The first employer to follow bailout conditions – Bank of America withdrew job offers that it made to foreign MBA students. International students who completed MBA in US need H1-B visas to work in financial companies like BofA. If a company receives bail out money from the US government then they should not hire employees on H1-B visas.
TARP – Troubled Asset Relief Program limits the jobs available to foreign workers. List of other companies who received TARP funding – Wells Fargo, Chase, Goldman Sachs and Morgan Stanley.
This may be a big blow to B-Schools as this may stop foreign students apply for MBA programs in US. Does this spread to other industries (auto) is to be seen ?
Source : Financial Times