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UnoccupyWallStreet: As 200,000 Depart, And The Rest Face Plunging Bonuses, A Look At Wall Street From The "Other Side"

Tyler Durden's picture




 

“This is something very different,” said Huw Jenkins, a former head of investment banking at UBS AG who’s now a London- based managing partner at Brazil’s Banco BTG Pactual SA. “This is a structural change. The industry is shrinking.” In his latest profile piece, Bloomberg's Max Abelson captures some of the very much unspoken and tacit changes on Wall Street, which over the past several years has become the poster child of all that is wrong with the world, despite the fact that Wall Street does not exist in isolation from Washington, and the true enabler of all the criminal behavior are those men and women in the US Congress and Senate, whose conscience can be bought by the highest bidder. And while not a single person in DC is going to lose their job over the economic catastrophe of the past several years, Wall Street is preparing for one of the biggest layoff rounds ever. As Abelson reports, "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.” A week later, on Oct. 31, the firm led by former Goldman Sachs Group Inc. co-Chief Executive Officer Jon Corzine collapsed. Brady and 1,065 colleagues joined a wave of firings that has washed away more than 200,000 jobs in the global financial-services industry this year, eclipsing 174,000 in 2009, data compiled by Bloomberg show. BNP Paribas SA and UniCredit SpA announced cuts last week, and the carnage likely will worsen as Europe’s sovereign-debt crisis roils markets." While it will hardly evoke nary a tear from most, those curious at how the "other side" is faring with what may well be the worst bonus season on Wall Street, and the biggest layoff wave, in 3 years are encouraged to peruse the following profiles.

From Bloomberg:

In interviews, a dozen people who have lost jobs at firms including Societe Generale SA, Royal Bank of Scotland Group Plc and Jefferies Group Inc. described a grim banking landscape that also includes Occupy Wall Street protests against unemployment stuck above 9 percent and income inequality.

 

“These are by far my darkest days,” said Scott Schubert, 49, who was dismissed in late 2008 as a mergers-and-acquisitions banker at Jefferies, a New York-based securities firm, and has been unemployed since. “It’s harder and harder to look for a job and feel that there’s nothing there.”

Europe at the forefront:

Banks, insurers and asset managers in Western Europe have been hardest hit, announcing about 105,000 dismissals this year, 66 percent more than the region’s losses in 2008 at the depths of the financial crisis, Bloomberg data show. The 50,000 job cuts in North America this year are more than twice last year’s and fewer than the 175,000 in 2008.

At least therapists are laughing all the way to the bank

Neil Brener, a psychiatrist whose patients work in London’s City and Canary Wharf financial districts said the stress is contributing to panic attacks, binge drinking and chest pains.

 

“Because there are fewer jobs, people are unhappy about being stuck,” Brener said. “They don’t have options about moving, and there is a sense of feeling trapped.”

 

London hiring could be frozen next year, according to the Centre for Economics and Business Research Ltd. Headcount in the City and Canary Wharf may fall to 288,225 by the end of the year, 27,000 fewer than in 2010 and the lowest since at least 1998, when there were 289,666 jobs, according to the London- based research firm.

There is hope... In 2023!

Wall Street won’t regain its lost jobs “until about 2023,” Marisa Di Natale, an economist at Moody’s Analytics in West Chester, Pennsylvania, said in an e-mail.

 

That’s not encouraging for Michael Reiner, 44, who lost his job in June as a credit strategist in New York for Societe Generale, France’s second-largest bank, whose shares are down 60 percent this year. When he called his wife to tell her the news, she was home watching “The Company Men,” a film about corporate downsizing, he said.

 

It wasn’t the first time Reiner had lost a job on Wall Street. He worked at Bear Stearns Cos. for 14 years until the firm collapsed in March 2008 and was taken over in a fire sale by JPMorgan Chase & Co. He said he was happy to have some time off with his family and go to Little League baseball games.

