What does ignorant protectionism result in?
A weaker America.
Dimon rails against foreign worker rulesBy Francesco Guerrera in New York
Financial Times May 20, 2009
Rules preventing US banks from hiring foreigners are a "complete and utter disgrace" and could prompt overseas governments to retaliate against American expatriates, Jamie Dimon, chief executive of JPMorgan Chase, warned on Tuesday.
Mr Dimon told his company's annual shareholder meeting that the provisions, which apply to lenders in receipt of government aid, had forced JPMorgan's executives to "look 40 or 50 overseas [graduates] in the eye" and tell them their job offers had been rescinded.
"We should be able to go to colleges and give jobs to kids without regard to where they were born," he added. "The worst thing that can happen . . . is that foreign governments will tell Americans they cannot have jobs over there."
Mr Dimon's outspoken comments highlight one of the key reasons - alongside restrictions on executive pay - why several lenders are eager to repay the funds received under the troubled asset relief programme (Tarp) last year.
Other large banks, including Goldman Sachs and Bank of America have attacked the rules, which make it difficult for banks receiving taxpayers' funds to apply for H1-B visas for skilled immigrants if they have recently made US workers redundant.
Mr Dimon said JPMorgan expected a number of banks to be allowed to repay Tarp in the next few weeks, as reported by the Financial Times on Tuesday. Government officials say an announcement on the first wave of Tarp repayers is likely to come on June 8.
