Q&A: Is the crisis really that bad?

Question by Bob G: Is the crisis really that bad?
So…I believe I have enough skills and some background in finance…but while recently looking for a job, I sent a resume to like 40 potentials employers and I got 2 replies – asking me to pay them $ 5000+ in order to get a job? On top of that i offered all these “firms” to work totally free in the beginning for they can test me and then their answer is like: “yeah…you can work for free…but why not pay me some cash – you have money right…with all these terms that you use” – these are the replies i am getting so far, losely translated.

Also…I am looking for a super low pay rate of like $ 15 hourly…I mean come on – even the slaves in the roman empire weren’t asked to pay for their work. Also, here are some of my skills (copy/pasted from a cover letter i’ve written):

+ I have developed about 30 programs/scripts in C#, Mathematica, PHP and C++ to model different risk and management problems, including but not limited to: Derivatives pricing (options, bonds, swaps, futures, accruals, CMS, CDO, forwards, repos, MBS, CFDs, ASX listed CFDs, CDS, warrants, turbos, FX – others), risk management (kelly criterion, hedging, diversification, var), econometrics (sharpe ratio, sortino ratio, treynor ratio, beta, omega, kurtosis, skewness, variance, standard deviation, moments, CAPM), trading (quantitative analysis, fundamental analysis, pure arbitrage, statistical arbitrage, neural networks, mispricings, high frequency trading, emerging markets).

+ I have devloped about 20 mathematical models, including – an extended version of Black-Scholes using the levy distribution instead of the normal one – which gives much better option pricing results and prediction, extending the kelly criterion from a one dimensional model to a
multidimensional which is of great use in the investing field, my own probability distribution designed for continous timing, my own PDEs.

+ I have an MBA from the university of Liverpool in international business + a few awards in mathematics and programming and finally -have worked a few months at the well known Swiss Bank: Julius Bar as well and in a top Hong Kong hedge fund.

it’s just weird..and I think it will get worse…

anyway – 10x!

Best answer:

Answer by Signora Banker
Over reliance on mathematical modelling has contributed to the financial crisis so the glory attached to rocket science in banking has diminished somewhat. Banking is as much of an art as it is a science.

http://www.insuranceerm.com/analysis/the-modellers-not-the-models-failed.html

Just google “financial crisis mathematical modelling” and you will get a whole host of articles about how over reliance on models was a major factor. It’s bloody obvious really – taking it at its simplest- e.g. in credit risk, default rates were calculated based on historical default rates and life doesn’t work like that. There’s no substitute for knowing who you are dealing with- and default rates were relied upon when assets were securitised and sold on to investors ill equiped to understand the true risks.

However, mathematical modelling has its uses- maybe you could try one of the ALM (Asset & Liability Management) firms such as Algorithmics

http://www.algorithmics.com/EN/

Good luck!

Know better? Leave your own answer in the comments!

Estes Amazon with 808 camera powered with C6-3 engine. Explosion blasts fin assembly free mid flight, chute did not deploy. This is probably the reason the c…
Video Rating: 3 / 5

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23 comments on “Q&A: Is the crisis really that bad?
  1. Spitfire608 says:

    what kind of camera is that?
    

  2. Seth Troutner says:

    Nice parachute. Lol

  3. rockettbuddy2 says:

    Exactly. North Korea seems to be all talk and no show. C’mon North Korea, show us what you’ve got! (I almost put N.K., but that would also be your abbreviation)

  4. rockettbuddy2 says:

    Nice shot with this video. Did camera come with the rocket, or did you have to buy one?

  5. NuclearKittenVFX says:

    U did better than North Korea

  6. Васскомизобретений ПРИВИЛЕГИЯ says:

    Пора перестать морочить людям головы глупостями… Займитесь хотя бы Вы делом: youtube.com/watch?v=tfLTzE5WFmc

  7. ITCHOBOYROB says:

    Love how at the end it feels like you’re falling with it. Maybe I’m just gettin tipsy 😮

  8. stratorat79 says:

    The obvious problem was that the fin unit wasn’t glued on properly. Not the nose cone or recovery wadding or explosion, had it been glued right, the rocket would have essentially been a single piece and it wouldn’t have happened.

    I know because I have been here before. I’m not busting chops, just sharing experience.

  9. LeKeGniGit says:

    Nice work

  10. josh kemp says:

    LOL
    

  11. Car1Sagan says:

    Your nose cone was probably on too tight. This happened to me once.

  12. freakyfilms1 says:

    me
    

  13. freakyfilms1 says:

    Omg the
    same thing happend to my last summer.

  14. Dane Durdin says:

    The fins blew off

  15. HMsLair says:

    Expecting huge explosion…

  16. therealxunil2 says:

    most likely cause: tightly packed recovery wadding.

  17. LimpBuzzcut says:

    Is this from North Korea?

  18. quachemo187 says:

    I bet u couldn’t aim a rocket at something in the sky and hit it like a balloon or a bird

  19. Lolsandtrolls5 says:

    Omfg world war 3

  20. mgregggphone says:

    Thank you for the link to the probable cause video.

  21. billy pilgrim says:

    thanks for posting

  22. gertnood says:

    That is not a “midair rocket explosion”.. it is the motor ejection charge popping off the fin unit because it wasn’t glued in properly.

  23. avengd7fold4life says:

    the rockets I build aren’t kit rockets (i build my rockets from scratch, like my current build of a E-9 x3 cluster, and next build of a G-77G supersonic build) but i think you should have taken some epoxy and done an extra fin fillet or used epoxy in the first place (or more than you did) because with the right amount of epoxy (and giving it at least 24 hours to cure) this would have never happened.

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