 

When he began looking for a job, he “wanted to find a place for the next 14 years,” he said. A recruiter brought him to Paris-based Societe Generale. It didn’t last that long.

It’s harder to talk about losing a job the second time, Reiner said. “There are a lot of people I haven’t told.”

Opportunities for employment “evaporated” as the European debt crisis escalated, he said. Now he spends his time going to his daughter’s field hockey games and managing his investments. He’s planning to make maple syrup from the trees in the backyard of his home in Briarcliff Manor, New York.

It is so bad that Jefferies, the bank that would hire everyone else who has been laid off (mostly by UBS), is also firing now:

For Schubert, the former Jefferies banker in his third year looking for work, the longer he’s out of a job, the harder it is for him to tell his 10-year-old son to do his homework, he said.

 

“It might seem outwardly to him that I’ve given up,” he said in an interview this month from his four-bedroom home in Glen Ridge, New Jersey. “I can’t come to the table and say, ‘Well, when you were five, I worked nonstop.’”

 

Schubert, who received a master’s degree in business administration from New York University in 1989 and was a managing director specializing in middle-market M&A deals at Jefferies, said he wasn’t surprised when he lost his job in 2008 during the financial crisis. He thought unemployment would last 12 months at most.

 

“The first year out was fruitless,” he said. “There wasn’t much hiring going on at all.”

 

By the middle of 2010, more potential employers seemed interested, and he felt “something was imminent,” he said. Nothing happened.

 

This year, he has become increasingly disheartened by bad news on Wall Street, and it’s more difficult to stay in touch with former colleagues as time goes by, he said.

And then there is that other thing. Money.

 

“Unfortunately, the industry always seems to get it wrong and they over-hire,” said Philip Keevil, 65, a former head of investment banking at S.G. Warburg & Co. and now a partner at New York-based advisory firm Compass Advisers LLP. “They are over-optimistic and then periodically throw large numbers out.”

 

Morale on Wall Street and London is “probably as bad, if not worse” than it has been in decades, said Keevil.

 

Wall Street bonuses are expected to fall in 2011 from the $128,530 average last year, DiNapoli, the state comptroller, said in October. Even so, when Goldman Sachs set aside 24 percent less to pay employees in the first nine months than in the same period last year, the amount, $10 billion, was equal to $292,836 for each of its 34,200 workers as of Sept. 30. That’s nearly six times the median household income in the U.S., where 49.1 million live in poverty, according to Census Bureau data.

Like we said, "nary a tear"..

Wyatt Laikind, 26, made three times as much in his first year out of college working at Citigroup Inc. as his single mother earned when he was growing up in western Massachusetts.

 

“It was like winning the lottery to get that job,” said Laikind, who worked as an associate on the New York-based bank’s high-yield credit-trading desk.

 

He got a job on Wall Street because he “was under the impression that it was a more meritocratic environment,” and “my hard work and intelligence would be paid off,” he said.

 

At first, he liked the excitement, he said. Then, after financial regulations curtailed proprietary trading, the job became “less appealing.” He said he didn’t like smiling at clients while having to figure out how to profit from them.

 

In July, after a vacation, he called his boss to quit, he said in an interview from Quito, Ecuador, where he is now working for Equitable Origin LLC, a start-up that offers a certification system for oil exploration. His salary is less than 5 percent of what he made at Citigroup, he lives with intermittent hot water, and he was robbed at knifepoint last month, he said.

 

“I feel happier on a daily basis,” Laikind said.

That was then. And this is now.

His tone was different in a later e-mail.

 

“I wasn’t brought up in luxury, so I like to think I can tough it out,” he wrote, describing the sagging mattress he slept on in jeans and a hooded sweatshirt to stay warm. “But I may have to give it up and try going back to finance soon.”

