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Old 02-16-2008, 09:18 PM   #1
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No more bailouts for pleading bankers

http://business.timesonline.co.uk/to...cle3381600.ece


I agree with Seltzer....let the market decide.
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Old 02-16-2008, 09:43 PM   #2
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I agree.
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Old 02-16-2008, 09:46 PM   #3
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Btw, financeguy, I just found out I got a summer internship at Merrill Lynch for Equity Research. I will be paid about $10,000 in the summer and will most likely get a full time offer when I graduate next May '09. My question is that do you know the figures for starting salaries + bonuses for investment bankers, traders and research analysts? I have surfed all over the web and can't get definite figures. I think for investment banking, starting salary + bonus is around $120,000. I really want to know for research though. Hope it is atleast 6 figures. So anyway, I thought you might know since you are, well, financeguy. Thanks.
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Old 02-16-2008, 10:19 PM   #4
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Well done.....an internship is often a great starting point to a career in financial services. I really wouldn't be au fait with starting salaries in a place like Merrill Lynch, $120k in a first job sounds good.

From what I've been told, research is two years of hell (i.e., very concentrated work, long hours, detailed analysis,etc) but always leads to greater things.

Incidentally, I earn slightly less than $120k p.a. so I'm not sure that I'm the best person to advise you. ...on the other hand, I work 30 hours a week, so I'm not complaining.

But basically, as they say in America, go for it.
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Old 02-16-2008, 10:40 PM   #5
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The location of the office will make a huge difference in terms of pay.
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Old 02-16-2008, 11:15 PM   #6
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Hopefully the equity research will involve the best stocks to short . Commodities on the other hand .
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Old 02-17-2008, 01:05 PM   #7
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Hopefully this won't happen in the US, but there's a chance it will:

Quote:
LONDON — Britain decided to nationalize Northern Rock on Sunday, abandoning a five-month attempt to snare a private sector buyer for the ailing bank and piling more pressure on Prime Minister Gordon Brown.

Once Britain's fifth-largest mortgage lender, it has borrowed some 25-billion pounds from the Bank of England since its funding model collapsed in the global credit crisis last year – sparking the first run on deposits at a British bank for around 140 years.
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Old 02-17-2008, 06:48 PM   #8
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Quote:
Originally posted by financeguy
Well done.....an internship is often a great starting point to a career in financial services. I really wouldn't be au fait with starting salaries in a place like Merrill Lynch, $120k in a first job sounds good.

From what I've been told, research is two years of hell (i.e., very concentrated work, long hours, detailed analysis,etc) but always leads to greater things.

Incidentally, I earn slightly less than $120k p.a. so I'm not sure that I'm the best person to advise you. ...on the other hand, I work 30 hours a week, so I'm not complaining.

But basically, as they say in America, go for it.
Oh wow 30 hours? That is awesome, where do you work? What do you do?

Thanks for the tips.
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Old 02-17-2008, 06:49 PM   #9
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Originally posted by anitram
The location of the office will make a huge difference in terms of pay.
I will be working in the World Financial Center on Wall Street. Hopefully that means that I get paid a lot. But considering it is $10,000 for a 10 week internship, I hope that means at least 6 figures of salary + bonus when I get the full time.
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Old 02-17-2008, 06:51 PM   #10
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Originally posted by ntalwar
Hopefully the equity research will involve the best stocks to short . Commodities on the other hand .
Yea it is just terrible what is going on right now. It is a perfect time to build huge positions in certain stocks for the long term, but this Dow 12,000 is just annoying.
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Old 02-17-2008, 08:05 PM   #11
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Originally posted by Infinitum98


Yea it is just terrible what is going on right now. It is a perfect time to build huge positions in certain stocks for the long term, but this Dow 12,000 is just annoying.
High commodity prices and the real estate/credit crash will limit corporate profits and consumer spending, so I am staying away from stocks. I think most commodity prices will continue to rise, due to fundamental factors.

Also, some Wall Street firms cut staff and bonuses because of large, recent losses.
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Old 02-17-2008, 10:28 PM   #12
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Originally posted by ntalwar


High commodity prices and the real estate/credit crash will limit corporate profits and consumer spending, so I am staying away from stocks. I think most commodity prices will continue to rise, due to fundamental factors.

Also, some Wall Street firms cut staff and bonuses because of large, recent losses.
Yea we are definitely heading into a recession, however short it may be. I have a feeling oil prices won't go much higher and may go lower. A lot of speculation is causing these high oil prices.
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Old 02-17-2008, 11:28 PM   #13
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Quote:
Originally posted by Infinitum98


I will be working in the World Financial Center on Wall Street. Hopefully that means that I get paid a lot. But considering it is $10,000 for a 10 week internship, I hope that means at least 6 figures of salary + bonus when I get the full time.
In that case, your ballpark sounds low.

They are getting you for VERY cheap this summer, so I think you are low-balling your potential after graduation. Law students on Wall St. are netting $3100/wk, by comparison.

Good luck and have a fabulous summer! I'm sure it'll be a great experience for you.
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Old 02-18-2008, 12:53 AM   #14
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Quote:
Originally posted by anitram


In that case, your ballpark sounds low.

They are getting you for VERY cheap this summer, so I think you are low-balling your potential after graduation. Law students on Wall St. are netting $3100/wk, by comparison.

Good luck and have a fabulous summer! I'm sure it'll be a great experience for you.
Actually, as an undergrad internship, the 10k a summer IB thing is fairly standard and an extraordinarily high salary for an undergrad summer anything. Congrats on getting it, it's pretty much job insurance. I know somebody who did this and blew the whole thing on clubs and food in the city last summer knowing they had a job the next year anyway. My NGO internship in NY paid $2800, and I was lucky it paid anything.
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Old 02-18-2008, 09:58 AM   #15
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Quote:
Originally posted by Infinitum98

I have a feeling oil prices won't go much higher and may go lower. A lot of speculation is causing these high oil prices.
Yeah, there are a few dollars of speculation built in.
Demand and supply are also factors, as production has been on a plateau for 2-3 years while demand has increased. The price will be volatile, but the trend is still up. I guess I'm with Boone Pickens and Jimmy Rogers on that one.
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