Lunchtime Links: Run for the public sector?

With Alastair Darling pumping 20bn of fiscal stimulus into the British economy, now is surely the time to reinvent oneself as a teacher or civil servant. Everyone knows civil servants have the best pensions, now hedge fund blogger Fintag says they will also have the best houses and cars. As we reported a few weeks ago, ex-bankers already appear keen on teaching and the Civil Service has openings for everything from actuaries and economists to lawyers. Whether the public sector boom will last is another question, however: civil servants are already complaining that planned efficiency savings will lead to tens of thousands of job losses by 2011.

Contingent liabilities of the US banking system are probably no more than 30% of US GDP. In Britain, the number is probably between 200% and 300%. (The Times).

If and when the storm blows over, Britain should still have a lower national debt than Germany, France, or Italy. (Telegraph).

CDS on British government debt at a record high. (Times).

Citigroup on the brink, despite government rescue. (Seeking Alpha).

Confidence "began to shake", said a person with direct knowledge of the situation. "It was a complete death spiral and we had to stop it." (Clusterstock).

HSBC intimates interest in Citigroup assets in Asia, Latin America and the Middle East. (Bloomberg).

After Citi, is Bank of America next? (Reuters).

Some BofA shareholders getting cold feet on Merrill purchase. (New York Post).

10 people, four investment managers go from BlackRock. (Financial News)

Carlyle issues pink slips. (The Deal).

KPMG hires former Lehman MD into corporate finance. (Financial News).

One cocktail per banker. (CNBC).

If you really want to change the world, choose a career in engineering. (Guardian).