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Morgan Stanley's Japanese JV Supports Euroexposed Bank... By Cutting 20% Of Its Workforce
Remember when Morgan Stanley pulled out the kitchen sink two weeks ago in support of its surging CDS (which incidentally will be the sole reason for the bank's "surprising" EPS beat when the bank pulls a DV(D)A page right out of JPMorgan's playbook) by enlisting the support of Japanese JV Mistubishi UFG with promises that it would never let its bigger US brother down? Well, we now have the first indication of just "how" said plan will look like. As Reurters reports, the JV "is planning to cut 1,200 to 1,300 jobs, or about 20 percent of the total workforce, a source familiar with the matter said on Monday. A spokesman at Mitsubishi UFJ Morgan Stanley said his firm made a call for early retirements earlier this month but declined to say how many workers responded. A previous call for early retirements in February cut about 270 jobs. The company had about 6,600 employees at the end of March." And there you have it. With supporting JV partners such as these, who needs CDS vigilantes, or the difference between gross and net exposure when bilateral netting is discovered to be the biggest fraud ever?
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they are going full retard in cutting so that when hell breaks loose, they don't get lynched! We will use a smaller tree and a much shorter rope to hang those fuckers!
I will gladly donate the rope.
Hopefully all evil bankers will pay their dues when TSHTF.
When Buffett invested in BAC preferred's, you know counter-party risk in B.K. is virtually nil, since Uncle Sam, errrrgh Geithner and Bernanke, will most certainly plow yet even more tax payer money into these cockroaches, all for the "greater good" they'll tell you.
I'm guessing by then OWS will have taken a whole new meaning.
"IF you're having debt problems, I feel bad for you son. I got 99 problems, but a leveraged EFSF, aint one"
Seriously, 1) retail sales FELL 5% last month (NSA), 2) Empire Survey shows contraction, 3) industrial production flat lined, 4) durable and non-durable employment growth is NEGATIVE.
http://confoundedinterest.wordpress.com
So, why is laying off employees a surprise?
Massively bullish news for the Nikkei today.
'bilateral netting'
New one and good one!
Man, that's tragic. If there's one thing the world needs, it's more riverboat gambler welfare queens. /sarc
Stay cash strong !
Any Jumpers?
wait till we hear about the varsity!
That was so lame pi, I had to give you an up vote.
i was inspired by the lame comments before me...
Thre is more bloat in Japanese staffing than any of you coupld possibly imagine.
The average salaryman here is in his office 10 hours plus, everyday, doing one to two hours of real work.
To paraphrase Clubber Lang, "They can't compete! They WON'T compete!"
Big in Japan. I see you never took a communications course.
WTF are you trying to say?
Yet somehow, they've managed to OUTcompete in electronics and autos among other things for more than 30 years, 20 of them in an bottomless recession. So what's your point? The TV show(s) "The Office" says that Americans and British do about the same thing.
Kinder Morgan to buy
El Paso for $38 billion
Hard for the market to move lower when headlines like this one dominate. Nothing mentioned about currencies, dead companies walking or solvency. Lets party. I am afraid when the shit really hits the fan it will be Sunday in Tokyo and I will have 0 shorts, as usual. Oh well. Got what I need.
Slewie , / You will own that JET! I believe in you.
I will ,nlimp Dik Ya!
Yen has ya back!
Ok Tylers n, Jonny Ruthaford A.J. Foyte. When I was a kid out side of the track! You weren't even borne.
I lived it!
Bi-lateral netting of CDS exposure? I'm sure there's an enforceable international accounting standard for that.
So... own a company that takes the counterparty risk to Credit Default Swaps that I purchase on my own debt? Then claim the increase in the CDS because my credit rating is turning to shit as revenue to my American operations as I decapitalize a Japanese bank that I own? Brilliant. That's like Enron on steriods.
I was wondering what was behind Mitsubishi UFJ sale of its entire shareholding in lynas (at lower and lower prices) to Morgan Stanley...
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