Wall Street Firms Finding Their Way Around Foreign Worker Limitations
When Congress passed the economic stimulus package in February, the bill included a provision restricting companies that utilize TARP money from hiring foreign workers. The measure was meant to protect American workers, but several Wall Street firms are still hiring foreign workers and simply moving their jobs oversees.
J.P. Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley are just a few of the companies named in a Wall Street Journal report that are hiring foreign students graduating from U.S. colleges, and instead of having them work in the United States, they're sending them to offices in Europe and Asia. The numbers are small, but it still represents jobs that could be going to American workers.
"There are no U.S. immigration restrictions on people working outside the U.S., so anyone who wants to can have folks work in London versus New York," said immigration attorney Allen Erenbaum in a Wall Street Journal report.
For more on this story, see the Wall Street Journal.