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.
A spokesman for the bank said: “Recent changes in legislation made it necessary for Bank of America to rescind job offers it had made to students requiring H-1B sponsorship.”
The number of international students affected by the BofA move is thought to be no more than 50 but business schools are concerned that other banks could follow suit.
Traditionally, about a third of MBA students at the leading US schools have taken up finance and banking jobs on graduation, with about a third of those MBAs coming from outside the US.
Some supporters of freer migration have criticised the Tarp measure for threatening to cut the US off from foreign talent and encouraging tit-for-tat retaliation by other countries.
One concern for business school deans is that students who have traditionally studied in the US may go elsewhere. “There might be an inclination for people from around the world to vote with their feet,” says David Schmittlein, dean of MIT’s Sloan school of management in Boston.
Read it and weep, moron. Too bad, stupidity is terminal. Better luck in your next life - if you lucky, you may be born as an Indian.
"But education and culture can take people only so far. To be a great speller--or, more importantly, a great doctor or IT manager--you have to be smart. Just how smart are Indian Americans? We don't know with much certainty. Most data sets with information on ethnic groups do not include IQ scores, and the few that do rarely include enough cases to provide interpretable results for such a small portion of the population.
The only direct evidence we have comes from the 2003 New Immigrant Survey, in which a basic cognitive test called "digit span" was administered to a sample of newly arrived immigrant children. It is an excellent test for comparing people with disparate language and educational backgrounds, since the test taker need only repeat lengthening sequences of digits read by the examiner. Repeating the digits forward is simply a test of short-term memory, but repeating them backward is much more mentally taxing, hence a rough measure of intelligence.
When statistical adjustments are used to convert the backward digit span results to full-scale IQ scores, Indian Americans place at about 112 on a bell-shaped IQ distribution, with white Americans at 100. 112 is the 79th percentile of the white distribution. For more context, consider that Ashkenazi Jews are a famously intelligent ethnic group, and their mean IQ is somewhere around 110."