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Bailed out By Taxpayers: Which Companies Had the Most Layoffs?

By Gerri Willis

Published August 19, 2010
http://www.foxbusiness.com/personal-finance/2010/08/19/bailed-taxpayers-companies-layoffs/
| FOXBusiness

The job crisis is not a new phenomenon: especially with the bad jobless claims numbers out this morning.

More than eight million Americans have lost their jobs since the recession began in December 2007.

But, according to 24-7 Wall Street, much of the unemployment comes from just 25 companies.

The sectors hit the hardest include: the auto industry, which has cut almost a quarter of a million people in that time frame, and the financial sector.

And what do these industries have in common? A whole lot of taxpayer money.

So let me get this straight, the two industries taxpayers have spent by far the most on during this financial meltdown - are responsible for by far the most number of layoff?

Money well spent...

So who exactly got hit the hardest?

General Motors had to let go more than 107,000 people and that still it wasn't enough to keep the government from having to bail it out of bankruptcy.

Another bailed out company, Citigroup, comes in at a distant No.2, with more than 73,000 layoffs. (This after investors were in a panic after the collapse of Lehman Brothers)

The world's largest tech company had to cut back as consumers stopped spending - HP cut nearly 48,000 jobs.

The same lack-of-spending problem faced Circuit City, which crumbled under competition from Best Buy and Wal-Mart.

When Circuit City closed it's doors last year - more than 41,000 people were out of a job.

And remember Merrill Lynch? Now a blip on Bank of America's books.

The once major player in the financial world said goodbye 40,000 people and hello to Ken Lewis.

Verizon - came in at No.6.

Faced with growing competition from generics - drug companies Pfizer and Merck let go more than 56,000 people.

And the company that started it all: Lehman brothers handed out more than 23,000 pink slips.

So let's get real... the huge and outrageous pricetag of TARP and the auto bailout
- is going to have massive long-term effects on this economy...

And the long lines at the unemployment office... that's not too positive either.

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