Monday, October 20, 2008

Bad News: The Government Doesn't Want You Either


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(Clusterstock) Humiliated and laid off bankers hoping to follow Goldman Sachs turned Bailout Czar Neel Kashkari’s path from Wall Street to Washington, DC may be in for a rough wake-up call. It may already be too late.

In this week’s New York Magazine, Vanessa Grigoriadis tells the tale of a former hotshot mortgage banker who wound up working for the Treasury Department. He makes it sound like he’s now working for the good of the Republic. “It sounds corny, but it’s my chance to right a lot of wrongs and help them clean up the mess that I helped to create,” he says. But we can squint our eyes and see a huckster who made a lot of money on the way up, and now has found a way to make some money on the way down.

If that looks attractive to you, we have some bad news. According to one of our favorite little blogs, BankerGoneBroke, the Treasury is overwhelmed with out of work Wall Streeters. You probably aren’t going to land a government job as easily as you think.

Here’s the story:

“if you’re truly interested in working for the lower-paying public sector, I would make some effort at a strong cover letter which highlights your sincere motivation to do so. all kinds of market folks are interested in us now that wall street doesn’t give much job security. To be seen as a credible candidate here, there needs to be some credible story about an ongoing interest you have had in policy making.”

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