Pink slips hit Wall St.; Bear Stearns pares 240

http://money.cnn.com/2007/08/16/markets/wall_street_bonuses_jobs/index.htm ^ | 8-16-07 | Grace Wong

[Hydroshock]

First of many I am sure.

[flashbunny]

Maybe this will make Jim Kramer’s head explode.

[Hydroshock]

I doubt that is much of a feat.

[ThisLittleLightofMine]

I think his head already exploded did you catch his rant about the fed needing to cut the interest rates?

[Hydroshock]

OUCH!

[Attention Surplus Disorder]

In other news, Ferrari sales plunged....

[dashing doofus]

The credit rating agencies should now downsize by 100% of their staffs.

[taxed2death]

...maybe they can pick produce or do other jobs that “Americans are not willing to do”. This could solve the “labor problem” they’re always spouting off about.

[RockinRight]

Actually, if they could accurately report that would be a start.

[T-Bird45]

In other news, Ferrari sales plunged....

Ah, the smell of schadenfreude in the morning...

Need we check the archives for the articles on the size of the December bonuses at B-S et. al. for additional evidence of Wall Street hubris that allows them to live for the moment (and the next Ferrari)?

[bikerMD]

Anybody know where I can get a nice previously-owned Bentley Continental?

[vietvet67]

The end is near!!! lol

[Dick Vomer]

Whenever I see headlines about people being laid off I think back.

This was on the back pages of our student handbook in high school. Its funny but it was beaten into our heads for 4 years and most of the guys I know have never been "unemployed".

They might not have stayed at one job, but have always had "prospects". I think you should show your kids this....it can't hurt.

The best thing about this is that libs will hate it.

Be the man who is "invaluable.

[Attention Surplus Disorder]

The story of the credit agencies remains to play out. In what amounts to a macro version of a crooked appraiser pumping the value of a to-be-bought home so that a shaky loan will go through, these agencies saw that they would be edged out of the very lucrative rating biz if they applied actual intelligence to the truckloads of crap debt tranches that were coming to market. And so they played along. My prediction is that these cos will be entangled with piles of lawsuits for a very long time to come.

[chopperman]

I would never deal with a Wall Street firm that has ‘Bear’ in its name.

[dashing doofus]

Indeed. Unlike the other failures (Orange County Bankruptcy, Enron), this time they can’t blame it on fraud by the auditing firms, or issuers.

Investors must exercise caveat emptor — relying on firms that get paid to do the research (similar to the hyping of dot.com stocks by Wall Street “analysts” in the late 90s) is a game for a fool.

[wideawake]

The Bear Stearns employees will be fine - they will take a little time off and find other jobs.

All the nasty gloating by some losers on this thread reveals much about their crypto-Marxist, anti-business mentality is for naught.

But you, ASD, bring up an important point - the ratings agencies suffer from a fundamental flaw in their business model: they are paid to assess the creditworthiness of the people who are paying them.

[LIConFem]

So THAT'S what that is!! Saw one on the LIE a few weeks ago. Really nice car. Very distinctive rear end, which was the first thing to catch my eye (no wise cracks, please!).

[1rudeboy]

Don't forget that it's likely that the 240 laid off are support staff, new hires, etc. Makes the gloating particularly misplaced.