With all the sh*t hitting the fan over here because of the Wall Street melt down, the Adverati are starting to get nervous about where there next billion or so in billings might come from. The latest twist in the Chernobyl-flavored credit meltdown is the news that Goldman Sachs and Morgan Stanley will undergo transgender surgery and become...bank holding companies.
Any future MBA might now wish to consider a career in good old accounting, as opposed to an investment banking dream-position complete with the million-dollar bonus, not to mention the Aston-Martin in the driveway of the Hamptons' mansion.
However, the expected change in the Wall Street business model is important enough to have future Gordon Gecko's altering their master plans. The most powerful man in the known universe is now not some highly compensated Wall Street firm head, but a government employee: Mr. Paulson. (Who used to be a highly compensated Wall Street heavy, walking with a multi-million golden parachute).
Speaking of employees, it is now safe to say that executive compensation, bonuses, golden parachutes, and pre-nup employment clauses will be changed to reflect new realities and some schemes may go away altogether. More importantly, some of the Gekkos that slithered off with giant parting gifts of "comfort money" might be asked to return a few million as well.
Anyway, the upshot will undoubtedly be the reigning in of large financial accounts and sponsorships. Expect to see the AIG logo's on Man United's shirts to be replaced by Fred's Auto Emporium.
George Parker
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