Forced From Executive Pay to Hourly Wage

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[quote author="biscuitninja" date=1236386414][quote author="PeterUK" date=1236356217]

USC, good find but I question the part of the Article that says "Gone for good" I think they will come back when the economy finally hits the bottom and we have to re-build it to create real wealth and the only way to do that is via Manufacturing, Mining and Agriculture so we will need more skilled People or better still, train them here!!



The same thing is happening in the UK where the economy is even worse, a lot of skilled workers are returning to their native Poland and similar Countries, after all, immigrants tend to be very mobile, once you've left your Home you can never go back.</blockquote>


Yep we see that in the engineering field. So far we are are declining at pretty good rate, we make about 35,000 engineers a year and retire close 60,000 per year. We've been replacing these guys with Indian and Chinese immigrants. BUT there are lots of issues in using them and invariably we see our products being made across the seas....



I blame it on the MTV/Reality TV kids. They all think they can become a star just by being themselves.... None of them really want to work hard and succeed. Engineering is FAR down the list. Oh well.



-bix</blockquote>


Saw an interview with Paul Volkner where he said a few years back he was dismayed to find out a relative (nephew?) who was talented at math had decided to become a financial engineer.

Similar comments from a Chinese official who said the same thing, the best and brightest were trying to get into finance, because of how much money the finance guys were making.



Maybe now that the finance gig has imploded, those students will go into real (ie. civil, electrical, etc) engineering instead ...
 
[quote author="biscuitninja" date=1236386414][quote author="PeterUK" date=1236356217]

USC, good find but I question the part of the Article that says "Gone for good" I think they will come back when the economy finally hits the bottom and we have to re-build it to create real wealth and the only way to do that is via Manufacturing, Mining and Agriculture so we will need more skilled People or better still, train them here!!



The same thing is happening in the UK where the economy is even worse, a lot of skilled workers are returning to their native Poland and similar Countries, after all, immigrants tend to be very mobile, once you've left your Home you can never go back.</blockquote>


Yep we see that in the engineering field. So far we are are declining at pretty good rate, we make about 35,000 engineers a year and retire close 60,000 per year. We've been replacing these guys with Indian and Chinese immigrants. BUT there are lots of issues in using them and invariably we see our products being made across the seas....



I blame it on the MTV/Reality TV kids. They all think they can become a star just by being themselves.... None of them really want to work hard and succeed. Engineering is FAR down the list. Oh well.



-bix</blockquote>


I blame the low salaries.



The spread between somebody straight out of college and somebody with a MS in Structural was like $20K.....
 
</blockquote>


Saw an interview with Paul Volkner where he said a few years back he was dismayed to find out a relative (nephew?) who was talented at math had decided to become a financial engineer.

Similar comments from a Chinese official who said the same thing, the best and brightest were trying to get into finance, because of how much money the finance guys were making.



Maybe now that the finance gig has imploded, those students will go into real (ie. civil, electrical, etc) engineering instead ...</blockquote>


The Financial engineers we have engineered us into the abyss :ohh:
 
Exactly. You want these same people designing cars, airplanes and bridges? Maybe not. As an engineer with an MBA, I would say "financial engineering" isn't exactly demanding from a math/science standpoint. Engineering will never provide rock star salaries. If that's what these people are chasing, I'm not worried they'll be after my job.
 
[quote author="Daedalus" date=1236398748]Exactly. You want these same people designing cars, airplanes and bridges? Maybe not. As an engineer with an MBA, I would say "financial engineering" isn't exactly demanding from a math/science standpoint. Engineering will never provide rock star salaries. If that's what these people are chasing, I'm not worried they'll be after my job.</blockquote>


Was going to say the exact same thing. I went into get a MBA, the guys taking the class were probably some of the slowest people i've ever met. Yes, the classes can be reading intensive. But nothing like getting a master's or Phd in engineering. Engineering is MUCH more rigorous as far as solutions. If they TEST it and it doesn't work, then everybody is hosed.



Testing in advance... fancy that...



