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Monday, 9 March 2009

US protectionism at work

Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from US business schools this summer, citing conditions laid out in its bail-out deal as the reason. The just-passed $787bn stimulus bill 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 has received a total of $45bn in Tarp funds and is in the process of digesting two large acquisitions, Countrywide and Merrill Lynch, which will see thousands of jobs lost.

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