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Foreign MBAs denied work in U.S.
MBA student looking a bit down
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TEXT OF STORY
Bill Radke: The U.S. bank bailouts are beginning to hit highly-skilled immigrants. Some foreign students about to graduate from U.S. business schools have had their job offers pulled away. From London, Stephen Beard has that.
Stephen Beard: Bank of America has just given some foreign MBA students in the U.S. the bad news. They won't be getting a job with the bank after they graduate this summer.
The bank blames a clause in the latest bailout legislation. Bank of America's already received $45 billion in government money. It's laying off thousands of American workers. So under the recent stimulus bill, it may not apply for visas for highly-skilled immigrant workers.
Stefan Szymanski is with the Cass Business School. He says discriminating against foreign students in this way is regrettable, but hardly surprising:
Stefan Szymanski: All countries devoting large sums of public money to recovery plans will inevitably direct those resources towards national citizens who have votes rather than foreign citizens who don't.
But critics of the move say it could turn off hundreds of foreign students from enrolling with American business schools.
In London, this is Stephen Beard for Marketplace.
If Kentucky Fried Chicken is being sold around the world, with the chicken from China and Capital from maybe Saudi Arabia, shouldn't labor from around the world be able to make the fried chicken in Kentucky.
Why is it that Capital & Goods can more easily cross boundaries, but not labor. I think this is because, the Richer nations have more of Capital & Goods, and since they have most influence in writing the Global trade laws, the poorer nations that have mostly only Labor as the resource, have to live it.
Isn't this Protectionism.
