I am not often at a loss for words, but when I found out that New York is going to spend our tax dollars to retrain investment bankers for some kind of useful work, I was speechless. In total, New York will spend $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.

This raises so many questions: Why does an unemployed investment banker need any taxpayer money? Don't retired investment bankers already have tens of millions of dollars stored up? What kind of work could an investment banker be trained to do that someone would pay for? And if so, that other job would pay so much less than investment banking why would a former investment banker would take the job?

Continue reading Early April Fools joke? $45 million in taxpayer money to retrain investment bankers

Early April Fools joke? $45 million in taxpayer money to retrain investment bankers originally appeared on BloggingStocks on Wed, 18 Feb 2009 17:40:00 EST. Please see our terms for use of feeds.

This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

"Apollo Group (NASDAQ: APOL), my top pick for 2009, has been an education provider for over 30 years," says Kevin Kennedy, a specialist in quantitative and momentum analysis.

The editor of The Coolcat Report explains, "The company's revenues and earnings have been steady despite the negative economy."

The advisor continues, "Apollo Group provides academic access and opportunity to more than 350,000 students through its subsidiaries, which include University of Phoenix.

"Other divisions include the Institute for Professional Development, College for Financial Planning, Western International University, Meritus University, Insight Schools and Apollo Global. It also owns Aptimus, a provider of innovative digital media solutions.

"The company's educational programs and services are provided at the high school, undergraduate and graduate levels in 40 states and the District of Columbia; Puerto Rico; Alberta and British Columbia, Canada; Mexico; Chile; and the Netherlands, as well as online throughout the world.

Continue reading Top Stock Picks '09: Apollo Group (APOL)

Top Stock Picks '09: Apollo Group (APOL) originally appeared on BloggingStocks on Mon, 05 Jan 2009 10:00:00 EST. Please see our terms for use of feeds.