With the huge layoffs in the financial services industry, the government is apparently trying to snatch a lot of these talents to work for the American public.
Unemployed Wall Streeters “are sick of the insecurity,” said William Drawbridge, director of marketing and development at the New York Society of Security Analysts, which is organizing the job fair. “Government jobs are stable jobs. This is a good out for them.”
Many of the organizations, including the SEC, have been criticized for being filled with lawyers and now, they’re trying to balance things with more analysts are on their way. Jobs also won’t be paying as much as Wall Street, but hey, they aren’t bad. Wall Streeters can earn six figures quite easily but working for Uncle Sam could bring them $76,000 and $153,000 in New York or between $59,000 to $127,000 in Washington, according to the U.S. Office of Personnel Management’s Web site.
Barry Ritholtz asks in his blog: 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 . . .
But my cynical self asks: What do they want them for? I automatically made connection between the forthcoming stringent regulations of institutions including hedge funds and the employment of these former Streeters.