It seems our worker friendly clause which said TARP recipients first had to consider qualified U.S. workers before bringing in more foreign workers on H-1B guest worker Visas is working:
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 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.
The U.S. Treasury’s bank-rescue plan won’t repair the financial system or revive credit markets, Bank of America Corp. strategist Richard Bernstein said as he recommended avoiding the industry’s shares
On the other hand, it appears Bank of America is pushing for more acquisitions...
ya know if it's too big to fail maybe it's a grand idea to not make it bigger.
SEIU is insisting that Bank of America use its taxpayer-funded windfall to support a real economic recovery and provide health care for its 247,000 workers—or give the money back
Make a bad acquisition? No problem. The treasury department is now giving BoA $20 Billion to absorb losses from it's acquisition of Merill Lynch. BoA has already received $25 billion. Oh yes, they get loan guarantees too.
The loan guarantees will cover about $118 billion in loans and other holdings such as securities backed by residential and commercial real estate loans. The bulk of these holdings were obtained by Bank of America in its acquisition of Merrill Lynch, a deal which closed earlier this yea
If anyone recalls, no one was twisting BoA's arm to acquire Merrill Lynch.
Bank of America said late Thursday that it plans to cut up to 35,000 jobs over the next three years as the financial giant adjusts to a recession and completes the pending acquisition of brokerage firm Merrill Lynch & Co.
This comes as the latest wave of mass layoffs in the troubled financial sector, which has been crippled by the credit crunch and the failure of large institutions such as Lehman Brothers More than 220,000 jobs already have been lost across the sector this year, according to labor-tracking firm Challenger Gray & Christmas.
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