Exactly why laid-off investment bankers need a city-funded retraining program to weather the financial crisis is a little beyond me.
It should come as no surprise that New York City would be interested in retaining, not to mention expanding, its base of high-income, high-tax workers. But it is far from clear what kind of training would result in a laid-off investment banker's taking a high-paying job in the city when he or she otherwise would not. These workers are likely to be relatively young and certainly college educated. College and the experience in investment banking are probably general enough training for any extant jobs. In any event, unemployment insurance provides a safety net for all workers, high and low education alike.
As the article hints toward the end, energies directed toward stimulating entrepreneurial activity clearly ought to be more productive.