Thursday, February 19, 2009

City tries retraining financial workers

From the NY Times:

Under a program unveiled on Wednesday by Mayor Michael R. Bloomberg, the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create.

The plan is intended to stem a potential exodus of banking professionals from the city during the restructuring of the financial services industry, which has been the city’s economic engine for decades, and to speed the industry’s recovery, which will take at least several years, officials said.

City officials also plan to try to lure big banks and financial companies from Asia and elsewhere to set up operations in New York, filling some of the void created by the implosion of large American firms like Lehman Brothers and Bear Stearns. They hope the federal and state governments will let them use $30 million in federal money to attract those companies and other financial firms to Lower Manhattan.

20 comments:

Maspethian said...

Correct me if I am wrong, but wouldnt investment bankers be kinda low on the list of people who cant afford continued education? Thanks Bloomturd for handing NYers another nail for you political grave.

His mega failures are becoming epic. He was hopin to weasel his way to become Prez - FAIL. He was hopin to be selected as a VP - FAIL. He was hopin for a Cabinet position - FAIL. He [still is] hopin for a party to run on to keep him as Mayor - NOT LOOKIN GOOD (unless you count the Workers Socialist Family Democratic Republican Party). His pet development projects are failing. Watch him wither in disgrace.

Anonymous said...

...the financial services industry, which has been the city’s economic engine for decades.

Yes of course which explains the continual corruption since Wall Streets inception of public money theft and worker exploitation. A subsidy to already large corporate giants to come or stay in Manhattan? Just genius again there bloomterd. What would we do without your wisdom to mold the city?
Now the truth of hedge fund brokers along with most fortune 500 managers shines through.

Anonymous said...

I encourage everyone to take a look at the new Village Voice article:

Morgenthau Nails Wire-Transfer Schemers; Bloomberg Yawns
By Tom Robbins
Tuesday, February 17th

This is enough to hire about 800 more teachers and 650 extra cops, according to the Independent Budget Office. Yet Mayor Bloomberg, accustomed to checks this big, was unable to arrange a press conference.

Anonymous said...

Financial industry individuals don't need the help - they would open on their own without help. They don't generate enough jobs in small offices anyway.

Use money for Police and Fire forces - money well spent - remember 911.

Anonymous said...

I realize all of your points on it seeming like a gross mismanagement of public good directed at those who may not necessarily need it— I agree it seems a little off base.

However, what is the alternative to speeding the recovery of one of the largest tax bases for the city and state within the oncoming years? Surely when the city will be getting shafted by the state on a heavier basis with tightening belts?

He may be a greedy pol but I do think there is some backing to this policy that would benefit the city in years future as far as a revenue base to work with.

Taxpayer said...

A few years flipping burgers or stocking supermarket shelves is the best "retraining" for these Masters of the Universe.

If they're so smart, why can't they figure that out? It's the same advice they are used to sneeringly give to low-ranking employees.

They better move fast, because Commissar Death and Taxes will be out there soon competing for opening a burger joint named: Bloomburgers - They Will Tax Your Digestive System and Then Kill You!

Anonymous said...

Who's going to do the retraining -- LaGuardia Community College, like with Willets Point?

If Willets Point is any indication, LaGuardia will park its mobile classroom on Wall Street once for a photo op, then these investment banker retrainees won't see or hear from them ever again.

One significant difference: The Willets Point folks don't need immediate retraining, as the services they offer at present are in extremely high demand -- unlike those of the investment bankers.

Missing Foundation said...

City officials also plan to try to lure big banks and financial companies from Asia and elsewhere to set up operations in New York,
-------------

Stumped at first: why would they want to train millionaire insurance execs from Bermuda?

Then it hit me!

Hot damn this is a tweeder program boys 'n girls!!!

Think of all those immigrant clerical personnel ( "I was a manager in my coontry" ) in Queens working at minimum wage because they have not mastered the local learning curve yet.

Hell, isn't there a program to bring over 'skilled' labor? So can't they bring 'em in and throw 'em into the program???

Ready pool of cheap labor that will entice in all sorts of shaky financial third world banks.

Once again Wall Street proves it has not learned its lesson:

Mirage trumps Reality.

Anonymous said...

Hopefully their retraining will include some classes in ethics.

Miles Mullin said...

Hopefully their retraining will include some classes in ethics.

Why? Everything in business is impersonal. There is a solid logical reason for everything in that world.

If you are 'unethical' 9 times out of 10 what you really are is 'stupid.'

Anonymous said...

It figures that King Bloomberg is giving taxpayer monies to his fellow Wall Street buddies. He came from that culture. Wasn't he with Goldman Sachs too?

Anonymous said...

Not everyone who lost their job on wall street are "evil" people. There are many educated, talented people who went simply went down with the crash, whom the city should try to keep from fleeing. Intellectual capital is key to surviving an economic downturn.

italian girl said...

Thought it was Salomon Brothers, not GS.

Anyway, of course he's going to help out Wall Street. They're all crying about how miserable they are. Poor bankers got 1 million instead of 2 for a bonus.

Anonymous said...

Let this be a lesson. When election time comes around. VOTE THE MORON OUT. It doesn't matter who you vote in. He'll at least be more in touch than this billionaire buffoon.

Anonymous said...

vote him out please no 3rd term we had it

Anonymous said...

Leave the training money for the investment banker's clerks, secretaries, mailroom staff, lunchroom people etc.

People who have advanced degrees and 7-figure incomes can pay their own way.

Anonymous said...

Hey, Mayor, what about all the nurses that are going to be out of work cause you and patterson didn't help. SHAME ON YOU !!!!!!!!!!!!You will never have to wait for care in the ED?????????????

Anonymous said...

From what I understand and I could be wrong, but there are stipulations that go along with the stimulas, has to be spent on infastructure, education, so Bloomy has to find a way to fund himself and i guess what he wants to do falls under education. The man is just pure evil.

Anonymous said...

If things are so tough all over, let Bloomberg kick in his own cash to help float the city. Would help the problem and would help convince those of us disbelievers that he is really committed to the city and not just using it for further political gain.

Anonymous said...

What frosts my cake is that many of these people were responsible for the shenanigans that led to the mess.

This is why it is so important to know what the term "fiduciary" means and take it to heart.