Until now, I havenâ€™t been able to say anything good about the Bush and Obama bailouts, which seem designed to reduce the United States to some weird hybrid of Argentina, Brazil and South Africa. Now, if this Financial Times article is to be believed, there might be something to cheer about the TARP.
According to the Financial Times
, Bank of America has decided to rescind job offers it has made to foreign nationals set to graduate from U.S. business schools this spring, whom BofA would need to sponsor for H-1B visas. [BofA withdraws job offers to foreign MBA
s, By Della Bradshaw,March 8, 2009]We may be sure this is not out of any concern for American workers in hard times. BofA is one of the worst open-borders corporate offenders out there, with many H-1Bs already on the payroll. Among BofAâ€™s worst offenses was its aggressive lobbying to get the U.S. Treasury to accept Mexicoâ€™s notoriously unreliable matricula consular as adequate identification to open a bank account in the United States, so that BofA could sign up illegal alien account holders and take a cut of the illegally earned remittance dollars illegal aliens send out of the country. With Mexichurian President GW Bush at the helm, the Treasury was delighted to comply with BofAâ€™s blatantly illegal request.
After taking $45 billion of Americansâ€™ dollars in TARP money, having laid off thousands of people and with the certainty of laying off thousands more, even an employer as shameless as BofA realized it could not simply continue with business as usual replacing American workers with cheaper H-1B aliens.
Weâ€™ll see how long that position holds, and if other employers police themselves this way. No doubt corporate employers are unhappy about finding it harder to replace American employees with cheaper foreigners, and business school deans are already moaning about how this vile protectionism will make America less competitive. They might, horror of horrors, have to admit more American applicants!
This is a small victory for Americans