Geniuses....

Megan McArdle:

Apparently Congress' "buy American" clause in the bailout funds is having its desired effect: Bank of America has rescinded its job offers to foreign MBAs. I suspect that Bank of America is at least as motivated by a need to reduce headcount as it is by fear of Congress. But cutting your recruitment based on country of origin, rather than skills and fit, does not seem like the most efficient way to do it.