Government Job Fair Targets Down and Out Wall Streeters

The wipeout on Wall Street has taken a major toll on headcount, and with many severance packages about to run out, ex-Masters of the Universe have some tough decisions to make. Like which government agency they want to work for:

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.”

A government employee in New York can earn between $76,000 and $153,000..... Bloomberg

Embrace the challenges of makin copies for the G-Men...you can get home in time for a regulars jogs around the Central Park reservoir and probably sneak off to movie matinees from time to time...given a full price movie ticket is a luxury to any New Yorker making less than 125k. Some of the jobs available are with the FBI, and lets face it, nothing is cooler than a pistol packing accountant. Check out the NYSSA website for more info.

‘I Want You,’ Uncle Sam Says to Unemployed Wall Street Analysts
Bloomberg

Debacle in Hedgistan - Average Compensation Falls to $794,000

Why are we whispering? Because Alpha Magazine's annual compensation survey numbers are out - and while compensation in Hedgistan is down, so is the average the average house price in East Hampton. Given that we will be hard pressed to avoid deflation, hedgies will probably witness an increase in purchasing power this year. And with tables at the best restaurants in the City going begging, you are set up to live large in 2009-'10.

Just don't let Maxine Waters get a hold of these numbers.

Average total compensation for all the hedge fund pro's we surveyed was $794,000 in 2008, (down from $940,000 the previous year); cash bonuses were slashed, on average, by 24%; and prospects for a paycheck turnaround seem bleak. Alpha Magazine

Senior Analyst/Single Manager Firm

Senior Portfolio Manager/Multi-Strategy Firm

Senior Trader/Multi-Strategy Firm

One-Way Bove Packs Up and Moves to Rochdale

Dick Bove's battle with Meredith Whitney to become the go-to bank analyst ended abruptly, and now it appears his job at Ladenburg has, too.....

Veteran banking analyst Richard Bove has resigned from Ladenburg Thalmann following a disagreement over the settlement of a defamation lawsuit filed against him.

The analyst was sued by BankAtlantic Bancorp (BBX.N) in July 2008. The lawsuit accused the analyst of defaming the company by mentioning its name in a research note titled "Who is Next," two days after federal regulators seized IndyMac Bancorp Inc IDMC.PK, a large mortgage lending specialist....In July 2007, Bove correctly predicted that the booming growth of the financial system could not be sustained by economic growth.

Bove's rise to prominence, however, was not without controversies. In March 2008, Bove said the U.S. financial crisis was over and it was a "once in a generation" opportunity to buy bank stocks, a call which clearly proved to be wrong. Reuters

Bove biggest sin might have been flip-flopping - he certainly made a few good calls, but tried to get a little too cute. While I don't know the particulars of the case against him, criticizing a bank should probably earn someone a medal in this environment, not cost him his job. Good luck, Dick, but I don't think you stand a chance of dethroning Meredith or taking away her mindshare.

But if you try to takedown Meredith I would recommend cracking a MamaJuana....it probably can't hurt.

Bove leaves Ladenburg on conflict over lawsuit
Reuters
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Help Wanted: Primary Dealers Hiring

Need a job? Maybe you can shoot a resume in to a number of firms being considered to help peddle the massive amount of paper we will issue to help finance the spending spree we are on:

The Federal Reserve Bank of New York is in talks with at least four firms to expand the network of dealers that underwrite government-bond auctions as the U.S. prepares to sell more than $2 trillion in debt this year.

MF Global Ltd. and Nomura Securities International Inc. are in discussions to join the 16 so-called primary dealers that trade directly with the central bank and are required to bid at auctions, officials at the companies said.....Treasury Department and Fed officials want to ensure there are enough firms bidding at auctions to keep borrowing costs low after the total number of dealers dropped last year to the lowest amount since the network was formalized in 1960. Bloomberg

Hopefully we don't lose additional primary dealers. But the Fed can always choose ING Direct (just kidding) to peddle their paper directly to the Chinese citizens; the club is well represented by foreign firms, and more are sure to come.

Yahoo! To Begin Search For New CEO

Jerry Yang has had enough.

Kara Swisher has the details and farewell note to employees:

To: all yahoos
Fr: Jerry
Subject: update

yahoos -
i wanted to address all of you on the news we’ve just announced. the board of directors and I have agreed to initiate a succession process for the ceo role of yahoo!. roy bostock, our chairman of the board, is leading the effort to identify and assess potential candidates for consideration by the full board. the board will be evaluating and considering both internal and external candidates and has retained heidrick and struggles to help in this effort.

i will be participating in the search for my successor, and i will continue as ceo until the board selects a new ceo. once a successor is named, i will return to my previous role as chief yahoo and continue to serve as a director on the board.

last june, i accepted the board’s request that i assume the ceo role to restructure and reposition the company as a whole in order to more effectively meet the fast-changing needs of both users and partners. since taking on the ceo role, i have had an ongoing dialogue with the board about succession timing. thanks in large measure to your tireless efforts, we have created a more open, competitive yahoo! and we believe the time is now right to transition to a new ceo who can take the company to the next level. Boomtown

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