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 . . .


‘I Want You,’ Uncle Sam Says to Unemployed Wall Street Analysts
Josh Fineman
Bloomberg, April 8 2009

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