Wall Street’s Controversial Move Against New Investment Fund
Wall Street trustees are looking to shut down a $40 million investment fund that chooses not to invest in companies hiring H-1B visa workers, who are accused of taking jobs from American professionals.
“They’re terminating the fund,” stated James Fishback, the fund’s founder, to Breitbart News. He elaborated, saying:
There is no exit strategy. They won’t allow us to transfer assets to anyone else. This feels like a death penalty for the fund and a blow to the banking system.
It started with President Trump, then they moved on to his family and friends—now they’re targeting investment firms. They claim they don’t want to fund American jobs through these foreign workers.
Fishback has appealed to Paul Atkins, the Chairman of the U.S. Securities and Exchange Commission, urging a halt to the delisting process while reviewing the trustees’ actions.
This backlash from Wall Street surfaces as evidence shows some executives are channeling American jobs to Indian H-1B visa holders, under the impression that lower-cost labor will lead to greater profits and rising stock prices, despite the adverse impacts on productivity and quality.
Nate Sass, a tech veteran replaced by an Indian team, told Breitbart News:
While stock prices can increase, the reality is that there are no real savings. The quality of Indian work is often so poor that projects end up taking longer and costing more than they would with American labor. But due to how expenses are reported, the hidden costs and quality issues go unnoticed.
Management’s support for such outsourcing practices seems driven by a desire to maximize shareholder value, Sass commented.
Executives benefit because they’re compensated in stock or cash. Their main quarterly goal is to push the stock price up. So, they’ll make decisions that please Wall Street, even if those choices are detrimental in the long run, as long as the immediate future looks good.
Breitbart News has previously discussed companies and their questionable use of influence regarding the H-1B visa program, which has drawn criticism for being discriminatory and ineffective.
The influx of foreign graduates into American white-collar jobs is also seen as a threat to professionalism, innovation, and foundational social values. More Americans are beginning to voice their concerns about the H-1B visa system and its recruitment practices.
Sass mentioned that despite creating an award-winning accounts receivable system, his work was sent to an outsourcing team in India. He explained:
I developed it entirely from scratch, establishing the whole system pretty quickly. It was budget-friendly and handled $1.5 billion in monthly transactions without issues… The maintenance was around $30,000 to $40,000 each year.
If that were outsourced to an Indian team, not only would it be late and overpriced, but it wouldn’t be worth it. Customers would suffer due to all the mistakes made during the transition.
In July, Fishback launched the Azoria Meritocracy Exchange Traded Fund (ETF), aimed at supporting companies committed to meritocratic principles. He noted that they excluded entities with explicit diversity quotas, including names like Starbucks and Intel.
The Tidal Trust III Board, responsible for overseeing many funds, is designed to protect smaller investors in a volatile market.
Fishback recounted the events of October 15:
They didn’t just decline our proposal—they outright decided to close our fund. All $40 million and many investors we’ll be liquidated, with the fund set to be delisted in December.
Fishback argued that this decision, led by Tidal’s COO Eric Falkeis, is unethical.
This morning, I reached out to SEC chairman Paul Atkins for immediate intervention, calling for a stop to the delisting process while looking into the board’s possible missteps.
Reuters reported that the board made its decision based on various factors, including litigation involving Azoria, which analysts deemed unusual.
Fishback contacted officials from the Treasury Department, believing they could exercise influence over the liquidation process.
Fishback maintains that his views regarding the H-1B program align with a pro-automation agenda championed by Trump and J.D. Vance.
“We’ll need automation to drive the economy,” he expressed, commenting on the labor market.
There simply aren’t enough people available. This means we’ll likely need to implement robotic solutions to enhance efficiency.
Vance remarked on the reliance on cheap labor, highlighting that American companies risk stunting innovation by pursuing inexpensive foreign labor. He emphasized a pressing need for productivity by proposing changes to immigration policies.
In a speech, President Trump acknowledged the problematic use of the H-1B program, claiming it undermines American job opportunities, particularly in STEM fields. The number of foreign workers in STEM roles more than doubled from 2000 to 2019, but overall employment growth in these areas was less than expected, revealing the negative consequences of H-1B misuse.
Trump has also suggested implementing fees on certain visa applications to deter this trend. White House Press Secretary Taylor Rogers reiterated the administration’s commitment to protecting American workers from the pressures of foreign labor.
Fishback reiterated the importance of hiring local graduates for entry-level positions, questioning why firms like Deloitte still depend on H-1B visas instead of domestic talent.
