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Mayor Bloomberg and other city official announced a plan to support the crippled financial services sector as well as attract businesses to NYC. How? By offering new entrepreneurship programs—such as start-up incubators, opening up access to venture capitalists and a NYC "Angel Fund"—as well as expanding incentives to existing businesses as well as to attract ones from overseas.
The way the NY Times describes it—"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"—we couldn't help but be reminded of the recent 30 Rock episode where the laid-off investment bankers worked as NBC interns. While there's debate about NYC's dependence on Wall Street, NYU Stern Business School professor Thomas Phillippon said of the legions of laid-off investment banking employees, "We still want these guys to find other jobs. You want this human capital employed somewhere, maybe not on Wall Street.”
Mayor Bloomberg, no stranger to entrepreneurship, stressed how innovation is key to the city's economic success, "New York City’s greatest strength has always been and will continue to be the innovation, drive and work ethic of New Yorkers. Time and time again, history has shown that our City rewards those who have the courage to pursue their dreams and launch new ideas." And if you have a great idea, the business training program for budding entrepreneurs is FastTrac—you can sign up now.
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Another splendid image choice!
:) This totally called for it!
I'm glad someone is thinking of the poor, out of work investment bankers.
Goddamnit this is what is wrong with our country. There are gifted inner city struggling to pay for college who aren't really seeing any benefit from the stimulus or from their own city. Instead we are retraining sobs who got into a risky business in the first place. Our mantra right now should be easy come easy go. Find whatever work you can, just like the rest of us.
What productive work are these guys qualified to do?
The financial sector became the tail that wagged the economy, and look what it brought us.
Perhaps they can retrain to become trial lawyers, because god knows we need more of them.
"the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street"
Retrain them as what? Construction workers? Short order cooks? These people are smart enough to find other work on their own.
Put them to work cleaning the subways.
I like this idea.
$45 million could be better spent on things like police, fire, and sanitation. Let them get their own jobs.
send some of the grant money to the green jobs training program i work with in the south bronx. let them shovel manure with other poor souls who can't get a job. they have the experience! (so i guess they don't really need the training).
Zut alors! - looks like it's time to end the reign of King Bloomie XVI.
is this a joke? this is like something you would hear on an SNL weekend update. insane!!! most bankers are college grads - educated people, and bloomberg wants to help them out after the disaster they've caused. bloomberg has to be one of the biggest assholes ever!
i mean jeez! come on!!!!
Make them all public school teachers for the next 10 years. Most of them should be pretty good at math. They might need retraining in logic and ethics.
Hire them in as homeless bums with no pay. The city could use a better class of bums.
Aid For Assholes.
I just threw up in my mouth a little bit. It *IS* like that 30 Rock episode, but reality, which isn't quite as funny. WTF?