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 government’s 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 ...
Ping!
Good.
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 didn’t 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 can’t 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!!!
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.
OOPS, posted before finished my thought.
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’ congress to ensure Americans were hired.
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.
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’.
Yeah our guys forced his hand plus there are plenty of Democrat/Republican CongressCritters who want jobs to go to Americans first
All of you completely missed the point of my post. I don't give a rat's ass who B of A hires as long as it's the best person for the business. Do you want some dope head with a nose piercing to get the job just because he's American? That's not capitalism. Government control of business is called socialism. When you accept one rule from Washington, get ready to accept more.
When The Tarp was being discussed, there was even a move to have a Union representative placed on each BOD that took the money. What the hell does a union thug have to do with running a bank?
You people are the reason ACORN will be getting billions in the next stimulus. At least the money will be going to Americans?
Do you really want the government to decide that you can have a loan if you buy a GM car, but go screw yourself if you want to finance a Toyota?
The point of the post was It's not the governments business how a private company runs the business. The next response from the idiots that think I'm an idiot is, "If I am giving them a bailout I want strings attached." My response to that is, "Exactly! We shouldn't be bailing out private companies!!!" Unless of course Freepers have now crossed over into Karl Marx land.
Now who's the effing idiot? Either you can't read, or you are a socialist at heart. Hire American if you want to, but if it's mandated by the government, then you aren't a Free Enterprise Capitalist. Get ready for an avalanche of Barney Franks "strings" attached to the money. Most of which, IMHO, Freepers won't agree with. Then I get to tell you "I told you so". Let's see.......You don't get the money unless you adhere to Kyoto requirements, You don't get the money, until you have a windmill on your roof, you can't have any money if you home school you child, you can's have money if you have more than 2 children,( in China it's one child), you can't have money because you own an SUV, you can't have a loan because our records show you own a gun, You CAN have a loan with zero interest because you are black and have a 500 credit score, Oh excuse me, we already did that one.
I've seen it all now, Freepers are protectionists. I give up! We might as well be DU now.
Why should B of A pay American workers more, just because they are American? If you have a job opening and No Americans want it because the pay sucks, then where's the beef? How many union supporters are here in Freepland?
In America, the real America,... a qualified applicant negotiates with his/her potential employer over wages and they come to agreement without government influence. If a person doesn't want to work for the offered salary, great!,...just walk out and find someone to hire you for what you think you are worth. In bad times however, you may think you are worth more then you are. There are many people moving to jobs they never thought they would have to do right now. You shouldn't expect a union or government to "bail" you out. You can have a lifetime job in many countries, but not in America.
Straw man argument...... Why do you bring up dopers? Are you that crazy?
We were talking specifically about bringing over foreign MBA on HB1 visa at a time when Americans are hurting for jobs. When many newly minted MBAs are very concerned about employment
Bank of America can find qualified MBAs right here with out any problem
Thus making sure that more Americans are employed.....In your screwball libertarian universe this is something bad?
You are un-American. Get out and move to China with Jimmy Rodgers
I like all unions except for government unions. Being the phony libertarian you are you don't even know the difference. The union movement has been dead for years. Except for government.
Bank of America helped destroy our financial system
So as long as BofA is getting bailouts it is getting taxpayer money so it is rightfully mandated to hire taxpaying Americans...
Not HB1 foreigners
She did it is a joke!
It is a joke!
Of course she is.
My daughter sent this letter to me. it was meant as a joke! Of course she is what?
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.