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September 24, 2008

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Note the commodities experience bit. Sounds to me like the Street is looking to commodities as the next big thing if they are looking to hire folks with that specific experience.

Your assumption about those who work on Wall Street is incorrect in that not everyone who worked at these firms made millions. Yes, the traders should have saved some of their millions, but you are neglecting the fact that there are a good number of people in the back office which support these operations which are salaried, and have nothing to do with the decision making regarding the investments that were made.

I'd like to second Nicholas:
It would be great if all of these people who lose jobs when banks go under had been those who used to make a lot of money and for a while, especially those responsible for this mess. Unfortunately, there are plenty of lower paid people there - from tellers and secretaries to computer programmers and accountants. Plus some young people with student loans who have just started working maybe months ago and haven't had chance to save much yet.

I am always amazed when people say "let the banks go under, let those responsible for this mess suffer". I'd bet my real money that when these companies goes under those responsible suffer least of all - they have their "golden parachutes" or they managed to made enough millions. But those who suffer most are regular employees like you and me who had absolutely no involvement in decision-making or bad loans.

I totally agree that the bankers should have saved their money. But, due to the timing of all of this, there are a lot of freshly minted college graduates who are suddenly jobless after 2-3 months in the "real world". They probably have pricey Manhattan leases based on the assumption they'd be earning a good salary, and they haven't been in the workforce long enough to build up much of the network. The entry-level folks are going to have a tough time.

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