This page has been archived and commenting is disabled.
Morgan Stanley Institutes Hiring Freeze, May Follow Up With "Significant Cuts" If Market Boycott Continues
And so Wall Street continues to not grasp that as long as the vast majority of people realize just how manipulated and broken the market is, they will simply stay out of it. Today, Gasparino breaks the news that Morgan Stanley has instituted a hiring freeze and that if the current volume drought which will certainly wreck EPS for Q3, persists in Q4, the firm will follow up with "fairly significant cuts." Since we don't anticipate the corrupt regulators to do anything that will return confidence to capital markets (and no, Brian Sack, closing the market by one penny in the green will not help), and since the 2s10s will continue to flatten, the pain for banks will only get worse and worse. Add on top of that the likelihood that very soon the FASB may require banks to report the actual MTM value of their hundreds of billions in underwater loans, and it becomes increasingly obvious why financials will soon be the industry that drags the entire market much lower.
From Fox Business:
»
- 9194 reads
- Printer-friendly version
- Send to friend
- advertisements -
Pink slips Bitchz
you are gay
Actually he is quite right. Could be happier really. Fuck these fiat fools.
+10000000000000000
Nice one, I think a bitchez comment should be mandatory first comment on every article
no, its time for some new schtick
embrace change, bitchez
I might even shed a tear out of my one good eye.
What is needed is some sort of law that requires small investors to send all their money to Wall Street so that bank executives can keep getting billion dollar bonuses. After all, they can't trickle down if they don't rob us all first.
And that trickle ain't no golden shower...or is it?
Enjoy working at MCDonalds !!!!!!!! I want fries with that !!!!!!!! think they will still care about bush taxcuts ????????????? lol
That's great. Well done.
you look more like a scum player, in rugby.
Good. We don't need humans when we have machines running the market scalping each other and the humans. Should sell it as the market getting more efficient as the move completely to a web of servers that molest anyone foolish enough to toss a bet out there. The lower tier Wall Street Warriors can join main street here on Desolation Row.
Is there a way for me to bet this will be extended?
Yes, go long C, mbia/ short sanity.
I was considering betting a Silver Eagle that it wouldn't happen.
It's a good day for Zoe Cruz HF...:-)
I thought MTM was dead? I've been waiting for this for 2 years. Where can I follow these developments and who is leading the charge.
MTM will come when the banks need it. Mostl likely after another melt down when they need a loop hole to help cook the books.
Will financially innovate for food.
Or you could just license your algos to the retail market...
Treasury curve is flat. Banks never do well when she is flat with no curves.
Oh, my poor little heart bleeds out for them.
F#<K "EM!!!!
Not to worry, the BLS is going to start counting HFT algos as the equivalent of 1000 Wall St. workers, thereby deducing that actual job losses are more than made up for by the space created for the algos to operate in, making job numbers net positive.
+1000
Pink slips on Wall Street? My heart pumps piss for you.
JUMP YOU FUCKERS!
http://www.adrants.com/images/career.jpg
Double post.
So, the still can't work out why I don't want to put my savings into their investment accounts?
Because if I do, they will recommend I buy stock as it's about to crash. Their HFT computers will front run my trades. Their "chinese wall" (ie, none) separated computers can work out in a split second at what price my margin call will be triggered, and their HFT computers will take the price there. And if such blatantly illegal behaviour is discovered, they will pay the tiny fine from the proceeds they stole from me, and I will receive ZERO compensation.
And on top of all this, I have to PAY COMMISION FOR EACH TRADE I DO.
So FUCK YOU, Morgan Stanley. The second you start honoring individual investors again, I might consider it, but you SO OBVIOUSLY have no respect for anything but your own pay packages.
+1001
Succinctly stated!
~Misstrial
i opened an account with MS , what dumb do do's. i think i knew more than the guy i was given to manage my account. i even made a complaint, they didn't do a stock, you know when you get 2 for 1, right.
MS and the rest of the fucking dirt bags with the big iron HFT's are getting all ascared they pissed and shit in the the sandbox so much that no body wants to come in and play with them anymore.
boo fucking hoo.
Can't wait to dance on that company's grave and start attacking it's baby umbrella companies.
Yeah I thought cat shit was bad in the sandbox when I was a kid. Now you have the filet mignon filled, cocain rolled, alcohol drenched banker turds in the sandbox. It makes the cat shit look palatable.
Agreed, I'll eat a shit sandwich before those half assed scalpers get a nickle of my money or my time to consider their "plight".
I'll give em a hug. Let me get my knife.
+10000000000000000000000000000
Well I guess it come down to who makes more money, the bots or the humans...
So will FASB actually provide very clear, hard to fudge rules?
A lot of what they write is fuzzy guidelines.
Define delinquent, non performing, full payment, current, not delinquent, etc...
Don't let the golden door knob hit you in the ass on the way out!
Don't think I'll loose sleep over this one.
But wait! What happened to Wall Street hiring 2k people?
Hired and fired in an HFT nano...
Hmmm, that would be good get these algos working on the BLS. That should get a good ramp on the employment figures, with the occasional flash crash.
Also hoping these guys are taking it up the chute on their (supposedly) massive GGB position.
I agree with all of the disgust expressed on these pages. The system is corrupt to its very core. Americans' have virtually no capacity for independent thought. Our brains are saturated with deep fat and heart-wrenching bits of propaganda on the telly by companies like BP and AMEX...and we bite at the bait, every time. Sad fuckers we.
well said Tyler. There is no volume and hardly anyone is left In the game but the primarily dealers. That means there is only each others money left to take and it's time to shank one another in the shower for profits.
