Job Prospects: Wall Street and the Government

Who says there are no new job opportunities in the financial bubble economy?

Wall Street is hiring, and there are entry level positions for internment/resettlement specialists with the government.

Progress! But towards what? That is the question for America.

The queue for your swine flu shots is on the left. Oink.

TheDeal.com
Hiring: Goldman Sachs, Fifth Third, Wells Fargo
July 31, 2009

It looks like the tide may be turning slightly. If you are looking for a job, there are some more opportunities at Goldman Sachs Group Inc. (NYSE:GS), Fifth Third Bancorp (NASDAQ:FITB), Bank of America Corp. (NYSE:BAC), Barclays plc and more banks around the world.

Here are more details.

•Fifth Third Bancorp plans to hire 50 employees for its sales force and small business teams. The bank is also looking for branch managers, according to The Charlotte Observer.

•Goldman Sachs is adding staff to its equity research team in Japan, according to Bloomberg.

•Bank of America is expanding its equity businesses in Japan and is hiring bankers in Canada, according to Bloomberg and Dealbook.

•Barclays is looking for 10 equity sales and trading staff in Tokyo, London and New York by Sept. 30, according to Bloomberg.

•Standard Chartered plc and Merrill Lynch & Co. are hiring business school graduates, especially those in accounting, according to AsiaOne.

•Wells Fargo & Co. (NYSE:WFC) will be hiring branch support as it integrates Wachovia Bank, according to The Philadelphia Business Journal....


iHispano.com
Corrections Officer: Internment/Resettlement Specialist

Company Name: Army National Guard
Job Category: Legal/Law Enforcement/Security
City: Pensacola/Panama City
State: Florida
Country: USA

As an Internment/Resettlement Specialist for the Army National Guard, you will ensure the smooth running of military confinement/correctional facility or detention/internment facility, similar to those duties conducted by civilian Corrections Officers.

This will require you to know proper procedures and military law; and have the ability to think quickly in high-stress situations.

Specific duties may include assisting with supervision and management operations; providing facility security; providing custody, control, supervision, and escort; and counseling individual prisoners in rehabilitative programs.

By joining this specialty, you will develop the skills that will prepare you for a rewarding career with law enforcement agencies or in the private security field...

Looming Financial Crisis Dampens German Banker's Earnings

We would have to agree that there is another significant wave incoming a from different set of bad loans in this financial crisis.

Contrast Deutsche Bank's actions with those of its Wall Street counterparts and remember this in the fourth quarter when they start queuing up at the trough for bailouts, warning of martial law, food shortages, and a breakdown of the financial system.

The Obama economic team's handling of the banks is disgraceful, serving a few politically connected Wall Street firms at the expense of the nation's interests.

The banks must be restrained, and the system brought back into balance, before there can be a sustained economic recovery.

Bloomberg
Ackermann Says Bad Loans Are ‘Next Wave’ of Crisis
By Elena Logutenkova

July 31 (Bloomberg) -- Rising delinquencies among consumer and corporate borrowers are the “next wave” of the financial crisis and may affect banks that have avoided losses so far, said Deutsche Bank AG Chief Executive Officer Josef Ackermann.

“This crisis has consisted of a series of earthquakes, with changing epicenters,” Ackermann said late yesterday at an event in Zurich. “Bad loans are the next wave. Banks that have fared relatively well so far will also be affected by this.”

Deutsche Bank, Germany’s biggest lender, said this week it set aside 1 billion euros ($1.4 billion) for risky loans in the second quarter. The seven-fold increase in provisions and below- forecast revenue from trading sent the Frankfurt-based bank’s shares to the biggest decline in four months on July 28. (Why don't they just ignore such risks like the American banking system and keep the bonus machine rolling? - Jesse)

“We were struck by the 44 percent increase in problem loans in the quarter,” Morgan Stanley analysts Huw van Steenis and Hubert Lam said in a note today, cutting their rating on Deutsche Bank shares to “equal-weight” from “overweight.”

Deutsche Bank fell 1.30 euros, or 2.8 percent, to 45.39 euros in Frankfurt trading, making it the worst performer on the 63-company Bloomberg Europe Banks and Financial Services Index over the past five days with an 11 percent drop.

‘Crisis Not Over’

“The crisis is not over,” Ackermann said. “When one looks at the developments of global economic growth, then it can be expected that starting in the second half of this year we slowly move into the positive territory. But we’re still moving on a low level.”

Banks that were forced to take government aid and are now encouraged to increase domestic lending may be more in danger from rising loan defaults than companies that can expand internationally and diversify risks, Ackermann said.

Deutsche Bank “intentionally” reduced its balance sheet and risk-taking this year, he said. (No soup for you, Deutsche Bank employees. - Jesse)

“We were disciplined in our considerations about what risks which should take,” Ackermann said. “If we had played it out to the full extent, we could have earned significantly more.” (And if you were front running the DAX with high frequency trades using government funds you would be rolling in profits - Jesse)

NAVs of Certain Precious Metal ETFs and Funds

SP Futures Hourly Chart Updated at 3 PM

See why we put *IF* the neckline is broken on that potential H&S top?

Goldman, Wall Street and their friends in government and the media came out swinging this morning. The SP futures took off from the neckline on some fairly thin rationales, but good enough for an end of month paint job.

This is starting to feel like a real top being formed, with the Wall Street crowd and their demimonde out with the pom poms trying to cheer the institutions and smaller investors with end of month 401k money into the market to buy them out of this anemic rally near a high note.

If you are long or hedged as we are in a paired trade then you are doing all right for a choppy market, and if you are short your timing is probably a little ahead of the market at least, and you are feeding the machine. If you are long and strong, well then, good luck to you.

Be careful. For the longer term this rally appears to be just business as usual into the end of the month with insiders selling vigorously and with a few of the Wall Street crowd front running it with positional and inside information on every turn.

As a reminder watch the VIX and the NDX futures, and perhaps a broader index or two, as well as the SP 500 since those futures are the paintbrush most highly favored by the tape painters.

GDP tomorrow. Who can tell how it will turn out, except to say it will likely be revised. We'll ignore the headline and look more deeply into the numbers.