Uncle Sam to Wall Street: Your Hired!
Here is some interesting news: After a decade of under-staffed regulatory agencies throughout Wash D.C., the nation’s capital is hiring. Ranging from the FDIC to SEC to FBI, various Federal agencies are taking advantage of the Wall Street layoffs to bring in talent beyond lawyers:
“Underscoring Washington’s appeal as the financial industry shrinks, about 400 finance professionals have signed up for a New York job fair this month featuring nine federal agencies ranging from the Federal Deposit Insurance Corp. to the FBI and the Securities and Exchange Commission. That’s double the tally at similar events last year, organizers say.
Attendees at the April 24 event will include Virginia Donner, 43, who called a friend at the Federal Reserve after losing her job at a hedge fund in Greenwich, Connecticut. “When you’re looking for work and your industry has kind of imploded, you have to look at what your skills are and then figure out who’s hiring,” she said.
The job-seekers are among 23,300 people who lost industry work in New York in the year through February as banks worldwide announced almost $870 billion in losses and writedowns. The credit crisis that claimed Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Bear Stearns Cos. may cost another 23,000 jobs over the next year, New York City estimates.”
While DC reaching out to analysts is encouraging, you have to ask yourself how and why these agencies became so demoralized, under-staffed, and over-ridden with lawyers in the first place . . .
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Source:
‘I Want You,’ Uncle Sam Says to Unemployed Wall Street Analysts
Josh Fineman
Bloomberg, April 8 2009
http://www.bloomberg.com/apps/news?pid=20601109&sid=aCTNQjrpq2RI&
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April 8th, 2009 at 7:33 am
forgive me, but Virginia Donner isn’t reminding me of:
http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Frank+Abagnale
http://www.abagnale.com/index2.asp
Frank W. Abagnale is one of the world’s most respected authorities on the subjects of forgery, embezzlement and secure documents. For over thirty years he has lectured to and consulted with hundreds of financial institutions, corporations and government agencies around the world.
…
Today, the majority of Mr. Abagnale’s work is for the U. S. government.
April 8th, 2009 at 7:40 am
While DC reaching out to analysts is encouraging, you have to ask yourself how and why these agencies became so demoralized, under-staffed, and over-ridden with lawyers in the first place . . .
Ah.. lets see.. Could it be that some people don’t believe that the Government can do anything right therefore why even bother. Lawyers are the tools to rationalize the belief and provide cover for implementation approaches.
The Justice Department itself will act as a case study in this strategy.
April 8th, 2009 at 7:44 am
Mark E Hoffer,
You took the words write out of my keyboard. I was about ready to write something similar. If you want to understand crooks, you hire the best ones for yourself.
The old GWB crowd would only hire incompetent ideologues, who emulated crooks quite well. Most were each like a sleepy old guard dog that would much rather lick itself in the crotch and sniff the butts of others ideologues than think about doing the job properly.
April 8th, 2009 at 7:49 am
Here’s a sentence that should never be said, “Talent beyond lawyers”
Bush, the MBA President, never got DC to run like a business, but like a huge, opaque law firm that charged to much because of their privilege (with an overly-large lobbying division. ) For the scorn they heaped on lawyers, it was one of the decade’s richest ironies.
Bringing in people with rudimentary arithmetic skills is a plus, at least the golf score tallying will be accurate …plus or minus.
April 8th, 2009 at 8:03 am
VD,
there’s an old adage: “Never play a Handicap tournament near the Beltway”
http://www.usga.org/playing/handicaps/handicaps.html
dh,
it’s brutal, now so many are calling for even more ‘Regulation’..
as it stands, there are so many Statutes on the Books, currently, that anyone is Guilty of something at anytime..
wade through some of this:
http://cf29.clusty.com/search?query=number%20of%20statutes&
bring your body suit..
April 8th, 2009 at 8:19 am
dead hobo:
You underestimate the ideologues, they were quite competent.
As the line goes, Judge Smails: I’m no slouch
Ty Webb: Judge Smails, don’t underestimate yourself, you’re quite a slouch.
April 8th, 2009 at 8:26 am
October 12, 1912 (London) The Directors of White Star cruise line issued a statement today that all passenger ships will be equipped with extra lifeboats and life preservers.