And that's just it: as Wall Street, long accustomed to the best in life, wakes up to the harsh realities of life on Main Street, it will be precisely these (in)voluntary defectors that will soon be some of the most vocal enemies of the old establishment that kept them paid, fed, and covered their expense accounts. Because if there is one thing that dies the hardest, it is old habits.

Moral of the story: know your bankers today - tomorrow they may well be the leaders of the new resistance...

 

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Tue, 11/22/2011 - 12:51 | 1902804 achmachat
achmachat's picture

wait a second.. there's people on the other side too?

Tue, 11/22/2011 - 12:52 | 1902808 BaBaBouy
BaBaBouy's picture

Run To Gold , Bitchez ...

Tue, 11/22/2011 - 13:05 | 1902867 Gully Foyle
Gully Foyle's picture

BaBaBouy

I was out and about today and got some Gold ingots, some Silver ingots and some Gold coins.

Boy is Skyrim fun.

Tue, 11/22/2011 - 15:38 | 1903712 trav7777
trav7777's picture

fuck all those goddamned bankers

Tue, 11/22/2011 - 13:06 | 1902870 greased up deaf guy
greased up deaf guy's picture

those poor, poor bankers.  some may actually have to make an honest living now.

Tue, 11/22/2011 - 13:13 | 1902918 Gully Foyle
Gully Foyle's picture

greased up deaf guy

This is what kills me, no one bitched when the Farmers took it up the ass. Sure there were some concerts, still are, but no big protests.

Then factory workers took it up the ass, same results.

Now because people who never wanted to get their hands dirty can't get a fucking job, or lose their job, everyone has their panties in a bunch.

I say FUCK THEM ALL!

If the fucking assholes would have stepped up to the plate and supported all those who went before we would not be where we are today. But no everybody was happy smoking dope, drinking overpriced wine, becoming foodies, aquiring the trappings of wealth, paying to be attractive, and generally not giving a shit about the warning signs.

Meanwhile some of us have never recovered from the 80's.

Fuck all of you who didn't give a shit for the Farmers, for the Steel workers, from the Factory workers. You are just getting what you deserve.


Tue, 11/22/2011 - 13:21 | 1902961 Kaiser Sousa
Kaiser Sousa's picture

can u tell us how u really feel?

 

i agree fuck all bankers and their bitch owned politicians...Silver ANd Gold dreams Bithcez...

Tue, 11/22/2011 - 13:34 | 1903043 BaBaBouy
BaBaBouy's picture

Unfortunately the BANKERS and Billionaires Maggots OWN All the Politicos ...

 

This is why we are in a World Financial Crisis.

Tue, 11/22/2011 - 15:35 | 1903698 Omen IV
Omen IV's picture

the people losing their jobs in enormous numbers is accelerating in the finance field. Once we reach 100,000 to 1,000,000 in NY and London - the 1/10 of 1% will turn over the 1%. you cant control all the people all the time! 

ALL these people are ultimately a treasure trove of "WHISTLEBLOWERS" who know where all the dead bodies are buried to move up the food chain to blankfein and dimon

the cut and paste mortgage applications of Countrywide are the tip of the iceberg  - the vast outreaches of the conspiracy cannot be controlled without payoffs and the whistleblower are out of range of continous payments within 12 months

the AG's know this in NY/ CA / DEL / MASS and others - obama cannot "control" his control fraud

it is too big and too many people !!!

thank you - GOD  - for overwhelming greed

 

 

Tue, 11/22/2011 - 13:37 | 1903065 Max Hunter
Max Hunter's picture

Booo Fucking Hoooo.. Their sole business model is to move paper around and skim off of labor that produces goods and services.. I hope WS (and banking) gets reduced to 2% of the economy (or less).. Where is should be!

Tue, 11/22/2011 - 14:42 | 1903394 CPL
CPL's picture

I was just about to say...lol

Tue, 11/22/2011 - 15:46 | 1903753 NumberNone
NumberNone's picture

Agreed.  People's lives were just numbers and statistics to be used and manipulated for whatever gain could be had.  Welccome to being a number fuckers. 

