Could you extrapolate this statement (Google and Wall Street) to giant companies with an online HR application process? Cover letters make sense when you're sen

Could you extrapolate this statement (Google and Wall Street) to giant companies with an online HR application process? Cover letters make sense when you're sending it to a person, or at least an email address. What happens when you put your resume into Taleo or one of those other online application systems? You could be applying to several positions with the same cover letter and resume in that case. I wonder how many people actually read them.