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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: James Hutton who wrote (184739)	2/18/2009 1:45:24 PM
From: John Koligman	Respond to of 306849

Saw some news items on something called the Wallstreet pink slip party today. Apparently they have a website: wallstreetpinkslip.com Regards, John 'Pink Slip Party' Attracts Wall Street's Unemployed Mike Goldstein How to Help When a Friend or Co-Worker Is Laid Off Beyond the Numbers: Job Troubles Hit Home ‘If you’ve got misery, we’ve got company’ read the slogan for an event billed as the Wall Street Pink Slip Party held at midtown Manhattan’s Public House last week. While certainly intended as tongue-in-cheek, there’s little funny about the economic crunch that has not only seriously impacted Wall Street’s numbers, but left many of the nation’s top earners pounding the pavement against an increasingly bleak employment landscape. Hosted by Rachel Pine formerly of Trader Monthly magazine and several other Wall Street executives, the event was sponsored by financial blog Dealbreaker and job search site TheLadders.com The venue was filled to capacity with people either looking for a job, looking to hire, or looking to commiserate. In addition to aiding job seekers, the event raised over $10,000 for the Ronald McDonald House charity, according to Hillary Herskowitz, president of Upfront Communications. More than 500 job seekers were in attendance, as well as 25 recruiters and human resources types. Attendees stood shoulder to shoulder in the aisles while the dining booths were reserved for impromptu interviews and resume exchanges. Colored light bands identified people as either job seekers or recruiters, and there were plenty of stories to go around. One seven-year hedge fund veteran looking for work since the summer said it has become extremely difficult to find work with a Wall Street firm. An ex-Lehman Brothers hedge fund salesperson let go in July half jokingly reminisced about the then-silver lined prospect of having some time off in the summer only to watch the crisis snowball and job opportunities dry up. Employment numbers indicate that the Financial Services industry has lost over 40,000 jobs in the United States through October 2008. With recent staff reduction announcements by Goldman Sachs, Morgan Stanley, and Citigroup, the trend appears set to continue. Robert Tepper, president of brokerage firm AEB Corporation, said the reason he’s having trouble filling a handful of open slots is that the positions are in Western Massachusetts, where AEB has offices. Michael Ludlow with Link Global Solutions, a consulting and recruiting firm, said he’s seeing some opportunities in private equity and hedge funds, while sell side opportunities are rare. “The 80/20 rule has become 90/10,” he said, referring to applicants’ chances of landing something – 100 applications generally leads to 20 bites. “There is a silver lining, but it is only visible to a select few.”