Tue, 11/22/2011 - 14:54 | 1903466 Kayman
Kayman's picture

the US Congress and Senate, whose conscience can be bought by the highest bidder

Succint ! 

 Watching Pelosi and Boener's faces was all that was necessary on 60 Minuites.  ! Dirty little dirtbags, everyone.

These people won't even recognize fresh dog shit on their noses !

Tue, 11/22/2011 - 13:21 | 1902962 Kaiser Sousa
Kaiser Sousa's picture

can u tell us how u really feel?

 

i agree fuck all bankers and their bitch owned politicians...Silver ANd Gold dreams Bithcez...

Tue, 11/22/2011 - 14:03 | 1903145 Bananamerican
Bananamerican's picture

"Fuck all of you who didn't give a shit for the Farmers, for the Steel workers, from the Factory workers. You are just getting what you deserve."

It's the way of the world Gully Foyle

folks wont get off their ass untill ASS reaches critical mass...

There still aren't enough...This morning on the oldies station, the morning jocks were making fun of OWSers, implying they were dirty, useless, violent etc...

(that's what Main Street is being fed by the Oligarchs)

however, belated apologies from the herd, GF....

now we have,

"Brady and 1,065 colleagues joined a wave of firings that has washed away more than 200,000 jobs in the global financial-services industry this year, eclipsing 174,000 in 2009"

but my solidarity doesn't extend that far becuase all I can think of them is..., "who will drink all the vodka cocktails???"

Tue, 11/22/2011 - 14:45 | 1903409 yabyum
yabyum's picture

Yup, Greased this going to be bad for hookers and the blow industry. 

Tue, 11/22/2011 - 12:55 | 1902820 French Frog
French Frog's picture

"A Look At Wall Street From The "Other Side""

Do you mean from the arse side?

Tue, 11/22/2011 - 13:40 | 1903077 topcallingtroll
topcallingtroll's picture

Yeah, kinda dark and stinky from that side.

Tue, 11/22/2011 - 16:10 | 1903845 rmsnickers
rmsnickers's picture

Anybody else think the quotes/anecdotes are a little too concocted?  Sure, she was watching mad men...oh yeah, I recall saying something about a sunset and hoping the sun doesn't set on MF global.  Sounds like Templeton wrote this article...

Tue, 11/22/2011 - 12:53 | 1902812 SheepDog-One
SheepDog-One's picture

This is crazy, Euro up on rumors ECB will cave and print? Fantasyland.

Tue, 11/22/2011 - 12:56 | 1902823 Iriestx
Iriestx's picture

If you've been paying attention, you'd realize that the only thing that is keeping the markets above absolute zero is fantasy and printing.

Tue, 11/22/2011 - 15:31 | 1903677 Sudden Debt
Sudden Debt's picture

What else is there?
How can you find a sollution for 60 years of fucked up politics?
This last decade, young people have been dreaming that they'll have it as good as the babyboomers. Babyboomers have on average 37 times as much as your average 30 year old. It's only now that they start to realize that dream is and was a pipe dream.
The next thing they still need to realize that the last decade was also a waste of their time. Oh well.... If they bought gold and silver they might still make it. If they bought every version of the iphones, every ipad version, 20000 apps, 50 inch screens in every room.... They're fucked.

Tue, 11/22/2011 - 18:48 | 1904537 ForTheWorld
ForTheWorld's picture

Gold and silver... hmm...

Is there an app for that?

Tue, 11/22/2011 - 13:17 | 1902832 GeneMarchbanks
GeneMarchbanks's picture

That's how extortion works, Dog. Float rumor... check, Artificially boost currency... check. Finalize with a call to Merkels office... pending... processing ... processing....

Tue, 11/22/2011 - 12:53 | 1902814 DormRoom
DormRoom's picture

When I was a kid, Pluto was a planet, and there was a park, where those getting stomped by big banks, could go and hear the drum beats of a new horizon--a new revolution.

