Apparently Congress' "buy American" clause in the bailout funds is having its desired effect: Bank of America has rescinded its job offers to foreign MBAs.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.
As a committed free trader--and an MBA who went through the mass layoffs of the last recession--my sympathy is all with the MBAs. These are people who mostly aren't eligible for scholarships or subsidized student loans; they've borrowed or spent close to $100,000 in America to get their degree, many of them in hopes of staying here. They're intelligent, highly skilled, and promise to be net contributors to the tax system . . . so America kicks them in the teeth and sends them home without a job.