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Wall Street Hiring Jumps Most Since 2008 as Guarantees Return

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posted on Jun, 28 2010 @ 10:16 AM
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Wall Street Hiring Jumps Most Since 2008 as Guarantees Return


www.bloomberg.com

Leverage is back on Wall Street -- and this time it’s the bankers who have it.

Firms are adding jobs for the first time in two years, rebuilding businesses cut during the financial crisis and offering guaranteed payouts to lure top bankers.

a 75 percent rise in investment banking jobs posted on its website from a year earlier.

Firms are paying 30 percent to 40 percent more than what employees are expecting to earn to lure them from other banks this year,
(visit the link for the full news article)



[edit on 28-6-2010 by dolphinfan]




posted on Jun, 28 2010 @ 10:16 AM
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Here we go again. As predicted, when the banks melted down, many top bankers, not wanting to work under massive scrutiny and what would certainly be significantly lower pay just took some time off. Now that the market looks to rebound firms are fighting over top talent.

The weakness of the "pay czar" is going to be clearly demonstrated with some of these gents getting $8M guaranteed bonuses and fringe benefits like use of private jets.

Wall Street loves government regulations. 2000 page bills create more loopholes that bankers can exploit to generate massive profits and hence massive compensation.

All the bluster from the government, republicans and democrats is just that. Pass a massive bill that looks impressive ("well they must be hammering the bankers since the bill is 2000 pages") but in reality does nothing is just a smoke screen.

What is needed are simple regulations that are focused on transparency. Simple, difficult to exploit and easy to understand. Of course, that is exactly what the government and Wall Street are not interested in.

Some of the easiest components of regulatory reform have been purposefully ignored in this legislation, such as fixing Fannie and Freddy and cleaning up the conflict of interest mess associated with the ratings agencys.

More of the same.

Top bankers are extremely competetive people. When you create a situation where there are unlimited sums of money to be made and place highly competetive people in the game, schemes will be devised and the envelope will be constantly pushed.

Get ready for a whole new basket of instruments that will be used to generate fees. This time they will be instruments which hedge against what will be significantly higher interest rates, essentially selling the dollar short.

Somewhere in a corner office in lower Manhattan there is some Harvard MBA designing the next CDO. Be about two/three years before that blows up.

Fun stuff

www.bloomberg.com (visit the link for the full news article)



posted on Jun, 28 2010 @ 10:27 AM
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You think they just pulled that WSR bill out of their hats? It was sitting in someone's desk just waiting for the right time to run it through. It was written by banks in the interest of the banks. As such, they have furthered the noose around the neck of the nation.



posted on Jun, 28 2010 @ 05:50 PM
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reply to post by PayMeh
 


No doubt you are right. They will do what they always and that is exploit the weakness in the economy in such a manner as to create more weakness and thus make a killing.

We are about to see the next crop of billionaires minted in lower Manhattan.




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