Wednesday, April 15, 2009

Did you ever want to be a senior vice-president?

We've had a wonderful test of the free market in salaries this year. In blogs and op-eds, a favorite bit of potted wisdom was that we didn't need to pay the banker a million dollars a year because, hey, where else was he going to find a job like that? It proved wrong in the New York investment banks, where top talent has been moving overseas. And now it has proved wrong even in those quasi-governmental agencies that did so much to explode the housing market:

'Freddie Mac has vacancies for a chief executive, a chief operating officer and a chief financial officer. At Fannie [Mae], there are openings for a general counsel, a chief risk officer and a chief technology officer. Both have many unfilled slots for senior vice presidents and other top positions.'

Chief risk officer--that's the job I want! Alas, the New York Times doesn't give a phone number to call. Blue skies! -- Dan Ford

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