-bix
 
[quote author="PeterUK" date=1236509290][quote author="Daedalus" date=1236398748]Exactly. You want these same people designing cars, airplanes and bridges? Maybe not. As an engineer with an MBA, I would say "financial engineering" isn't exactly demanding from a math/science standpoint. Engineering will never provide rock star salaries. If that's what these people are chasing, I'm not worried they'll be after my job.</blockquote>


Imagine buying a Madoff designed $4mm Car, you walk into the Garage one morning and it's completely f**king gone!!



By the way....even worse, Imagine letting any Ivy league graduate run the economy or any financial Institution for that matter, it would be a complete disaster, I hope they never do!! *shudder*</blockquote>




Uh, didn't we already do that?



VW accuses Lamborghini O.C. of $12 million theft

<A href="http://ocbiz.freedomblogging.com/2009/01/13/vw-accuses-lamborghini-oc-of-12-million-theft/8100">http://ocbiz.freedomblogging.com/2009/01/13/vw-accuses-lamborghini-oc-of-12-million-theft/8100/</A>



Beginning in the fall of 1973, Bush attended Harvard University, where he earned an MBA

<A href="http://en.wikipedia.org/wiki/George_w_bush">http://en.wikipedia.org/wiki/George_w_bush</A>
 
[quote author="Daedalus" date=1236398748]Exactly. You want these same people designing cars, airplanes and bridges? Maybe not. As an engineer with an MBA, I would say "financial engineering" isn't exactly demanding from a math/science standpoint. Engineering will never provide rock star salaries. If that's what these people are chasing, I'm not worried they'll be after my job.</blockquote>


Imagine buying a Madoff designed $4mm Car, you walk into the Garage one morning and it's completely f**king gone!!



By the way....even worse, Imagine letting any Ivy league graduate run the economy or any financial Institution for that matter, it would be a complete disaster, I hope they never do!! *shudder*
 
Speaking of engineers :)



Brevan Howard Shows Paranoid Survive in Hedge Fund of Time Outs

<A href="http://www.bloomberg.com/apps/news?pid=20601109&sid=aPaQ1qmwpYmw&refer=home">http://www.bloomberg.com/apps/news?pid=20601109&sid=aPaQ1qmwpYmw&refer=home</A>



"Howard graduated from Hasmonean in 1982 and then attended London?s Imperial College, a technology-oriented university, graduating with first honors and a master?s degree in chemical engineering in 1986. ?I figured engineering was a good degree because it was analytical,? Howard says."







He fared a lot better than the non-engineers :)



<A href="http://www.vanityfair.com/politics/features/2009/04/iceland200904">http://www.vanityfair.com/politics/features/2009/04/iceland200904</A>

"There?s a charming lack of financial experience in Icelandic financial-policymaking circles. The minister for business affairs is a philosopher. The finance minister is a veterinarian. The Central Bank governor is a poet. Haarde, though, is a trained economist?just not a very good one. The economics department at the University of Iceland has him pegged as a B-minus student. "
 
[quote author="PeterUK" date=1236509290][quote author="Daedalus" date=1236398748]Exactly. You want these same people designing cars, airplanes and bridges? Maybe not. As an engineer with an MBA, I would say "financial engineering" isn't exactly demanding from a math/science standpoint. Engineering will never provide rock star salaries. If that's what these people are chasing, I'm not worried they'll be after my job.</blockquote>


Imagine buying a Madoff designed $4mm Car, you walk into the Garage one morning and it's completely f**king gone!!



By the way....even worse, Imagine letting any Ivy league graduate run the economy or any financial Institution for that matter, it would be a complete disaster, I hope they never do!! *shudder*</blockquote>


Harvard Begins Case Study as Tainted MBAs Reveal Damaged Brand

<A href="http://www.bloomberg.com/apps/news?pid=20601109&sid=aL0jFzKptwwg&refer=home">http://www.bloomberg.com/apps/news?pid=20601109&sid=aL0jFzKptwwg&refer=home</A>



Harvard?s alumni include Stanley O?Neal and John Thain, the former chief executive officers of Merrill Lynch & Co. who presided over the New York company?s decline; Rick Wagoner, the ousted CEO of General Motors Corp.; and Christopher Cox, former chairman of the U.S. Securities and Exchange Commission.
 
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