April 8th, 2009 at 9:47 am
‘over-ridden with lawyers in the first place’
Look at our Congress and state legislatures – infested with ‘no nothing about finance/economics’ lawyers! Banks are the oligarchy in charge in DC but even they are directed by attorneys. No wonder Shakespeare’s quote ‘ Let’s kill lawyers FIRST’!
April 8th, 2009 at 10:06 am
U could have them take a quick test w/ the following topics:
1) define sample size;
2) what is Benford’s law;
3) how do U make book, i.e., set odds;
U complete all three, then U are in;
April 8th, 2009 at 10:54 am
“The more corrupt the state, the more numerous the laws.”
Tacitus
There is a reason there were more lawyers in D.C. (and other political capitols.) They are taught how to navigate a system of arcane rules. In other words, they are taught to game the system. There is no real difference between contemporary banking & contemporary law (although there are honorable people in both fields.) The U.S. has shifted away from wealth creation to wealth predation.
Regards,
TDL
April 8th, 2009 at 11:04 am
Typo: change to ‘You’re Hired’
Keep up the good work, sir!
April 8th, 2009 at 11:18 am
OK, if I understand how all this works — now we will have Wall Street insiders “helping” the FBI, SEC and FDIC investigate and prosecute their buddies who still work on Wall Street.
Tell me, how is this going to clean up the mess of Wall Street?
April 8th, 2009 at 11:30 am
I think the motto that will best sum up this time period when looking back will be:
“Business is hard, fraud is easier”.
April 8th, 2009 at 12:00 pm
oh yes, the ex-hedgie analyst who made 9.6 million in ’07 is going to love helping the US Post Office manage their equipment lease financing
April 8th, 2009 at 12:11 pm
“@Bob the unemployed Says: OK, if I understand how all this works — now we will have Wall Street insiders “helping” the FBI, SEC and FDIC investigate and prosecute their buddies who still work on Wall Street.
Tell me, how is this going to clean up the mess of Wall Street?”
That’s EXACTLY what I was thinking. One of the biggest problems in the US economy is the ‘revolving door’ between government and private sector posts – in defense, in media regulation and now with Wall Street. Talk about having the foxes guarding the hen house.
April 8th, 2009 at 12:24 pm
speaking of the USPS, why weren’t those feebs hedging their OIL exposure a la LUV?
April 8th, 2009 at 12:28 pm
>> While DC reaching out to analysts is encouraging, you have to ask yourself how and why these agencies became so demoralized, under-staffed, and over-ridden with lawyers in the first place . . .
For decades, right-wingers kept arguing against regulation of all kinds, for fear of “regulatory capture” and inefficient regulation. And voters — me included — increasingly agreed with those arguments. But, what we did is elect officials who represented the businesses. These officials either repealed regulation or didn’t enforce it. And was industry better during these lax times? No. The experiment failed — reproving the experience of the 1920′s when the SEC didn’t even exist.
My new bumper sticker: “‘Regulatory capture’ — it’s a right-wing thing.”
April 8th, 2009 at 12:32 pm
>> Talk about having the foxes guarding the hen house.
For the past 30 years, we increasingly VOTED for the foxes.
April 8th, 2009 at 1:22 pm
Hedgies may find that working for Uncle Sam trims the sails a bit.
Methinks the large bottles of Yellow Tail will be on the table in place of the Domaine Romanée-Conti.
April 8th, 2009 at 1:44 pm
lb,
http://www.greatdomaines.co.za/romanee_conti_text.html
to your point, those low salaries make the Lobbyists’ ‘jobs’ less expensive..
April 8th, 2009 at 11:22 pm
Remember the faux outrage obama expressed over the AIG bonus’s and it turned out they were at the request of the White House? Then obama had another another AIG person brought in what does that say obviously he has put the FOXES in charge of the Henhouse. No surprise to me he was contributed to the most heavily by the playa’s and Citi Group was the largest donor at his Elaborate Inaugeration he serves the Banks and the public be damned!
April 8th, 2009 at 11:24 pm
One more thing did you see the MSNBC poll? This had * 1891554 responses
http://www.msnbc.msn.com/id/29493093/
Give President Obama a grade
LIVE VOTE
If you were grading Barack Obama on his performance as president, what would he get? * 1891554 responses
He gets an A
30%
He gets a B
6.3%
He gets a C
5.4%
He gets a D
14%
He gets an F
44%
Not a scientific survey. Click to learn more. Results may not total 100% due to rounding.