Posted by: Louis Lavelle on March 11, 2009
It’s a bad time to be an MBA student—what with the the collapsing job market for business school graduates. But you really have to feel for the international students who are getting tossed to the curb in America’s rush to right its sinking economic ship.
In recent days, international students from Wharton, NYU, and Tuck have had job offers rescinded by Bank of America and other top banks. The reason: a provision added to the stimulus bill last month by Sens. Charles Grassley, R-Iowa, and Bernard Sanders, I-Vermont that prohibits banks receiving federal bailout money from the Troubled Asset Relief Program (TARP) from hiring foreign workers if they’ve laid off employees in the last 90 days.
The job rescisions, which have been previously reported by Forbes and the Wall Street Journal, have drawn criticism from some within the higher education commmunity. In an op-ed piece in the Journal, Tuck dean Paul Danos and associate deans Matthew Slaughter and Robert Hansen argue that the Grassley/Sanders measure is self-defeating, and will ultimately harm the U.S. economy more than help it.
Over 400 companies have accepted the federal bailout funds and “now face a sharply curtailed talent pool, precisely when they need visionary talent to rebuild,” the deans wrote. If foreign-born students can’t count on a job after earning their degrees, fewer will enroll, they said. And places like Tuck—where 35% of MBA candidates are foreign born—will be a lot less diverse.
Has anyone been on the receiving end of a rescinded job offer, from Bank of America or another employer? What alternatives are there—short of leaving the country—for people in this predicament? All ideas are welcome.