Skip to comments.BofA withdraws job offers to foreign MBAs
Posted on 03/09/2009 12:56:46 AM PDT by TigerLikesRooster
BofA withdraws job offers to foreign MBAs
By Della Bradshaw in London
Published: March 9 2009 00:07 | Last updated: March 9 2009 00:07
Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from US business schools this summer, citing conditions laid out in its bail-out deal as the reason.
The recently passed $787bn stimulus bill in effect prevents financial institutions that have received money from the governments troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.
BofA, which has received a total of $45bn in Tarp funds, is in the process of digesting two large acquisitions Countrywide, the mortgage broker, and Merrill Lynch which will see thousands of jobs lost.
A spokesman for the bank said: Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship.
(Excerpt) Read more at ft.com ...
My daughter sent me this!
As the CEO of this organization, I have resigned myself to the fact
that Barrack Obama is our President, and that our taxes, and
government fees will increase in a BIG way. To compensate for these
increases, our prices would have to increase by about 10%.
Since we cannot increase our prices right now due to the dismal
state of the economy, we will have to lay off six of our employees
instead. This has really been bothering me, since I believe we are
family here and I didnt know how to choose who would have to go.
So, this is what I did. I walked through our parking lot and found
six Obama bumper stickers on our employees cars and have decided
these folks will be the ones to let go. I cant think of a more fair
way to approach this problem. They voted for change; I gave it to them.
I will see the rest of you at the annual company picnic
If you think it's bad now, just wait. We have just experienced a bloodless coup ( so far) in the model of Hugo Chavez. Just remember, all this stuff will have to be dismantled in order to get our country back. There will be blood!
It may seem a small thing to require a bank to hire certain people and reject others, but just think of how deep this could go if the government decides who gets and doesn't get the money. Just think if AIG went to a bank and asked for a loan. Nobody would give it money but the government. GM will get the money just a payoff to the unions, not because they think they will ever see the money again.
As far as I am concerned, ANY BUSINESS that receives ANY FORM of government subsidy should EMPLOY AMERICANS FIRST!!!
“My daughter sent me this!”
Sure she did!
The poster said her daughter SENT it, not WROTE it...
You are cuckoo. I would use stronger words but will refrain
You are a freakish caricature of uber free market ideology
What exactly do you have against hiring Americans?
There are tons of American MBAs who want these jobs.
Surely the Bank of America can find some very competent ones in this pool
In an economic downturn you don't import foreigners to screw them
This is one thing 0bammy is doing right
EXACTLY!! Not only that but we have plenty of foreign kids in our MBA schools who also went to our colleges. They should also be given preference over cheap a$$ H1-B imports
Tallyhoe's daughter still could have sent it...
Tell ya what, let the H1-B’s go fight in Iraq and Afghanistan too.
“.....highly skilled immigrants.....”
What dog food!
Our current policy allows almost ALL foreign graduate students to work for 2 years in the USA after graduation.
In general, the policy applies to all business, law, medical, science, and engineering students.
In general, these graduates are still in their in twenties and have extremely limited real world work experience.
These foreign students attend tax subsidized American universities, they are frequently paid graduate student stipends while in school, and they directly compete with home grown American graduates for a limited number of entry level positions.
Many of these foreign graduates become permanent Green Card residents after their two year “probation.”
On balance, considering all variables, having these well educated foreign residents living in the USA is probably a net positive for our economy.
However, there are definitely costs for home grown Americans.
Namely, fewer grad school openings, fewer entry level job openings, and lower starting pay.
The H1-B program is set up to give work visas to foreigners to fill gaps left by a labor shortage. Tell me, do we have a labor shortage?
Translation: They fired a bunch of Americans and want cheaper foreign workers. (I mean really, "redundat", that's rich).
0bammy does not deserve credit for this.
Groups such as FairUS, TeamAmerica, JobDestructionInfo, NumbersUSA, etc. contacted their members via eMail and gave them information to contact their congress critters so they could ‘encourage’.
I agree, there are so many well educated qualified unemployed Americans, if your are using tax $$ confiscated from Americans - Americans have the right to say hire Americans.
“not according to the BLS: U3 = 8.1% and U6 > 14%”
A huge part of this issue originates from the American University system. Here in Madison, there are multiple graduate programs that do not have a SINGLE American student enrolled. This is a state university, remember.
I am very familiar with an MBA program, noted for their economics, that is heavily, heavily comprised of foreign students, probably about half. At a private university, it is less of an affront because it is not all taxpaper funded. However, it does present the same issue.
Universities argue that American students are not up to the academic standards. There are a lot of undergraduate students who are being educated at these same schools to qualify. It seems that if that were the true argument, they should be looking in the mirror.
my company has faced this h1-problem for sometime. We solved it so that the position is filled abroad in our other sites. No way obama admin is making hiring decisions for us. We hire best talent on global basis, regardless of nationality.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.