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October 18, 2007

Scariest Stock Market Quote of the Day

If the following quote doesn't have you hiding under your trading desk, nothing will. Be sure to make it to the last sentence:

Banks and securities firms hired a record 450 people for commodities [traders] this year, up 33 percent from 2006, according to Options Group, the New York-based recruitment and consulting firm that has tracked the industry since 2002. While the increase is equal to only 3.4 percent of the 13,100 new hires in the securities industry last year, commodities traders are so coveted that headhunters are turning to fired mortgage bond salesmen to fill the help wanted. [Emphasis mine]

[via Bloomberg]

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