Ficticious jobs are dissolving away........... Wall Street professionals are trying new careers, and fetching smaller salaries, amid the elimination of 76,670 investment jobs in the Americas following the global credit crunch that started a year ago, according to data compiled by Bloomberg. http://www.bloomberg.com/apps/news?pid=20601109&sid=a6h1pur72rok&refer=news Bond salesmen and traders are trying everything from bartending to real-estate sales to make insurance and tuition payments for their families, Maloney said. ``I know a few guys that started gambling, playing poker to pay the bills,'' he said. ``Especially ex-traders.''
I saw the Bloomberg article too and thought that I might just give it a rest, but it looks like it will just have to keep on rolling. To be honest, I was shocked to read that there were Wall Street traders who had taken up gambling to make a living. People have been known to wait on tables, become turf experts at a country club, go teach middle school math or head into a journey of 'self discovery' by blowing their savings backpacking through Asia, but to gamble? How pathetic is that? It tells you that without the backing of a large institution, these guys are nothing.
For Lehman Employees, the Collapse Is Personal How stupid do you have to be to have put a giant corporation in a position where there is no choice but a fire sale? Bear Stearns was bad, but Lehman has succeeded in taking stupid to another level.
http://www.nytimes.com/2008/10/24/nyregion/24leave.html?em Three chairs, ten hungry people. Most of them will have to leave. It will take a lot more than a market meltdown to lower prices in the City so that the unemployed will find it cheap enough to hang around.
most of them will run back to school and try to hide out for another few years. they'll be ok but side effect will be 2x debt there will be less jobs after m&a activity. those sticking around will have to compete with tier1 MIT quants like that guy walking around the schwab office with the - will trade for food sign on his back. and every january and may will produce more and more newly minted grads competing for the same job on the island called manhattan. but i believe that if they have love for the markets then they will come out ok. bear markets teach more valuable lessons than bull markets. is this the time to be surfing or backpacking through europe or is this time to be taking notes.
LOL, the doctor's (in the article) last name was Potash. That's hilarious, I'm sure that hasn't made alot of former trader's that are treater by her want to slap her across her face for being associated with one of the biggest equity death traps of 2008.
Most of them cannot run back to school because there are not enough places in the top 25 programs to accommodate all of them. And if these kids want to get back into the game via a comfy gig at some big name bank, then they really need to get into the top 10 to have a chance. Many, many people in the twenties with 3.8 and above GPAs are going to mill around unemployed for at least a year or two. Some of these guys will make it back okay but most of them are going to become members of a lost generation. The best and brightest floating aimlessly in the social economic netherworld; not dead but barely living; crustaceans that crawl around shamefully in their parent¡¯s basement. Quite a few have already left New York. Broken, defeated and utterly humiliated at how they were treated like human detritus when they had believed themselves to be the leaders of their generation. They are people who no longer know how to deal with the harsh realities of life. Failure was never an option offered to them and thus they have never believed that they could fail. Even after this shellacking, they still cannot quite grasp the reality that they have fallen. How could these golden children with their perfect grades and beautiful smiles end up on the streets with no prospects or income? We know the world ain¡¯t fair, but does it have to be so cruel?
http://www.nypost.com/pagesixmag/issues/20081026/5+Stages+Wall+Street+Grief Only the Page 6 of the NY Post publishes the truth. Everyone else tells placid lies. Let it never be said that the NY Post is trash.
http://www.nytimes.com/2008/10/29/nyregion/29irs.html?_r=1&ref=nyregion&oref=slogin Unbelievably sick.