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Posted on 07/13/2011 3:09:40 PM PDT by SeekAndFind
Layoffs across Wall Street started in June and have continued through the summer.
Morgan Stanley already begun reducing headcount in its brokerage.
But it looks like things are about to get much worse.
"The firm is “running layoff scenarios into several thousand folks,” said one person with direct knowledge of the matter" to Charlie Gasparino at Fox Business News.
In June, Morgan Stanley's CFO, Ruth Porat, hinted there would be significant cuts coming to the bank's Smith Barney brokerage unit.
(Excerpt) Read more at businessinsider.com ...
There goes the real estate markets in Short Hills NJ, Greenwich CT, and Scarsdale NY. It’s only fair they catch up (or down) with the rest of us.
Looks like some of the friends of big government aren’t getting their bailouts.
Singapore unemployment rate: 1.9%
“... significant cuts coming to the bank’s Smith Barney brokerage unit.”
The retail customer isn’t stupid. You can’t play against the house and expect to win.
As the questions goes: “Where are the customers’ yachts?”
A lot of them voted, funded and worked for Obammy for the highway robery bailout of their savior JP Morgan. Now look what is happening!
They will become mere mortals trying to survive in Utopia’s paradise while their international socialist bosses are untouchables and feed high off the hog of the country they broke morally and economically.
These citizens of the world never thought the deal with Clinton to crash the housing market by dropping financial standards for loans would come back to roost on their own heads? It’s hard to live when you can’t buy your way out of the nest you vandalized. They have been demoted to mere citizens of the US.
The financial system is collapsing and the average girl and guy don’t wanna play no mo!
the grunts of wall street discovered their value.
change happens.
vote obama and change will happen to you too.
A lot those guys converted their huge bonuses into appreciating capital assets. New York and its environs is loaded with money manager and hedge fund guys that can afford the best tax lawyers money can buy—so they shelter their current income. When RAT bankers advocate raising taxes, they mean “income taxes”. That only hits the poor slobs that work for them—analysts, secretaries, and janitors. It kills small businesses too. VERY HIGH NET WORTH individuals are only marginally affected by increases in income taxes. The capital gains rate is 15%—and that only applies if they have not been able to shelter their income through some estate planning. That’s why the FAIR TAX makes sense. Everyone would have to pay their fair share—even rich Democrats.
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