Tue, 11/22/2011 - 13:07 | 1902878 Gully Foyle
Gully Foyle's picture

DormRoom

Homosexuality was a mental illness and women could be beaten. Oh drunk driving was no big deal.

And SNL was funny, so was Steve Martin.

Tue, 11/22/2011 - 13:46 | 1903112 Use of Weapons
Use of Weapons's picture

You missed one there, just to get a dig into the Trav's of this world:

 

Steve Martin was black.

Tue, 11/22/2011 - 14:44 | 1903403 eatthebanksters
eatthebanksters's picture

No, he was born poor and black...

Tue, 11/22/2011 - 17:37 | 1904293 Use of Weapons
Use of Weapons's picture

Tragically, couldn't get that clip in good quality, so settled for the "you mean I'm staying this colour" one...

Tue, 11/22/2011 - 15:44 | 1903743 trav7777
trav7777's picture

if you're white and calling other white people racist or even giving a shit then you are the problem.  You are a fool and a tool.

There is NO OTHER GROUP I've ever witnessed call another member of their group a racist.  Ever.  instead I have watched shameless racism from them which they don't give a 2nd thought to.

White people who act like you do are punks and bitches.

Tue, 11/22/2011 - 12:56 | 1902824 imsaul0968
imsaul0968's picture

For those of you who invest in an IRA or for long term goals, theres a better approach than buy,hold,hope. Stocks follow the economy so analyzing the economy, specifically the factors that are "leading indicators" and having exposure to equities only when the economy is headed in the right direction and avoiding equities in favor of safe haven baskets is a much more logical approach. And missing the major drawdowns is the only way to help ensure meeting your goals.  If you are interested in investing in a portfolio that tactically invests in equity and safe haven baskets via ETF's automatically, please email me at:

eclark@breakaway-partners.com

and I'll add you to the weekly market commentary & portfolio update distribution list.  Its free to add you and you can follow along our model and our views.  We have been RISK-OFF since 6/30 so have missed all this wicked volatility. Currently invested in short duration treasury baskets as flight to safety drives interest in our debt. 

 

Tue, 11/22/2011 - 12:59 | 1902831 imaginalis
imaginalis's picture

breakwind

Tue, 11/22/2011 - 13:00 | 1902838 GeneMarchbanks
GeneMarchbanks's picture

I hate you soooo much.

Already

Tue, 11/22/2011 - 14:04 | 1903204 weinerdog43
weinerdog43's picture

Well, the italics mean that you can really, really trust him.

Tue, 11/22/2011 - 13:01 | 1902848 loveyajimbo
loveyajimbo's picture

Knock off the SPAM, Saul... you Sheenys are always trying for a scam, yes?

Tue, 11/22/2011 - 15:00 | 1903498 Kayman
Kayman's picture

My long term goal is to see the last of the criminals that produce nothing.  Anything on a computer screen or printed on a piece of paper requires trust.  And NOBODY CAN BE TRUSTED.

Thank you Wall Street and Washington.

Tue, 11/22/2011 - 12:56 | 1902825 GeneMarchbanks
GeneMarchbanks's picture

'And that's just it: as Wall Street, long accustomed to the best in life, wakes up to the harsh realities of life on Main Street, it will be precisely these (in)voluntary defectors that will soon be some of the most vocal enemies of the old establishment that kept them paid, fed, and covered their expense accounts. Because if there is one thing that dies the hardest, it is old habits.'

Remains to be seen but that certainly is the logical conclusion. Too bad it had to come to this...

Tue, 11/22/2011 - 13:41 | 1903083 Dental Floss Tycoon
Dental Floss Tycoon's picture

 

And they will make great witnesses if we can find any prosecutors.

I better take my meds I'm becoming delusional again.

