Panhandling MIT Grad Gets Job

Former Fed chief blasts them on pay, 'innovation'

(NEWSER) - Former Fed chair Paul Volcker had some harsh words for international bankers and regulators about the poor practices that led to the global financial crisis—and continue to this day. Volcker, who advises President Obama, surprised a forum in Britain with this broadside on pay: “Has there been one financial leader to say this is really excessive? Wake up, gentlemen. Your response, I can only say, has been inadequate.” More»

(NEWSER) - Citigroup will raise salaries for investment bankers and traders as much as 50% to offset a steep falloff in bonus pay and keep the company’s compensation package competitive, Bloomberg reports. Other employees, like those in the consumer banking section, will receive smaller raises. Citi, which took $45 billion in federal bailout funds, also plans to offer its employees stock options to keep them on. More»

They demand moratorium on evictions

(NEWSER) - New Yorkers protested an auction yesterday of hundreds of foreclosed homes, claiming the forced evictions plaguing the nation in this economic downturn are illegal, and demanding a moratorium. "Banks get bailout out, people get thrown out," read signs held aloft by demonstrators." Their rage was not directed at potential homebuyers, but banks and auctioneers who are "making money off other people's misery," a spokesman told Reuters. More»

Talented people risk little by trying out academia, government

(NEWSER) - The gravitational pull of Wall Street on the nation's best and brightest students has weakened dramatically, Andrew Ross Sorkin writes in the New York Times, as ridiculous pay packages and the thrill of risk-taking give way to layoffs and anxiety. "The whole cult and ethos of Wall Street, which lured so many bright minds, is in retreat," he writes. More»

Popular books see huge waiting lists, while unemployed line up to use computers

(NEWSER) - Whether you’re looking for a job, or just a cheap respite from the horrors of the economy, the public library has become the place to be, the Wall Street Journal reports. But even as attendance swells, the same financial crisis that brings patrons has left many branches cash-poor. One North Carolina library has seen its carpeting deteriorate from a 25% jump in borrowers, but can’t afford to replace it. More»