Morning Coffee May 04 2011

Medical Marijuana a Burning Job Issue

By kyle stock

It's hard to imagine a trader or an M&A banker taking a break to smoke a joint.

But believe it or not, companies across the country are taking a close and careful look at their drug policies to make sure they don't run afoul of new medical marijuana laws.

Some 15 states, including New Jersey, permit people with certain health conditions to smoke pot.

In most cases, companies still have the right to fire stoners -- even gravely ill stoners. However, companies have had to defend that right in the courts of several states.

Arizona now forbids employers from firing a worker for testing positive for marijuana. Phoenix may be a long ways from Manhattan, but it is home to thousands of people who work at bank and brokerage call centers.

Somewhat legalized pot also presents a sticky issue to hiring managers. Does turning down the holder of a weed prescription open a company up to a discrimination suit? No doubt we'll see cases like that in coming months.

Of course, the issue might be more of a kerfuffle in the finance industry if there were such a thing as medical cocaine.

NFL and NBA Pros Go Professional (FINS)

Wall Street is still long on athletes. They are used to working hard and taking orders; what's not to like?

Ladies in London (FinancialNews)

Headhunters in the City are building databases of women due to a renewed by investment banks to hire them at the same clip as men.

Jefferies Global Growth (FinancialNews)

Jefferies added 334 workers in Europe and Japan last year, according to new legal filings. That's a 40% jump in foreign manpower.

Not So Fast (NYP)

Goldman CEO Lloyd Blankfein is staying put for two more years, according to secret sources. Of course, this contradicts other secret sources who say he's leaving in December. Who knows, maybe he'll run for president.

MBA to Main Street (NYT)

More blue-blood b-schoolers are allegedly choosing entrepreneurism over Wall Street. Consider the would be Master of the Universe now selling diapers in Brazil.

However... (MarketWatch)

Investment bankers still draw bigger paychecks than engineers and accountants right after graduating. Check out the results from the annual salary survey of the National Association of Colleges and Employers.

Early Retirement (FinancialNews)

A 23-year-old FX trading star has resigned from Goldman Sachs. We bet he's either heading for a hedge fund or back to play handball in the Czech Republic -- both pretty nice plan Bs.

List of the Day: Rules of Day-Trading

Everyone's thought about being a one-man prop shop. But if you take the plunge into day-trading, you should stick to a few rules.

1: Know in advance your enter price, exit price and "escape" price

2: Don't trade in the first 15 minutes.

3: Use limit orders, not market orders.

4: Don't trade on margin

(Source: MarketWatch)

For more news you need throughout the day, follow FINSider on Twitter and Facebook.

Featured Employers
Featured Jobs
Veteran Jobs Promo
Search Technology & IT Jobs
Is your resume as impressive as you are?

A great resume is the key to landing an interview.

Does yours tell a compelling story – highlighting your accomplishments, focusing on your strengths, and reflecting your personal brand? If not, we can help.

Learn more about FINS Resume Service »
Log in