Mexican Standoff with financial nukes.
Like a good puppet, Gasparino got in the sideways assertion that the Wall Street is good for main street and GOP is the only way to get back the "tailwind". The real prize is the privatization of SS and medicare. Watch how Wall Street salivates and tries not to let their fangs show.
ITS IN THE CARDS
http://williambanzai7.blogspot.com/2010/09/ancient-subprime-tarot.html
The conclusion contradicts the event. The market is manipulated and broken, but it's the manipulators and breakers who are losing money and being driven from the market. How is this not good news for me, and for us? The rational conclusion would be that the time to buy stocks is approaching. When the sharks die off, I can go for a swim.
Markets are artificially pumped... why can't we have volume artificially pumped as well? Actually, they could just hire a bunch of unemployed people and have them buy and sell stocks to each other... They are employed, volume increases, Morgan Stanley can keep hiring, DOW 36,000, economy solved.
Right? Right...?
Unless it's government sancitioned it's only a ponzi scheme...
i like your babe.
Please,please,please, more QE2 please!
...or we're going to contribute to the unemployment figures.
If you're expecting a hit to your disposable income, then here's helping you acclimate to the way 50% of the US shops.
http://www.youtube.com/watch?v=u1rTSazpCJs
Since the Fed doesn't seem to have to follow any particular rules, what's the chance that QE2 will end up being about buying toxic debt off the TBTF banks rather than just treasuries?
The Fed will eat all the toxic crap it can from the TBTFs. Then, like the rest of us, it will die.
They now get to eat what they cooked. Like many have stated above, they won't receive sympathy. I'm sure they see this for what it is... and I've stated before... if you were a pension manager and you came in every day seeing the market move prices up incrementally what's to trade? Just watch the circus roll on and pray that everyone doesn't run for the exit at the same time. (Which you know they will, so you look to have a derivativecreated that allows you to really relax into the end of the year. Ahhh, the American work ethic.)
I actually have had the chance to meet a former JPMorgan trader after he was one of the first to be hit through the financial meltdown of 08. This gay (not deragatory but a true assessment) cocain loving guy had to move in with old friends while his mom paid his credit card bills. I have to say I took great pleasure, and still do, in telling him I have no sympathy for his loss. Karma will kick my ass on this later, but fuck these pawns.
Perhaps when the layoffs start getting into the higher ranks of these schisters we may start seeing them openly turn on their own. I'll toast to that.
Sounds like significant cuts are in order then. Hey what about my "partial year bonus"
Laugh track turned up to "deafening"
HIRING FREEZE
http://williambanzai7.blogspot.com/2010/09/morgan-stanley-announces-hiri...
Partial year bonus = kick in the ass out the door.
My feeling is this is how the financial industry is reving up to push QE/Stimulus into the Senate again and hold the gun to the head of the government again to demand more money to keep their crack fix going.
too many of our best and brightest work in Finance. We need those great minds back in our more productive industries. Finance should be about 3% of our economy, not the 7% that it consumes (a form of tax). This is creative destruction at it's best.
I'm from the world of engineering, dabbling in trading as a way to beat the snakes at their own fight...... But let me tell you, there are not many monetery rewards to pursuing engineering in this country unless you get involved in management or defense. Classical, intellectual engineering (the calculations and judgement calls they teach you how to do in school) are all done by some director or committe, usually with a computer program, and the engineer on the ground is just a minion, accomplishing tasks laid out by a manager.....
No wonder the real talent went for the greatest rewards, but that zero sum game is going to be gone with all the borrowed money.
Should be good for a for big move up in the stock price with this goofy market. Frankly I hope this pig will collapse.
Need two CPA's, two financial advisors...apply here;
http://www.youtube.com/watch?v=OMhHOiElvkA
Dow closes down 48 pts. Prepare for the gnashing of teeth and the rending of flesh.
Yum. Love a good gnash in the afternoon.
Something new is happening with the dollar and Euro...... It's as if the whole market mood shifted at 3:00 today. POMO is just the dog herding the cattle. It only has control when the survival instincts of the herd are not provoked....
Here You go:
http://finance.yahoo.com/news/Get-Ready-For-The-Fixed-cnbc-2934320589.html?x=0&sec=topStories&pos=main&asset=&ccode=
No other words necessary.
+1
Thanks for the link.
They just don't learn, do they?
~Misstrial
MTM, die banks die
MTM, die banks die
Explains why BAC/ML, MS and AMTD have pulled most or all their job openings in brokerage offices around the country. There were several open positions in my state early last week and as of Friday they were pulled. I called and was told those positions would not be filled.
Chahlie!!
Gasparino is usually correct and on top of things. The black swans are lining up.
So goes the piggy, so goes the poke
Its weird this just came out, for me at least.
I interviewed 2 times in the last 3 months with MS. One for a contract Business Analyst position working a a commercial loan platform and the 2nd was for a full time Project Management position working on a systems integration between them and Smith Barney. (that was a 3 1/2 hr interview)
After 2 months+ both hiring managers have given me no feedback except that they are waiting on approval for the projects/release $ from the budget etc....
Now it makes sense.
Not sure if any would apply to you, but TRP has 113 openings, some for analysts:
http://corporate.troweprice.com/ccw/html/content/taleo/careers.html?lang=en
~Misstrial
A Boycott insinuates people will come back,the truth is they don,t trust it any more.When are they going to twigg confidence has been destroyed.
i love zerohedge policy cheap hosting