Uncle Sam faces stiff challenges recruiting senior executives or board members for Chrysler, GM, GMAC, AIG, Citigroup and Freddie Mac. The problem isn't just that the firms are deeply troubled and under partial government control. It's also that the administration and especially some members of Congress have all but demonized companies that receive taxpayer bailouts, and have effectively ruled out most forms of compensation for their executives and higher-paid employees.
Government as the Recruiter of Last Resort [The Wall Street Journal]
Indepdendent advisory firms: No longer a safe haven for bankers? [NY Times]
'Great Recession' Will Redefine Full Employment as Jobs Vanish [Bloomberg News]
The permanent elimination of substantial percentages of finance, automotive and news media jobs means many laid-off professionals will never resume their former careers even when the economy recovers. Most forced career-switchers face lower earnings the rest of their lives - even if the industry they came out of was relatively low-paying to begin with.
Goldman arm shuns ratings with new credit strategy [Reuters]
Asset management unit hopes to add "at least two to three people" to London credit team this year.
Wells Fargo cuts 100 jobs in Florida [Greensboro (N.C.) News]
Thornburg Mortgage files for bankruptcy protection [Reuters]