Foreign Workers Banned From Wall Street

[The Straight Story]

Foreign Workers Banned From Wall Street

A ''hire American'' provision added to the stimulus bill is forcing investment banks to rescind job offers made to highly qualified immigrant workers.

Alice Su, an M.B.A. student in Wharton Business School's class of 2009 and a resident of Hong Kong, turned down job offers and interviews because she'd been offered a coveted spot with the technology group at investment bank Merrill Lynch. But because of an amendment added to the stimulus legislation last month by Sens. Charles Grassley, R-Iowa, and Bernard Sanders, I-Vt., Merrill rescinded its employment offer.

The stimulus plan forbids banks that have taken Troubled Asset Relief Program money from hiring foreign workers who require visa sponsorship if they've laid off workers within the last 90 days. "There is no need for companies to hire foreign workers ... when there are plenty of qualified Americans looking for jobs," Grassley said at the time. The legislation amounts to a blanket ban on the hiring of foreign workers.
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"I grew up internationally between China, Hong Kong and Belgium and worked in Japan. Nowhere else have I ever experienced this kind of discrimination," Su says.

A spokeswoman at Bank of America (nyse: BAC - news - people ), which now owns Merrill Lynch, confirms that it has rescinded job offers because of the stimulus legislation. JP Morgan Chase (nyse: JPM - news - people ) says it may have to do the same, though it is trying to place students with job offers in its overseas bureaus. Those positions are mostly filled already.

http://www.forbes.com/2009/03/09/foreign-workers-visas-business-banks.html

[marketcrazy1]

1. GOOD!!!

[FreakinDJ]

It is GOOD

about time some one understands the outsourcing/insourcing is at the root of our economic decline

[DJ13]

2. GOOD!!

#2

[ixion]

3. Wall St. should be kissing Main St.'s ass for saving their own

rather than whining about having to hire Americans.

[Deja Q]

7. RIGHT ON!!!!!!!!!!!!!!!!!!!!

:yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock: :yourock:

[Deja Q]

4. In Canada, they usually put their own native-born over imported laborers...

At least, I recall reading that when I looked at their online qualification exam in the event I wanted to acquire citizenship there. One day I'll re-take the test; maybe the laws have changed since then.

India is also kicking out foreigners in favor of their own. (One link: http://economictimes.indiatimes.com/News/News_By_Industry/Jobs/Expatriate_executives_making_way_for_local_hires/articleshow/4039529.cms ) Protectionism, anyone? Unless it's even whispered in the US, oh that's just evil. :eyes:

I'm sorry American media would concentrate on maudlin soap operatic drivel than to point out other countries look after their own first too and have done so already.


On edit: Minor subject line alteration
On edit II: Clarification in post

[Oregone]

13. But if you qualify to immigrate, you qualify for any job past that point

No one is going to take a job from you if you are a foreign permanent resident. Canada needs those people as they build their nation up. Im assuming this whole deal here isn't about immigrants, but temporary workers, right?

[monmouth]

5. Very good...n/t

[Hello_Kitty]

6. Naturally they find the one person with highly unique qualifications

To hang their argument on. I'll bet there are even generous exceptions for someone like Su but they're making a big show of rescinding her offer so they can get support for changing the policy to allow them to hire thousands of cheap foreign workers for more mundane jobs.

[Deja Q]

8. Like adverts for movies that put the best scenes out to reel people in, I'm not surprised either

Then people realize, when they see the movie, they were shown the best bits and the rest of it is crap.

Okay, it's a gross generalization and there are legitimate exceptions, but it's still often enough true.

[EVDebs]

9. H1b visas were never meant to displace US workers...

but the captive Labor Dept scrapped the 'attestations' that made that crime so visible. These visas are prized among Indian workers btw.

[Deja Q]

11. If they weren't abused, then maybe more Americans wouldn't be sick over abuse in the first place.

And if it was "globalization", nary a single job would have been displaced in the first place. Color me confused. :shrug:

[EVDebs]

15. They were abused. If the job could be 'outsourced' or sent to a 'body shop' it was nt

[GoesTo11]

10. Just ban Americans too and we'll be set

[Deja Q]

12. A serious discussion would be nice. What's your point? There's a subject line... but no message.

No ill will toward you was intended. Everyone's just confused and upset these days.

[GoesTo11]

16. My point isn't deep enough for a message

headline was "foreign workers banned from wall st." so if americans were banned too, then we would not have anyone working on wall st.

the less of our economy and the less power resides with these bloodsuckers the better. i just can't think of a rationale of why we need them. to make the economy go? to lend money? hell, they screwed it up completely. better off not paying extra for the pleasure.

[fasttense]

14. And Forbes keeps beating the propaganda drums.

Since when has it become unpatriotic to hire Americans in America?

From the sound of that article, America is just mean, petty and discriminatory because it requires banks who get FREE Billions in American tax dollars to hire Americans.

Those poor, poor, bankers stuck with only American workers. How will they ever survive without HB-1 visa workers? They will be losing money left and right... oh wait.

[LiberalEsto]

17. Tough for Ms. Su

The U.S. does not owe her a job.

Especially when hundreds of thousands of American citizens are out of work.