 

Tue, 11/22/2011 - 12:56 | 1902826 King Dong
King Dong's picture

Fuck them all

Tue, 11/22/2011 - 13:02 | 1902850 homme
homme's picture

+10

Tue, 11/22/2011 - 13:20 | 1902959 Carlyle Groupie
Carlyle Groupie's picture

Agreed. Fuck the other side.

NYPD is the 4th branch of the Israel Defense Forces. Bought and paid for.

"Retired Philadelphia police captain, Ray Lewis, seen above, detained illegally by a corrupt police department he describes as “Wall Street mercenaries”. "

"He knows he risks his life by coming out, in uniform, exposing American police as the enemy so many have known them to be for so long."

http://mycatbirdseat.com/2011/11/gordon-duff-a-tale-of-two-cops-in-cuffs/

Tue, 11/22/2011 - 14:14 | 1903238 chet
chet's picture

No shit.  200,000 layoffs is only a good start.  Plenty of fat yet to cut.

Let's see these people kicked out of the "meritocracy" use their "merits" to actually produce something.

Tue, 11/22/2011 - 14:53 | 1903458 eatthebanksters
eatthebanksters's picture

You people are all missing something very important.  Yes, the banking sector, along with Washington, is responsible for the economic mess we are in, however, not every person in banking and finance is evil.  We want good honest bankers, they can help get things going in the right direction.  What we need to do is investgate and prosecute the bad ones so that they go away and also set an example for others who would think of going down the same path.  I wish Obummer would direct Holder to do his job...just ask Bill Black who was the special prosecutor during the S&L crisis in the early 90's.  I feel bad for any honest and hard working soul who is out of work.  I support anyone who gets screwed by corrupt people.  I do not support greedy corrupt bankers nor do I support smelly people living in squalor and protesting that they should be given something to which no one is entitled (freebies paid for by others).  If our government got back in the business of creating opportunity instead of class warfare, we might be able to work our way out of this mess (someday!)

Tue, 11/22/2011 - 15:05 | 1903531 Kayman
Kayman's picture

"We want good honest bankers" We already have Disneyland.

Since the "intermediary" business in founded in the excrement at the bottom of an outhouse, and is gussied up as ice cream, how pray tell do we get to "honest" bankers.

Who's going to eat the shit ? 

Tue, 11/22/2011 - 15:07 | 1903538 chet
chet's picture

I agree with you on most of that, and I can feel for some of these people on a human level.  Or if they are douchebags, I at least feel for their families.

But on a macro level, the financial industry had grown way way to large by 2008 and was/is crowding out other sectors of the economy.  Money is being sucked into bogus financial gimmicks instead of being invested productively.  So on a macro level, the whole industry needs to keep shrinking for a long time in my book.

We need to return to boring, honest bankers lending prudently to prudent people.   Banking needs to be boring again.  It shouldn't seem like an exciting, fast-paced career to ambitious 23-year-olds.  They should think, "why the hell would I want to go into banking?"

Tue, 11/22/2011 - 15:48 | 1903758 trav7777
trav7777's picture

fuck their families too...their wives are self-obsessed cunts and their kids are insufferable, spoilt little brats

Tue, 11/22/2011 - 16:21 | 1903903 TonyV
TonyV's picture

honest bankers =Oxymoron

Tue, 11/22/2011 - 12:58 | 1902828 The Big Ching-aso
The Big Ching-aso's picture

 

 

"Here's your bonus this year, Dabolina."

"What?"

"Yes I know it resembles a turd."

"Resembles?   It's a turd!"

"It's still a bonus, Dabolina."

Tue, 11/22/2011 - 12:58 | 1902830 loveyajimbo
loveyajimbo's picture

Mrs Blankfein leaves her bath:  http://www.youtube.com/watch?v=-VN2KRxTdjE

Tue, 11/22/2011 - 14:00 | 1903178 lunar
lunar's picture

LMAO - hope Mr. Blankfein was close...

