Pain & Pleasure

http://www.boston.com/jobs/news/jobdoc/2009/01/unemployment_should_i_file.html

I did not find any suitable job since I got my MBA in May 2007 from a very good private univeristy in Boston. As such, I have temped for several temp. employment
agencies for almost 2 years. I am not sure I should go to school again, it seems
to me there is hardly any relationship between one's degree and employment status or income. More than half of my MBA classmates are unemployed.
Am I right, if there is almost no jobs around, college degree or
degreeS Doesn't do any good!?

Posted by Neil S. January 15, 09 02:17 PM
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Re: Neil. It is true that just having a degree won't get you a job. The MBA is supposed to be a tool for those with work experience who have the natural skills to be management material, it is not meant as a certificate to show you would be a good employee. If you got your MBA and still don't have a job almost 2 years later it is because you are lacking as a candidate. The old saying goes that a stupid person with a degree is still a stupid person, I suspect this is the case in your situation. Fact is there are good jobs out there - but the thing is they only go to the good candidates.

Posted by JimboSlice January 16, 09 02:47 PM
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Heading back to school is NOT the answer. Don't waste money on some useless professional degree (unless RN or a trade). And God help anyone if they go to law school thinking it will improve their lot. STAY AWAY!!

Posted by Anonymous January 16, 09 04:27 PM
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This post is kinda cruel because the people involved are clearly not Wall Street bankers, but they are cut from the same cloth. Wonderful advice would'nt you say?
 
Quote from gnome:

On the one hand, I can sympathize with them or anyone who loses a well-paying job.

However, they SHOULD have been more responsible with their money when things were good. They know they're in a volatile job... when the economy goes through rough patches, many of them get downsized. They should have paid down their debts and started building capital as soon as they started making good money instead of living the high life right away.
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I agree. Anyone with half a brain in this business knows desks get closed and teams get sacked. I mean it was only happening back in 2000 - 2003 for gods sake. It's one of the reasons you get paid well
 
http://online.wsj.com/article/SB123293202890614265.html

Despite all the pain in the financial sector, bank executives' biggest fear has yet to materialize. Now, it is rearing its ugly head.
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Hehehehehe...:D

Alright, this article is not about Wall Street but banking in general. But as provisioning and charge-offs rise along with unemployment, the people up stream will feel the hits too. Time to say bye-bye to the people still left in the structured finance group!
 
http://www.nytimes.com/2009/01/31/nyregion/31psych.html?em=&pagewanted=all

Many of these new patients spent years enjoying not just an ordinary measure of prosperity but the often-outsize financial, emotional and social rewards that accompanied the boom.

Dr. Kotbi said they often suffer ¡°delusions of poverty¡± ¡ª which is in the Diagnostic and Statistical Manual of Mental Disorders, associated with psychotic depression ¡ª and despite retaining millions of dollars in assets, are crippled by self-doubt, loss of power, and sometimes guilt.
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And Dr. Paula Eagle, an associate professor at Columbia University, said that investment bankers in her private therapy practice, suffering from paranoia, have described mordant-humor fantasies circulating among their colleagues that the collapse of the financial markets would lead to New York City going broke and martial law being declared.

¡°They were going to buy guns and rafts and float down the Hudson River,¡± Dr. Eagle said. ¡°It stirred up a lot of 9/11 kinds of feelings ¡ª this is disaster time and we have to be prepared to run for cover.¡±
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Some one please put them out of their misery. Two taps to the head and there will be peace. Day by day, it looks more and more like the United States of Argentina. This is so pathetic because it is not as if these people are broke or even poor.
 
http://www.nytimes.com/2009/02/03/business/03bankers.html?_r=1&hp=&pagewanted=all

To all the people who think that I have something against bankers, you are wrong. Following his stint as a Vice President at Bear Stearns, Stephen Chen chooses to sell "sandals made by Cambodian villagers out of discarded rubber tires". It would appear to me that his relatives in the Bronx who run restaurants and laundromats have a better head on their shoulders than he does. And yet it is people like Stephen Chen who act as the invisible hand guiding the global economy. What does Stephen Chen hope to do? Save these poor Cambodian villages and win back his lost social acclaim? The best and brightest are now lost in limbo space. They do not know what to do, they do not know where to go. In an instant the world changed and they were left behind.
 
http://www.nytimes.com/2009/02/08/nyregion/08towns.html?ref=education

¡°Without Wall Street as the default position, I think people will be forced to think outside the box in their career choices, which is a good thing,¡± she said. ¡°I just got an e-mail from a friend at UBS who said, ¡®I didn¡¯t get a bonus this year, and I don¡¯t want to be here anymore.¡¯ Hopefully, there will be a flood of talent to nonprofits and technology companies and places other than Wall Street. I just know I¡¯m a lot happier. I wake up every morning excited to get to work.¡±
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Dang! Them lil' puppies are waking up!
 
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