Wall Street Will Never Be the Same Again

[DeSwiss]

Wall Street Will Never Be the Same Again

Reuters | Rebecca Greenfield | Nov 22, 2011

The financial jobs market isn't doing well and no one expects it to make a comeback anytime soon, if ever. The latest stats and testimonials out of the financial sector shows that Wall Streeters are going through another round of 2008-style lay-offs. This year, so far, the global financial-services industry has lost 200,000 jobs, reports Bloomberg's Max Abelson and Ambereen Choudhury. That's up from 174,000 in 2009 -- that horrifying year everything fell apart. But beyond shear numbers, the scary part about these layoffs for prospective bankers is that the jobs don't look like they're coming back anytime soon.

*snip*

There's something bigger going on here than shrinking economy, it's a paradigm shift. Industry headcount has dropped 17 percent since 2008, reports Roose. And young bankers are feeling it most. "The number of investment bank and brokerage firm employees between the ages 20 and 34 fell by 25 percent from the third quarter of 2008 to the same period of 2011, a loss of 110,000 jobs from layoffs, attrition and voluntary departures," continues Roose.

For Occupy Wall Streeters hoping to inspire this very type of change, this might be good news. But for the individual banker, who believes they worked hard, it's not as exciting. "These are by far my darkest days," former Jeffries banker Scott Schubert told Max Abelson and Ambereen Choudhury. Steve Ferdman, a recently laid-off banker seconds that sentiment. "I did everything right. I came into work every day, I put in long hours, and I still got punched in the face," he said. "People shouldn’t want to work in this industry anymore."

http://www.theatlanticwire.com/business/2011/11/wall-street-will-never-be-same-again/45318/">MORE

- Steve Ferdman, we feel your pain. As the great philosopher John McClane once said:
http://www.youtube.com/watch?v=qkyskI13KOs">


DeSwiss



"When you say or do anything to please, get, keep, influence, or control
anyone or anything, fear is the cause and pain is the result." ~Byron Katie

[TransitJohn]

1. Cry me a fucking river, assholes!

You can't make a living fucking over the blue collar working class which is the backbone that built this economy forever without it fucking you!

[RKP5637]

4. +1000 +++ n/t

[roguevalley]

12. commodity speculators, that market's equivalent of these pimps

have caused starvation in east africa with their shit. may they all burn

[DeSwiss]

5. When the company's stock he once sold.....

...downsized and the price went up, he got bonuses. And then he thought such a thing as firing people for profits was just peachy. He is now learning the reverse of that concept.

- He'll need some time to get used to things.....

[marmar]

2. To quote Martin Sheen's character in "Wall Street":

"Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others."

[MADem]

8. Martin Sheen was in Wall Street? I remember Michael Douglas, and

Charlie (yes, that one) Sheen....but Martin (the President on Tee Vee on that West Wing show...), I don't remember!

[marmar]

9. Yep. He was Bud Fox's father.....

Art imitates life.

[MADem]

10. BINGO!!!! YES--I remember now!

It's been eons since I have seen that film!

You are quite right.

[RKP5637]

3. BFD!!! Many of us did the same, "I did everything right. I came into work every day,

I put in long hours, and I still got punched in the face," he said. "People shouldn’t want to work in this industry anymore."

What makes a banker so F'en special, pushing peoples money around. Some of us did significant technological advancements and still got screwed. As I said, banker, BFD.

[eleny]

6. _

[Sarah Ibarruri]

7. This is very good news. Thank you. nt

[DeSwiss]

23. I'm sure that.....

...Mr. Ferdman would disagree with your assessment. And the Mrs. Ferdman probably does too.

- From Neiman-Marcus to Target!!! Such sacrifices these job-creators make for us......

[virgogal]

11. The poor guys. Now they know how the blacksmiths,garment workers,

and call center employees felt.

Assholes !

[tsuki]

13. I'll get you a McDonald's ap. nt

[bhikkhu]

14. True - and a little graphic of that I'm fond of:

Things are in better balance now, as many of them have lost 90% of their value and the Volker Rule prohibiting market speculation is in effect as a part of the Dodd-Frank Bill.

[Lucky Luciano]

16. Prices are way down, but they have issued many shares,

so market caps are not as far off as that now from the peaks...still off a bunch though - especially due to the Europeans of late.

[saras]

15. "People shouldn’t want to work in this industry anymore." Exactly right. How eloquent.

It should be a hard, ugly, moderately paid job of extremely limited personal power and tight regulation, appealing more to the actuary type than the adrenalin addict.

The question is, what laws do we need to change in order to create such an environment?

[DeSwiss]

24. Adopt.....

...the http://sg.finance.yahoo.com/news/China-property-boss-sentenced-afpsg-1249658267.html?x=0">China model of dealing with fraudsters?

- Somehow I think even many liberals might support this change in the law......

[rpannier]

17. I still got punched in the face

Come by my house
I'll be glad to really punch you in the face

[BlancheSplanchnik]

18. Live by the punch...

Die by the punch, Mr. Ferdman.

[bemildred]

19. Nothing is more amusing than a whiney rich person. nt

[DeSwiss]

22. Ain't it the truth.

Now he'll have to use yellow mustard in place of his regular Grey Poupon!

[onethatcares]

20. but what will we tell the children?

when that mercedes 450 sel isn't wrapped in a bow under the tree, or their trip to see the titanic has been cancelled(I saw where that underwater trip is only $57,900 per person). Ahh, the humanity of it all.

[DeSwiss]

25. That's nothing.....

...wait'll they find out their gonna have to go to the public schools!!!!

- They're gonna love their first frisking......

[The Traveler]

21. "The great philosopher John McCane ..."

:rofl:

There is plagiarism in my immediate future. You're just going to have to get over it.

:yourock:

[DeSwiss]

26. Imitation.....

...yada, yada, yada and all that.

- I am honored to be plagiarized.

[hatrack]

27. Well, Mr. Ferdman, The Market no longer needs you.

Feel that slap? That was the Invisible Hand. Welcome to reality.