financeguy
ONE love, blood, life
http://business.timesonline.co.uk/tol/business/columnists/article3381600.ece
I agree with Seltzer....let the market decide.
I agree with Seltzer....let the market decide.
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.
financeguy said: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.
anitram said:The location of the office will make a huge difference in terms of pay.
ntalwar said:Hopefully the equity research will involve the best stocks to short . Commodities on the other hand .
Infinitum98 said:
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.
ntalwar said:
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.
Infinitum98 said:
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.
anitram said:
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.
Infinitum98 said:
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.
anitram said:
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.
Infinitum98 said:Oh wow 30 hours? That is awesome, where do you work? What do you do?
Thanks for the tips.
financeguy said:
I am not doubting your figures but the relevance of this comparison is doubtful. Different specialism.
anitram said:
I only brought it up because a couple of my friends who are doing joint degrees (JD/MBA) and working in PE are getting substantially more than that sort of sum over the summer (and much closer to what they'd get at the firm - like I said, the standard is $3100/wk and this is public knowledge). But I guess it's likely they are getting paid at a premium given that they're amassing more degrees?
Infinitum98 said:
I would much rather do trading. Unfortunately more and more trading is going electronic nowadays.
financeguy said:
My current role involves management accounts, business planning, budgeting - that kind of thing.
The Bush administration’s latest move is to simply hide the data. Forbes has awarded EconomicIndicators.gov one of its “Best of the Web” awards. As Forbes explains, the government site provides an invaluable service to the public for accessing U.S. economic data:
This site is maintained by the Economics and Statistics Administration and combines data collected by the Bureau of Economic Analysis, like GDP and net imports and exports, and the Census Bureau, like retail sales and durable goods shipments. The site simply links to the relevant department’s Web site. This might not seem like a big deal, but doing it yourself–say, trying to find retail sales data on the Census Bureau’s site–is such an exercise in futility that it will convince you why this portal is necessary.
Yet the Bush administration has decided to shut down this site because of “budgetary constraints,” effective March 1.
Economic Indicators is particularly useful because people can sign up to receive e-mails as soon as new economic data across government agencies becomes available. While the data will still be available online at various federal websites, it will be less readily accessible to members of the public.
In its e-mail announcement on the closing of Economic Indicators, the Department of Commerce acknowledged the “inconvenience” and offered “a free quarterly subscription to STAT-USA®/Internet™” instead. Once this temporary subscription runs out, however, the public will be forced to pay a fee. So not only will economic data be more hidden, it will also cost money.
ntalwar said:
The price will be volatile, but the trend is still up.
Feb. 19 (Bloomberg) -- Crude oil advanced to a six-week high above $99 a barrel in New York, and gasoline futures rose to a record, on speculation OPEC will curb production.