Wall Street Unoccupied With 200,000 Job Cuts

[greymattermom]

John Brady, co-head of MF Global Inc.’s Chicago office, was having a vodka cocktail at the Ritz- Carlton in Naples, Florida, overlooking the Gulf of Mexico, on the day his company reported its largest-ever quarterly loss.

“Wow, the sun just set,” Brady said to his wife and two colleagues attending a conference with him, he recalled in an interview. “I hope it doesn’t set on MF Global.”

http://www.bloomberg.com/news/2011-11-22/wall-street-unoccupied-with-200-000-job-cuts.html#

[lunatica]

1. Very interesting story

The screws of karmic adjustment are turning.

[JHB]

2. That's the global number, not just WS. Still...

...guess what, guys? You were hired to funnel money into your higher-ups' pockets. Now that that's done, your services are no longer necessary. Ta, and don't mind the security fellows escorting you to the curb.

Will you be requiring "socialism" like unemployment insurance payments now?

[dkf]

3. If you dislike banking stop borrowing money.

The addiction to debt is disgusting.

[badtoworse]

4. +1 I completely agree

[TBF]

5. Wow, where did that come from? Your response has nothing to do with the comment.

I hope your own banking job holds up dkf.

[dkf]

6. Funny I'm only now figuring out how this mortgage process works.

Nope not a banker.

[TBF]

10. I think it's actually pretty complicated and folks are making money from things

like speculation, bundling, etc rather than just the loans or interest themselves... I fully admit I am still learning too, and I'm glad Occupy has brought this to the forefront so it is focused on. I'm not joining the glee in bankers getting laid off (well, maybe some of the jerks at the top). But a lot of these folks are just as hard working as you and me, and now they will also be sitting on the unemployment line. None of this makes me happy.

[Chan790]

11. That was obvious from your initial comment.

Sincerely,


A Licensed Banker

[Donnachaidh]

8. so the pushers of debt are the guys to fawn over, huh?

Addiction to debt?

WHO pushed that *debt* to the point of collapsing the economy?

Fawning over criminals is pathetic AND disgusting.

[Lionessa]

9. A little more complicated, I think. First they stagnated wages and bennies, then

they encouraged just enough inflation so when prices went up and people needed higher wages, they were then...pushed over the edge by the pipe dream of home equity, and other credit.

[lonestarnot]

7. Amazing isn't it, that was goes around comes around.

The funnel is getting a crack in it. :7

[unblock]

12. wall street has lost something like 2/3rds of its jobs. it's one of the most hard-hit industries

at least in a jobs sense.

the "advantage" of the wall street business model is that it's very easy to shut down entire product lines as soon as they become non-profitable, and that's exactly what they did when the shtf. that (along with considerable government help) allowed the wall street FIRMS to quickly return to profitability, albeit while providing FAR fewer jobs.

most other industries can't readily do this because radically cutting the workforce usually means also closing profitable stores or mothballing useful equipment and so on, which leaving them with less of a means to produce profits.