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| Obama's Nationalization of Student Loans Causes Sallie Mae to Layoff 2,500 Workers |
| 2010-03-31 |
| Powerhouse student loan provider Sallie Mae tells Fox News that as a direct result of President Obama's new student loan overhaul, it will have to start cutting jobs... and soon. "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, told Fox in a statement. The President was at Northern Virginia Community College in Alexandria Tuesday to sign student loan changes into law. The new bill includes a provision for the government to begin directly lending to students. The loans will bypass financial institutions which have traditionally provided the loans and, Mr. Obama says, soaked up billions in subsidies. "Now, it probably won't surprise you to learn that the big banks and financial institutions hired a army of lobbyists to protect the status quo," the President said. "In fact, Sallie Mae, America's biggest student lender, spent more than $3 million on lobbying last year alone." One of those lobbyists was Jamie Gorelick. Once again she failed at her job. Indeed, Sallie Mae has been outspoken on the plan, calling it a "government takeover" just last month. "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. |
| Posted by:wt |
| #8 ION DAILY TIMES.PK OP-ED > THE REPUBLICAN JIHADIS. US-AMer JIhadis are fighting to EXPAND GOVT in America, whilst PAK Jihadis are interested in imposing their brand of DICTATORIAL GOVT. |
| Posted by: JosephMendiola 2010-03-31 21:55 |
| #7 Anyone else hoping that Ms Gorelick is named to a high position in Obama's re-election campaign? |
| Posted by: Cornsilk Blondie 2010-03-31 21:14 |
| #6 What makes you think the consequences are unintentional, bman? |
| Posted by: Barbara Skolaut 2010-03-31 21:13 |
| #5 Not to worry, those people can work for the government along with another 2500 from K mart, Burger King and other assorted job possitions that qualify for the new government jobs. See O is really helping the jobless ! |
| Posted by: Chief 2010-03-31 20:54 |
| #4 So, since SLM (Student Loan Marketing, Sallie Mae), a private corp, has been cut out of the loop by the "health" legislation, why do they need 6,100 employees? Just to process the outstanding loans? Doesn't the "government" take over that, also? |
| Posted by: KBK 2010-03-31 18:54 |
| #3 The Annointed One will decide who gets student loans and who has to repay them, or gets the loans cancelled and turned into free-ride scholarships, not the evil banks! Barry and his cadre will also decide what educatioal institutions are appropriate for student loans along with what courses and programs students should be enrolled in. |
| Posted by: Besoeker 2010-03-31 13:14 |
| #2 Hope and change! |
| Posted by: Mike 2010-03-31 13:01 |
| #1 Unintended consequences are damaging, but the intended are diabolic. determination of who gets the loan, what colleges comply with the govt. curriculum, benefits for government job training, on and on. |
| Posted by: bman 2010-03-31 12:06 |