5 Under the Radar

Wall Street jobs disappearing in wake of subprime mortgage/credit tsunami

March 24, 2008 · Leave a Comment

World: The BBC is reporting that U.S. General David Petraeus is linking the bombardment of the Green Zone in Iraq Sunday to “Iran’s Quds Force, a branch of the Revolutionary Guards.” According to the general, “The rockets that were launched at the Green Zone yesterday, for example… were Iranian-provided, Iranian-made rockets.”

Living: CNN offers some useful tips on ways to beat the gas price crunch. They include not buying gas in rich neighborhoods and buying it on Wednesdays, when prices tend to settle down.

World: The Jerusalem Post reports that Egyptian President Hosni Mubarak is heading to Russia today in an effort to obtain assistance for building a nuclear facility. Egypt dropped its previous effort in the wake of the Chernobyl disaster.

Science: The Sydney Morning Herald reports that doctors in the Netherlands will be selling(!) a guide on how to commit suicide quickly and painlessly.

Business: Bloomberg.com reports that 34,000 Wall Street workers have lost their jobs in the past nine months — “the most since the dot-com boom fizzled in 2001.” This time job losses are related to “the collapse of the subprime mortgage market last year and the ensuing credit contraction,” Bloomberg says. According to Jo Bennett, a partner at executive search firm Battalia Winston International in New York, “This crisis is much worse than 2001 and we don’t know how long it’s going to last” and job cuts “could be more than 100,000 in a few years.”

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