Tue, 11/22/2011 - 12:59 | 1902836 Widowmaker
Widowmaker's picture

Boo hoooo, Reiner has to retire with soft hands to his maple syrup vinyard and unfortunately spend time with his kids.  What pity!

Fucking pathetic, I hope he doesn't get a flat tire -- he might need more therapy!

Tue, 11/22/2011 - 13:04 | 1902858 Gully Foyle
Gully Foyle's picture

Widowmaker

Clearly that vineyard would be either on another planet or in an alternate dimension, as here Maple Syrup comes from trees.


Tue, 11/22/2011 - 13:38 | 1903069 ParkAveFlasher
ParkAveFlasher's picture

dude's on a roll...lol!!!!

Tue, 11/22/2011 - 14:06 | 1903212 weinerdog43
weinerdog43's picture

Maple flavor grapes don't sound very appetizing. 

Tue, 11/22/2011 - 13:30 | 1902839 Granangry
Granangry's picture

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.

This guy, like the rest of the pretenders on Wall Street, should be glad simply for the fact that he even made it this far. Instead of sipping on vodkas downstairs at the Ritz he really should be upstairs cleaning the piss stains from the toilets and vaccuming up the pubic hair. It is worthless POS' like this that have ruined things for everyone else.

Welcome to the world of unemployment!

Tue, 11/22/2011 - 13:44 | 1903099 yabyum
yabyum's picture

Welcome to the 99%. Drum circle and ganga @ 4:20 bitches

Tue, 11/22/2011 - 13:00 | 1902841 The 100 Trillio...
The 100 Trillion Dollar Man's picture

What a sad, sad story. Everyone in my house is crying. Even my pet chihuahua is crying.

Tue, 11/22/2011 - 14:58 | 1903486 tarsubil
tarsubil's picture

Hold me!

Tue, 11/22/2011 - 13:00 | 1902842 NotApplicable
NotApplicable's picture

Must be why everyone is trying to get a job at GS, a.k.a., the soon to be "last bank standing."

Tue, 11/22/2011 - 13:00 | 1902843 TradingJoe
TradingJoe's picture

Noon Rumors "ECB to PRINT" :)))

Tue, 11/22/2011 - 13:02 | 1902844 Jayda1850
Jayda1850's picture

Excuse me while I shed a tear for all those jobs lost in the financial sector. sarc/

This is what happens when the financial sector becomes so profitable that theoretical mathmaticians and quantum physicist are drawn into the fray. Is it just coincidence that bernanke, draghi, and papademos all went to MIT?

Tue, 11/22/2011 - 13:01 | 1902846 BobPaulson
BobPaulson's picture

We should have a top 10 most and least deserving of bonuses list on this Blog (not that TD isn't busy enough) and then have a good laugh when we compare this to the bonuses they get.

The biggest take the money and run criminals should be afraid. I mean afraid for their lives and families and homes when they take the blood money. I say torches and pitchforks but the peasant uprising needs data on who stole the most.

Tue, 11/22/2011 - 13:03 | 1902853 alien-IQ
alien-IQ's picture

welcome to the world of lagging indicators. get cozy...you're gonna be here a while.

Tue, 11/22/2011 - 13:03 | 1902856 LawsofPhysics
LawsofPhysics's picture

Time for these paper-pushing fucknuts to rethink the value of their labor - Bullish.

Tue, 11/22/2011 - 13:23 | 1902981 candyman
candyman's picture

Hey, picking up the phone and making a call is hard work <sarc>

Tue, 11/22/2011 - 13:04 | 1902863 Eally Ucked
Eally Ucked's picture

I'm really touched by those hardship stories, really. Still they had few years of good bonuses and they were supposed to save.

The guy working in factory with 40k salary can make only 1.6 mln in his life time and doesn't have any savings. He cannot even afford 2 bedroom house, time for them to get government retraining program and learn how to unplug toillets or clean up cesspools. They helped us to get to that shit hole just get taste of it. 

