Lehman workers face a tough job market

Sep 20, 2008 (Japan Times - McClatchy-Tribune News Service via COMTEX) -- LEHMQ Quote Chart News PowerRating -- Sep. 20--

Employees of bankrupt Lehman Brothers Holdings Inc. across the globe are suddenly out on the street and looking for new jobs -- and the 1,300 at the Japanese unit of the U.S. securities house in Tokyo are no exception.
Following the bankruptcy of its parent company on Monday, Lehman Brothers Japan Inc. filed for bankruptcy protection Tuesday with the Tokyo District Court.

The Financial Services Agency ordered it Monday to suspend operations through Sept. 26 after receiving a warning that it might default on its obligations in the longer term.

But Lehman employees are showing up at their Roppongi Hills office in Mori Tower to wind down its remaining business.

According to a non-Japanese employee who spoke on condition of anonymity, the sentiment of his colleagues is "surprisingly good."

"People are trying to do what they can for the company," he said.

Perhaps they're just putting a brave face on the situation. Sources close to the unit said employees will at least get their September pay. But in reality, at stake are their homes, their families' well-being and, in the case of some foreign employees, their working visas.

As news of the U.S. parent company's bankruptcy made headlines after the three-day weekend, Lehman resumes flooded the mailboxes of recruitment agencies in Tokyo.

Bernie Schiemer, managing director of recruitment firm Hays Specialist Recruitment Japan, said the company has been receiving them by the hundreds.

"It's been monumental and unprecedented," Schiemer said.

On Wednesday, a headhunter at another recruitment firm in Tokyo who was in the lobby of Mori Tower said he sat down with a few Lehman employees for interviews. His colleague was there the day before, and the headhunter had seen competitors there for the same reason.

"We are just trying to help (Lehman employees) continue meaningful careers," the headhunter said. "They have done their jobs and have been successful until Monday."

In the financial sector, however, it's not just Lehman workers who are looking for jobs. Former employees of Bear Sterns, which was sold to JPMorgan Chase & Co. in March, are also seeking new positions now that their settlement packages were concluded earlier this month.

Amid the turmoil, some investment banks have been "fairly active" in plucking talent from Lehman, the headhunter said, adding that they tend to look for people with five or six years of experience.

"It could be tough" for those with just one or two years' experience, but "if they are highly skilled and bilingual, they may have a pretty good chance," the headhunter said.

Schiemer of Hays observed that Japanese employees at Lehman may have a better chance of finding jobs because Japanese financial institutions are looking to hire bilingual personnel knowledgeable about foreign markets.

For foreign employees however, competition will be tough, he said. He has been advising people to prioritize their careers over salary and to be flexible, especially if they prefer to stay in Japan and have visa and housing issues and families to take care of.

On Wednesday, another non-Japanese Lehman employee who declined to be named said the company has announced it will try to take care of the employees' housing situations if Lehman is their guarantor or the firm signed tenant contracts for them and landlords are asking them to move out.

The visas, however, are a different problem.

"I am willing to go wherever the next job takes me," said the man, who has no family in Japan.

A READ ON FOREX FROM WIKIPEDIA: Not beating the market

The foreign exchange market is a zero sum game in which there are many experienced well-capitalized professional traders (e.g. working for banks) who can devote their attention full time to trading. An inexperienced retail trader will have a significant information disadvantage compared to these traders.
Although it is possible for a few experts to successfully arbitrage the market for an unusually large return, this does not mean that a larger number could earn the same returns even given the same tools, techniques and data sources. This is because the arbitrages are essentially drawn from a pool of finite size; although information about how to capture arbitrages is a nonrival good, the arbritrages themselves are a rival good. (To draw an analogy, the total amount of buried treasure on an island is the same, regardless of how many treasure hunters have bought copies of a treasure map.)
Retail traders are - almost by definition - undercapitalized. Thus they are subject to the problem of gambler's ruin. In a fair game (one with no information advantages) between two players that continues until one trader goes bankrupt, the player with the lower amount of capital has a higher probability of going bankrupt first. Since the retail speculator is effectively playing against the market as a whole - which has nearly infinite capital - he will almost certainly go bankrupt.
The retail trader always pays the bid/ask spread which makes his odds of winning less than those of a fair game. Additional costs may include margin interest, or if a spot position is kept open for more than one day the trade may be "resettled" each day, each time costing the full bid/ask spread.
According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26, 2005) "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' "
Paul Belogour, the Managing Director of a Boston based retail forex trader, was quoted by the Financial Times as saying, "Trading foreign exchange is an excellent way for investors to find out how tough the markets really are. But I say to customers: if this is money you have worked hard for – that you cannot afford to lose – never, never invest in foreign exchange." Culled from Wikipedia

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In June 1978 Welles Wilder's article introduced the Relative Strength Index (RSI), which is a widespread oscillator. Mr. Wilder's book, "New Concepts in Technical Trading Systems", also provided step-by-step instructions on counting and explaining the RSI. The name "Relative Strength Index" is slightly deceptive, because there is no comparison of the relative strength of two securities in the RSI, but rather the single security's domestic strength. "Internal Strength Index" might be a more suitable name. Two market indices, which are often known as Comparative Relative Strength, are compared by Relative strength scales. Read More

When you place orders with a forex broker, it is extremely important that you know how to place them appropriately. Orders should be placed according

Five Keys to Predicting Forex Market Movements To profit from the fascinating world of international trade, you must have a firm grip on the key factors that affect a currency's value. When making our trades, we analyze five key factors. In order of importance, they are:

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