Just as Michigan is scrambling to retrain laid-off auto workers, New York City officials have come up with a plan to find new work for the unemployed of its core industry: investment banking.
Under a program Mayor Michael R. Bloomberg unveiled on Wednesday, the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create....
...The Economic Development Corporation plans to put $3 million into funds that would make small investments in startup companies, Mr. Pinsky said. He said that he hoped to attract twice as much money from private investors and that $9 million would be enough to help start hundreds of new businesses.All told, city officials plan to spend about $15 million on the program, in addition to the $30 million of federal money. They estimate that over 10 years, it could stimulate the creation of at least 25,000 jobs and contribute $750 million to the local economy....MORE
Ummm, maybe President Obama should make Mr. Pinsky the stimulus czar. At $1800 per job created, giving him the full $780 Bil. would result in 433 million new jobs.
