It seems our worker friendly clause which said TARP recipients first had to consider qualified U.S. workers before bringing in more foreign workers on H-1B guest worker Visas is working:
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.
Believe this or not, there are those who don't quite get how these guest worker Visas are used to age discriminate and lower the overall salaries of professional workers. That we have highly qualified Americans in all sorts of professional occupations who are simply displaced through the use of foreign guest worker Visas. These Visas are also heavily used to facilitate transfer of work offshore.
Will our universities now realize that maybe they should be first and foremost giving opportunity to U.S. citizens? They too take billions in taxpayer funds yet the U.S. citizen rejection rates for undergraduate and graduate school are through the roof.