen is going to call them before Congress when exactly? =.=


26 posted on 03/30/2010 8:39:11 PM PDT by cranked
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To: All
Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul

Sorry for them. I hear the IRS will be hiring.

27 posted on 03/30/2010 8:41:32 PM PDT by newgeezer (It is [the people's] right and duty to be at all times armed. --Thomas Jefferson)
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To: bushwon
The first part of this sentence practically bounces off the wall.

"We are profoundly disappointed that a reform plan that would have achieved more savings for students was ignored and now thousands of student loan experts will unnecessarily lose their jobs," Casillas said.

So far, nothing Obama has done about the economy, large scale or small is an improvement on what was being considered via private sector. Of course, this is no surprise to us.

28 posted on 03/30/2010 8:41:36 PM PDT by skr (May God confound the enemy)
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To: Lou L

This is fracked up. At this rate, America won’t make it until 2012. There is too much tension in this country.


29 posted on 03/30/2010 8:51:56 PM PDT by MinorityRepublican
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To: skr

The common denominator on all actions seems to be centralized control versus efficiency....


30 posted on 03/30/2010 8:54:25 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: Canedawg

Are you saying that Obomba SAID THAT????? I need to know...I really do.


31 posted on 03/30/2010 8:56:51 PM PDT by goodnesswins (The PLANTATION Party is at it again (the DEMS) ....trying to make slaves of everyone)
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To: goodnesswins

As Werner Wolf used to say: Let’s go to the videotape!

Yes, click the WABC link and halfway down the page is the vid- the quote comes early, you wont have to watch the asshat for more than a minute to hear it.


32 posted on 03/30/2010 9:00:16 PM PDT by Canedawg (I'm not digging this tyranny thing.)
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To: kristinn

Obummer in,
jobs out


33 posted on 03/30/2010 9:02:32 PM PDT by bunkerhill7
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To: bluedressman

A lot of those new employees will be hired in George Miller’s district. As part of the bill, non profit servicers in Miller’s district will receive no bid contracts.


34 posted on 03/30/2010 9:02:48 PM PDT by businessprofessor
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To: Canedawg

NOPE...NOT gonna watch....thx


35 posted on 03/30/2010 9:05:36 PM PDT by goodnesswins (The PLANTATION Party is at it again (the DEMS) ....trying to make slaves of everyone)
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To: goodnesswins

I dont blame you one bit- I have an aversion to his image and voice, too.

The back story is I am listening to John Batchelor (follows Mark Levin on WABC) and during the news break, there was a ONE SENTENCE report that the US Govt has now taken over student loans per a provision in the HC Act.

I was furious at the trivial reporting of this story, and went to the site to fire off an angry email to them for inadequate reporting.

When I was there, I saw the vid and clicked on it, since that was exactly what I was looking for. Yes, he said it.


36 posted on 03/30/2010 9:12:17 PM PDT by Canedawg (I'm not digging this tyranny thing.)
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To: kristinn

Somehow, some way these will be touted as “saved.”


37 posted on 03/30/2010 9:16:59 PM PDT by truthkeeper
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To: kristinn
and America takes another one in the........

38 posted on 03/30/2010 9:18:17 PM PDT by Chode (American Hedonist *DTOM* -ww- NO Pity for the LAZY)
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To: Canedawg

[Banks and the private sector consists of “unnecessary middlemen administering student loans”.]

So by eliminating the unnecessary middleman, Bammy makes himself the “necessary” middleman. Kind of like shaking down the candy store in a Chicago neighborhood.


39 posted on 03/30/2010 9:19:37 PM PDT by haroldeveryman
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To: haroldeveryman

Right, so they’ve worked it out that you have to go to them and no one else for a student loan, just like they will do with health care if we do not defeat them.

Single payer= the govt is necessary to provide the public option. Impose a tyranny to get to a totalitarian state, and run a charade to get a manchurian candidate elected to be the little dicktator while the transition is underway.


40 posted on 03/30/2010 9:31:49 PM PDT by Canedawg (I'm not digging this tyranny thing.)
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To: Canedawg

1. Encourage private sector through mandates or intimidation
2. Subsidize private sector
3. Remove “middleman”

In a few years the Dems will get rid of unnecessary insurance middlemen.


41 posted on 03/30/2010 9:32:18 PM PDT by Bogey78O (Don't call them jihadis. Call them irhabis. Tick them off, don't entertain their delusion.)
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To: Bogey78O

Exactly. See my post above yours.


42 posted on 03/30/2010 9:34:23 PM PDT by Canedawg (I'm not diggin' this tyranny thing.)
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To: kristinn

Oopsie.

Well, there will be 16k jobs at the IRS soon. May well send an application in for one of those.


43 posted on 03/30/2010 9:43:56 PM PDT by CriticalJ (Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
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To: Canedawg

I’m beginning to think you should post that as a separate thread....about private sector being just “middlemen”


44 posted on 03/30/2010 9:54:16 PM PDT by goodnesswins (The PLANTATION Party is at it again (the DEMS) ....trying to make slaves of everyone)
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To: Canedawg

The interest is higher and other terms are inferior to those of the Sally Mae administered loans. And Obama plans to use the difference in interest collected to pay for other entitlements. He probably thought the students would be too dumb or misinformed to recognize this. I think he’ll pay a price for this.


45 posted on 03/30/2010 10:19:42 PM PDT by haroldeveryman
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To: Blood of Tyrants
hire about 6,000 to replace them at a higher wage

He'll move offices to various large democrat cities, hire 10,000 locals, and start them at $100k. After a year of training and totally disastrous screw ups, his job savings will have cost $1 billion.

46 posted on 03/31/2010 2:19:49 AM PDT by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: TMA62
I believe I heard that Indiana was the largest employer and will lose about 1700 jobs. Seems like there were 3 offices but I only remember Muncie, Somewhere in Indy. I forget the third.
47 posted on 03/31/2010 2:35:18 AM PDT by grame (May you know more of the love of God Almighty in the coming year)
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To: kristinn

I wonder how many of those 2500 voted for Obama


48 posted on 03/31/2010 3:13:18 AM PDT by lowbridge (Rep. Dingell: "Its taken a long time.....to control the people.")
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To: TMA62

Nationalizing the industry is another step towards communism but I’m not so sure I believe these folks. My student loan is with them. Every time I’ve called in the last 6 months I’ve spoken with someone in India.


49 posted on 03/31/2010 3:16:44 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Bogey78O; Canedawg

Not only will you have to go to the govt for a student loan, but they will now have control over you. They will require our kids to attend indoctrination sessions. Don’t buy into global warming? No student loan for you.


50 posted on 03/31/2010 3:19:28 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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