Down, but not Out at Deloitte?

Wall Street tabloid DealBreaker.com was reporting yesterday that Deloitte was reorganizing its mortgage, asset-backed and CDO transaction practice group. A company spokesman, cried foul and said they were just moving folks around. In what may be the biggest understatement so far in 2008 the spokesperson added that the “economy may have slowed securitizations transactions.”

In response to the post, an anonymous commenter (who claimed to be one of the Deloitte folks in question) called Deloitte “liars,” an argument ensued over who gets worked harder IB or Big 4 folks, then everything degraded into gender and immigrant bashing. All in a day’s work at Dealbreaker.

Although the mortgage securitization market may be going down the crapper, Deloitte’s Web site today listed 467 NYC-based jobs as open, as well as 6,206 positions nationwide for experienced hires.

If you’re tired of Big Four work, maybe you can make your first million cleaning up the subprime mortgage mess. Anyone who watched the Resolution Trust Corporation tackle the $400 billion S&L wreck of the last decade knows just how much money can be made in a market where there are lots of mortgage loans lying around, few investors and plenty of technology to sort the good risk from the bad.