Pain & Pleasure

Quote from mingsphinx:

The MBA class of 2004-2007 are probably the worst affected by what is happening. They finished college between 1995 and 2000 and were the lucky ones who survived the dotcom collapse. The guys who have just entered school are the lucky ones as they get to wait out the storm. For those who have been given the boot, they can kiss their high paying jobs and Wall Street careers goodbye. Those who were smart saved up and paid off their student loans. Those who were dumb bought co-opts at inflated prices and deferred payment on their loans because they did not think it would ever happen to them. People who gets MBAs from places like Harvard and Wharton probably never imagined that bankruptcy would touch them; but under the present circumstances, we will hear more about how MBAs are ending up unemployed and penniless. Now does that not put a smile to your face? :)
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So what about current MBAs? Are they ish out of luck?
 
Quote from Gold Standard:

So what about current MBAs? Are they ish out of luck?
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Class of 2008 is fucked for sure. Those guys are shoved between the people who have 2-3 years post-MBA experience and the fresh faced bright eyed bushy tailed but scared as hell graduand of the class of 2009.

The guys from the class of 2009 who have managed to secure positions at major banks are the big winners. Even in good years, maybe 1 in 50 will rise to become real bankers, gain the SMD title and earn the big money. But if you have a seat at the table now, the odds that you will make it increases dramatically because the ranks have been decimated. The trouble of course is that graduating MBA students cannot get jobs.

There is no end to the crisis this year so for the students who are talented but have no connections that they can call on, they might have to do things like consider a career in teaching to make ends meet. It is the rich kids whose daddy and mommy know all the right people who are going to walk away with the prize in these topsy-turvy times. If you cannot afford it, this is a really bad time to have partied hard for two years and saddled yourself with a six figure debt load. Without a banking job, you are going to learn what it feels like to have a noose around your neck that tightens every day.
 
http://www.forbes.com/2009/02/24/volunteer-layoff-opportunity-leadership-careers_basics.html

Six Steps To Successful Volunteering

"It's an excellent opportunity, as long as you're not doing it just to meet people," says Lynda Zakrzewski, national director of Boardnet. "The skills developed in being on a nonprofit board overlap the skills of leaders in corporate America--negotiation techniques, strategic formulation, recruiting talent, influencing."

As for Becky Groom, she's feeling a lot better about herself, even though she has been out of a job for a year. "This has really helped me feel more professional again," she says. "Having been out of work so long, I was starting to feel down and worried that I'd lose some of my skills. It's been a really good way to reengage and feel good about myself."
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Prozac for the long term unemployed. Hey, if an ex-WaMu employee can feel good about herself, so can you!
 
http://www.charlotteobserver.com/banking/story/566810.html

From Charlotte. At least down south the women stick by their husbands when they lose their jobs. The quote from the schumck working at Wachovia is unreservedly sick.

A senior manager at Wachovia's investment bank said a large proportion of his employees make $30,000 to $40,000 a year, and were usually eligible for a bonus of about $5,000. But Wachovia cut its bonus pool by 80 percent for 2008.

¡°They did a killer job, and they won't get anything,¡± said the manager. ¡°I feel like we pulled the rug out from under them. ¡_ It's fair that business units that lost money will not get bonuses. Unfortunately, this policy means that employees who made or saved the company money will not be paid for their efforts.¡±

He thinks the government should also share the blame for the economic meltdown. But lawmakers aren't pointing any fingers at themselves, and they're focusing on symbolic issues like corporate jets but aren't solving the industry's core problems:

¡°They're the ones who chronically underfunded the regulators. They're the ones who said after 9/11, ¡®Oh my gosh, we've got to lower rates, we've got to lend all this money.' They're the ones that have been running record deficits. They're the ones that didn't regulate the mortgage business.¡±
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http://www.forbes.com/2009/03/09/foreign-workers-visas-business-banks.html

"Foreign Workers Banned From Wall Street" reads the headline. This piece of news is likely to make some of you very happy indeed. Poor Alice and Neha, it is not like they can head to Hong Kong or Mumbai as the first is so entirely dependent on equity issuance that the shut down has affected it even more than New York and salaries in the second cannot possibly support a Wharton type student loan repayment.

"I grew up internationally between China, Hong Kong and Belgium and worked in Japan. Nowhere else have I ever experienced this kind of discrimination," Su says.
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Well, it is time to learn the ways of the world girl. :D
 
http://blogs.wsj.com/deals/2009/03/11/jobs-for-fed-up-wall-streeters-here-are-the-next-big-ones/

Headline: "Jobs for Fed-Up Wall Streeters"

This article will make you sick. Does anyone really believe that weasels make good private or public sector leaders? The only truthful comment in this soaped up feel good piece is below:

Small Trading Shops: One trend of the downturn is the decoupling of two of Wall Street¡¯s biggest businesses: merger advice and markets. Merger advice is booming for many small boutiques that have nothing to do with the markets. On the flip side, there is a boom in the trading of commodity businesses, foreign currencies and government bonds, something that is bolstering smaller sales-and-trading operations like Libertas and Cantor Fitzgerald. These businesses are off to a great start for the year, according to one banker who has referred former trading colleagues there. The firms have higher profit margins than do the big Wall Street banks because their costs are lower.
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The bucket shops are seeing a frenzy of hiring activity as people who are addicted to the high life move to penny stock manipulation and money laundering. It will not matter to these people anyway. The platinum escort and crack whore both have to turn tricks to make money.
 
http://www.elitetrader.com/vb/showthread.php?s=&threadid=158567&perpage=6&pagenumber=1

This thread on the article above deserves to be here as well. I actually truly felt sorry for the Indian-British couple who got dumped by Merrill Lynch. Contrary to what some people think, the L visas are far harder to come by than the H visas which very often leads quite easily to a green card. For Merrill Lynch to move this guy from London to New York must have meant that he was basically number one in what he was doing. There is no other reason to spend the money or go through the trouble of applying for a L-1 visa for him and his family. Getting dumped at this point would mean that his career is over and for the sort of guy who would make it all the way to the top in a field as exciting as finance IT infrastructure this is the same as asking him to go hang himself.
 
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