I had coffee today with a guy I started with in the markets in the 80s. I've never seen him looking so glum.
It's summer and we're in the middle of a recession, so we thought we'd take a much-needed break.
There was a time, and not too long ago, when contingency recruiters were only too happy to talk publicly about the deals they were doing, the firms they were working for, and the salaries and bonuses that were being paid. They would pontificate endlessly on TV, radio and in print about the future of the industry, and hiring and compensation trends. Those days, it seems, are now gone.
Bloomberg reports that a US District Judge has said that he cannot yet sign-off on the $33m Bank of America has agreed to pay to settle a lawsuit brought by regulator The Securities and Exchange Commission over claims that the bank misled investors over the payment of Merrill Lynch bonuses.
With jobs harder to come by in the financial sector, it will come as no surprise that more candidates are telling porkies on their CVs than at any time in the recent past.
Here's an interesting exchange between a reader and our Editor:
The New York Times reports that some folks are suggesting that ex-Treasury Secretary Hank Paulson (previously CEO of Goldman Sachs) may have had a conflict of interest when he made and received several calls to / from current Goldman CEO Lloyd Blankfein during the dark days for the financial markets last September.
US Representative Edolphus Towns, Chairman of the Committee on Oversight & Government Reform, wrote to Bank of America CEO Ken Lewis last week, as he steps up his bid to try and find out exactly what went on as Bank of America acquired Merrill Lynch - ultimately with billions in support from the US taxpayer.
Thank God for Royal Bank of Scotland CEO Stephen Hester. At last we have a bank CEO bold enough to come out and defend his bank (which is 70% owned by the UK government) and its staff.
Bank of America CEO Ken Lewis has certainly got his critics, but respected Rochdale Securities bank analyst Richard Bove isn't one of them.