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 Foreign workers banned from wall street
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Posted on 03-12-09 1:42 AM     Reply [Subscribe]
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Source:http://www.forbes.com/2009/03/09/foreign-workers-visas-business-banks.html

Business In The Beltway


Foreign Workers Banned From Wall Street


Megha Bahree,
03.09.09, 04:00 PM EDT

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Bernard Sanders, I-Vt., Merrill rescinded its employment offer.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.

"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), which now owns Merrill Lynch, confirms that it has rescinded job offers because of the stimulus legislation.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.

Foreign students across some of the top U.S.
business schools are being affected by this change in legislation.
According to the Institute of International Education in New York, of
the 277,000 international students that enrolled for graduate studies
in the fall of 2007, 16.3% were in business and management (including
marketing and accounting). That means roughly 45,000 students are
affected.

Wharton and New York University's Stern School of
Business, both known for traditionally adding to the influx on Wall
Street, confirmed that students in those schools have had their offers
rescinded but wouldn't say how many. At the Tuck School of Business at
Dartmouth, about 36% students out of a class of 480 are from outside
the U.S. Tuck typically sees a third of its student take up jobs in
finance. At the University of Chicago Booth School of Business, about
35% of the current class of 1,144 students is international. From last
year's class, 52% joined financial services.

Neha Khoda, 27, left
India to go to Wharton with the aim of going into investment banking. A
summer internship at Merrill Lynch led to a job offer, until recently.
With two months to graduation and all job offers filled, she doesn't
know what her options are.


 
Posted on 03-12-09 7:47 AM     Reply [Subscribe]
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Indeed.  If you are about to graduate and looking to join the workforce, stay away from the companies that have accepted TARP assistance.  I was listening to NPR yesterday and they were saying that some of the companies, such as Goldman Sachg are trying to return the money they received from the government because of the stigma attached to it.  Here's another article.  This one from Wall Street Journal.


Need a Real Sponsor here 


MARCH 11, 2009


It's a Terrible Time to Reject Skilled Workers


Don't we want the world's brightest fixing our banks?


By PAUL DANOS, MATTHEW J. SLAUGHTER and ROBERT G. HANSEN






Thanks to the Employ American Workers Act (EAWA), which was folded into the stimulus bill, it's become harder for companies getting government support to hire skilled immigrants with H-1B visas -- they'll have to show they haven't laid off or plan to lay off an American from a similar occupation.


Supporters say the law will help U.S.-born workers and stimulate our economy, but this is just wrong. The economy is not of fixed size, in which more foreign-born workers necessarily mean fewer U.S. workers. Productive foreign-born workers can help create more jobs here. Keeping them out damages us.


Start with the damage to companies that have received money from the Troubled Asset Relief Program (TARP). Over 400 firms now face a sharply curtailed talent pool, precisely when they need visionary talent to rebuild amidst the world's most severe economic crisis in decades. Without the best talent, ultimately they'll create fewer jobs.


There is also indirect, unforeseen damage that's beginning to appear in higher education. In 2007, the U.S. exported $15.7 billion in educational services and, consistent with our strong comparative advantage in education, ran a trade surplus of $11.2 billion. America has built the world's most dynamic university system largely by welcoming foreign scholars and students. This year at our own Tuck School of Business in Hanover, N.H., 31% of tenured and tenure-track professors and over 35% of MBA candidates are foreign born.


That dynamism is now in question. Here at Tuck -- and at many fellow business schools as well -- several foreign-born students had their job offers rescinded in response to EAWA. If foreign-born students cannot legally work here after earning their degrees, fewer will enroll.


Foreign-born MBA candidates often choose to study in America because they aim to apply what they learn from our world-class schools right here. The same is true across the academic fields: According to the National Science Foundation, 42% of Ph. D. science and engineering workers in the U.S. today are foreign born.


A reverse brain-drain caused by EAWA means that Tuck's U.S.-born students will endure a poorer classroom environment. Tuck and other schools will face a less-dynamic campus -- and eventually fewer jobs here as a result. Some schools will suffer declining enrollments, with commensurate declines in overall U.S. higher-education exports.


And where will all these foreign-born students go? To countries whose leaders recognize their job-creation potential and shape policy accordingly. For example, current British immigration policy welcomes an unlimited supply of the world's best and brightest business minds. Since 2004, the U.K. Highly Skilled Migrant Programme has maintained a list of 50 of the world's top business schools. Anyone who earns an MBA from a business school on this list is automatically eligible to work in the U.K. for at least one year.


Quite apart from their contributions to higher education, skilled immigrants have long contributed to American jobs and standards of living. They bring ideas for new technologies and new companies. And they bring connections to business opportunities abroad, stimulating exports and affiliate sales for multinational companies.


Turning away skilled immigrants will hurt, not help, the U.S. It is unlikely that supporters of the Employ American Workers Act saw the link from jobs at companies receiving TARP money to enrollments at American universities and graduate schools. But we ignore at our peril the indirect yet significant harm done by laws that try to wall America off from the global economy.


Today U.S. colleges and universities are suffering. Who will be next? And who in Washington will have the wisdom and courage to change course?


Mr. Danos is dean, and Messrs. Slaughter and Hansen are associate deans, at Dartmouth's Tuck School of Business.


 


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