Posted on 01/19/2015 6:15:07 AM PST by SeekAndFind
There’s blood on the Street.
In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up.
And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history.
But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and commodities revenues to currency risks and long-term interest rates that have trended lower.
The fourth quarter saw thousands more workers fired. Total reductions for 2014 were about 20,000 at Brian Moynihan’s Bank of America; 10,000 at Citigroup led by Michael Corbat; and 10,000 at Jaime Dimon’s JP Morgan. Morgan Stanley reports on Tuesday.
Many job losses were already flagged — attributed, for example, to a decline in servicing of delinquent loans as banks cleared troubled mortgages. But analysts also see brutal cost-cutting.
(Excerpt) Read more at nypost.com ...
Boo friging hoo. The last 2 or 3 or 4 bailouts weren’t enough? How about conducting your business with integrity and morals? It’s important to remember the only people Jesus threw a conniption fit over were the money men of their age. I wonder how he’d feel about our money changers?
CC
I hate to be on the side of the anti wall street group but in this instance they are completely on target: these people are guilty of the biggest fraud in history and NOT ONE of the top officials was incarcerated or lost their ill gotten gains.
To me it is inconceivable that someone being paid 50+ million a year had not a scintilla of an idea that something was amiss with the situation that unfolded over quite a few years. Frankly, with their paid minions in the Congress, they have been immune to retribution. Just like the adage that bad cases make bad laws, fraudulent programs result in bad economic outcomes.
I may be wrong. But from what I’ve read, the blood is not on WallStreet. BOA, CITI, etal are closing remote branches and terminating employees far from WallStreet.
It is the improving economy to which is attributed the loss of jobs.
Those hired to service the loans going bad during the downturn are no longer required because the number of bad loans needing servicing have diminished
That’s what it says...... really
RE: terminating employees far from WallStreet.
The blood is on Main Street then... How comforting!
don’t let the facts spoil a headline.
Cry me a river! The oil price bust will cost at least this many good jobs in the Heartlands of America . . . jobs that actually contribute something to society . . . but there will not be peep out of the leftmedia (unless its derision).
Banks and companies are allowed to fail (in the 80’s FORCED to fail!) if they are in Oklahoma or Texas. Enron was nothing compared to the fraud that was Wall Street and the so-called stimulus.
I guess I’m just a “bitter clinger.”
Oldplayer
“Banks and companies are allowed to fail (in the 80’s FORCED to fail!) if they are in Oklahoma or Texas.”
Correct! I was an investor in a houston bank at the time...20th largest in US. Out it went but of course, Continental of Illinois was kept alive albeit they were both exposed to the same energy bust. All bondholders in CI were made whole and depositors, even those above the 100K insurance at the time were paid in full. Remnents of the bank were later bought by BofA from the Fed.
World Needs Ditchdiggers.
Some more of Obummer’s buddies take it on the chin.
Don't forget he also hammered preachers, lawyers, and college professors.
https://www.biblegateway.com/passage/?search=Matthew+23&version=NIV
13 “Woe to you, teachers of the law and Pharisees, you hypocrites! You shut the door of the kingdom of heaven in people’s faces. You yourselves do not enter, nor will you let those enter who are trying to. [14] [b] 15 “Woe to you, teachers of the law and Pharisees, you hypocrites! You travel over land and sea to win a single convert, and when you have succeeded, you make them twice as much a child of hell as you are. 16 “Woe to you, blind guides! You say, ‘If anyone swears by the temple, it means nothing; but anyone who swears by the gold of the temple is bound by that oath.’ 17 You blind fools! Which is greater: the gold, or the temple that makes the gold sacred? 18 You also say, ‘If anyone swears by the altar, it means nothing; but anyone who swears by the gift on the altar is bound by that oath.’ 19 You blind men! Which is greater: the gift, or the altar that makes the gift sacred? 20 Therefore, anyone who swears by the altar swears by it and by everything on it. 21 And anyone who swears by the temple swears by it and by the one who dwells in it. 22 And anyone who swears by heaven swears by God’s throne and by the one who sits on it. 23 “Woe to you, teachers of the law and Pharisees, you hypocrites! You give a tenth of your spices—mint, dill and cumin. But you have neglected the more important matters of the law—justice, mercy and faithfulness. You should have practiced the latter, without neglecting the former. 24 You blind guides! You strain out a gnat but swallow a camel. 25 “Woe to you, teachers of the law and Pharisees, you hypocrites! You clean the outside of the cup and dish, but inside they are full of greed and self-indulgence. 26 Blind Pharisee! First clean the inside of the cup and dish, and then the outside also will be clean. 27 “Woe to you, teachers of the law and Pharisees, you hypocrites! You are like whitewashed tombs, which look beautiful on the outside but on the inside are full of the bones of the dead and everything unclean. 28 In the same way, on the outside you appear to people as righteous but on the inside you are full of hypocrisy and wickedness. 29 “Woe to you, teachers of the law and Pharisees, you hypocrites! You build tombs for the prophets and decorate the graves of the righteous. 30 And you say, ‘If we had lived in the days of our ancestors, we would not have taken part with them in shedding the blood of the prophets.’ 31 So you testify against yourselves that you are the descendants of those who murdered the prophets. 32 Go ahead, then, and complete what your ancestors started! 33 “You snakes! You brood of vipers! How will you escape being condemned to hell? 34 Therefore I am sending you prophets and sages and teachers. Some of them you will kill and crucify; others you will flog in your synagogues and pursue from town to town. 35 And so upon you will come all the righteous blood that has been shed on earth, from the blood of righteous Abel to the blood of Zechariah son of Berekiah, whom you murdered between the temple and the altar. 36 Truly I tell you, all this will come on this generation. 37 “Jerusalem, Jerusalem, you who kill the prophets and stone those sent to you, how often I have longed to gather your children together, as a hen gathers her chicks under her wings, and you were not willing. 38 Look, your house is left to you desolate. 39 For I tell you, you will not see me again until you say, ‘Blessed is he who comes in the name of the Lord.’[c]”
Maybe Obama’s yearly fines are too much blood-letting. Maybe he likes it like that.
Did they buy Penn Square paper like Continental did?
Now you know why businesses large and small hire Mexican illegals. Accounting majors and MBAs have egos, soft hands, no strength and no physical stamina.
And the lawyers, preachers, college professors and money men are with us still. the set dressing changes, but the play is still the same, with the same heroes and villians. Human nature hasn’t changed a whit in 10,000 years, despite what the progressives would have us believe.
CC
Q.Do you know what they call leaf blowers now?
A.Mexican bagpipes.
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