Teaching and government service have emerged as two widely touted career alternatives for refugees from finance. We've long wondered whether this was any more realistic than the plainly fantastic idea that most laid-off bankers and mortgage traders could "reinvent" themselves as hedge fund managers. Monday's New York Times offers up a debate among a Stanford University education professor, an economist, and three schoolteacher/authors, one of whom regularly blogs about education for the Daily Kos. One conclusion: "This fallback fantasy may be unrealistic, despite reports of a possible teacher shortage in the next several years."
Teaching: No 'Fallback' Career [New York Times]
AIG, Morgan Stanley Should Recoup Pay, Fund Contends [Bloomberg News] SEIU union's pension fund demands 29 companies claw back $5 billion in executive pay or face shareholder lawsuits.
Bank Lending Keeps Dropping [Wall Street Journal] Analysis of Treasury data paints starker picture than official government snapshots
US to put conditions on Tarp repayment [Financial Times]
Survey shows slight rebound in U.S. capital spending plans ... pace of layoffs slowing [Reuters]
A Bigger, Bolder Role Is Imagined For the IMF [Washington Post]