http://online.wsj.com/article/0,,SB107524435490013389,00.htmlHow a 24-Year-Old Got a Job Rebuilding Iraq's Stock MarketAn Accident, Mr. Hallen Says,But He Promises Results;Investors Are Skeptical
By YOCHI J. DREAZEN
Staff Reporter of THE WALL STREET JOURNAL
January 28, 2004
BAGHDAD, Iraq -- At Yale University, Jay Hallen majored in political science, rarely watched financial news stations and didn't follow the stock market.
All of which made the 24-year-old an unlikely pick for the difficult task of rebuilding Iraq's shuttered stock exchange. But Mr. Hallen, a private-sector development officer for the U.S.-led Coalition Provisional Authority, was given the job immediately after arriving in Baghdad in September.
The headquarters of the old Iraqi exchange, where brokers in blue vests scribbled trades on boards, was looted after the war and is now occupied by squatters. Several listed companies no longer exist, and many Iraqi companies' majority shareholders -- Saddam Hussein and his friends and relatives -- are either dead or in prison. A new exchange is supposed to open in temporary quarters next month, but impatient brokers already meet privately in their homes and offices to trade shares.
Mr. Hallen admits that he wound up in Iraq rather by accident. In 2002, he began pursuing a White House job, and though none materialized, he stayed in close contact with the man who interviewed him, Reuben Jeffrey. When Mr. Jeffrey went to Iraq last summer as a senior economic-development adviser, Mr. Hallen e-mailed to ask whether there were any job openings. "Be careful what you wish for," Mr. Jeffrey, who is now an aide to Iraqi administrator Paul Bremer, told him in reply.
A few weeks later, Mr. Hallen got a phone call from a Pentagon personnel officer, who told him he had been given a job in the Coalition Provisional Authority and needed to be in Baghdad in less than a month. "Needless to say, I was in a mild state of shock," he says.