Tue, 11/22/2011 - 13:12 | 1902906 Tsar Pointless
Tsar Pointless's picture

Anecdotal story from this week at the investment bank casino for which I work as a contract (read: NON) employee.

A lady I (formerly) worked with was on vacation for the past two weeks. On November 7, word came down from above that a member of our team was to be "displaced". However...the manager of the team says he was forbidden from telling this person that her job was gone. So, there she was - on vacation, spending money she probably otherwise wouldn't have spent had she known of the events that were transpiring in her absence.

I came in yesterday and was told of all of this. I guess they told her either over the phone or early in the morning, prior to my arrival.

"Thank you for your years of dedication and service to our company. Now kindly accept this kick in the teeth and please, don't let the door hit you in the ass on the way out."

BTW, my position is likely going to be eliminated at the end of the year. And my partner is still unemployed after 2-1/2 years, with exhausted unemployment benefits.

Tue, 11/22/2011 - 13:42 | 1903064 JOYFUL
JOYFUL's picture

" a member of our team was to be "displaced"

thanks for that anecdotal addition to the lexicon of corporate doublespeak.  For several years now, I've been committed to writing a modernized version of Lord of the Flies, but the daily news from the financial sector has by far outstripped my capacity to imagine acts of unspeakable savagery, so I have had to put the project in hiatus...

however, should things slacken off, in a future "kinder and gentler" era of human existence, and I can pick up the traces again,  I will certainly apply your term 'displaced' in suitable context, something akin to a large pot of bubbling water, I should think, and a number of cheery, bone ornamented enthusiasts, dressed of course in bespoke fashion!

Tue, 11/22/2011 - 13:59 | 1903174 Mariposa de Oro
Mariposa de Oro's picture

Some of us in these parts refer to displacement as 'getting The Hope And The Change'.  We giggle a bit when it happens to someone who called us racists for not voting for that shit.

Tue, 11/22/2011 - 13:26 | 1902966 Use of Weapons
Use of Weapons's picture

Reminds me of that joke:

"We're not fucking dinosaurs, we'll just come after their jobs if we're kicked out of these".

Irony strikes when unemployment is 40% in your age bracket, and Main street views "major financial Corporation" as "lying sociopathic scumbag".

 

Still, there's always the entertainment industry...

Oh. Wait.

Shares in Thomas Cook have closed down 75% after it announced it was in talks with banks about increasing the amount of money it can borrow.

The travel firm said it had seen a "deterioration of trading", due to political unrest in Egypt and Tunisia and floods in Thailand.

http://www.bbc.co.uk/news/business-15832438

Please note that that 75% down is from 80% down from 2010 [i.e. total about 90-95% down from April last year], and the CEO left with a massive golden parachute just before the recent troubles. Classy.

 

Expect more: a pyramid scheme doesn't work if there's nothing funneling upwards.

Tue, 11/22/2011 - 21:53 | 1905034 StychoKiller
StychoKiller's picture

There are only so many fools on the planet -- those that understand exponential functions -- let them hear!

Tue, 11/22/2011 - 13:22 | 1902970 Dingleberry
Dingleberry's picture

FUCK THESE MOTHER FUCKING FUCKS!  Until I see blood flowing like a river from their assholes, I will not be satisfied. They willingly and eagerly raped the rest of the world, as well as to generations yet unborn. Technically, they are no better than pedophiles. But I must thank TD for the story. This, along with MF going down, just made my holidays a lot more merrier. Cheers!!!

Tue, 11/22/2011 - 13:32 | 1903037 lunaticfringe
lunaticfringe's picture

Dude, I like your style. A little abrasive, you'll get junked by the mormon crowd here...but I tend to agree. In fact, I'm convinced that we will see the "fruits of their labors." Gawd I love ZH. I wished I'd a thought of it first. http://thecivillibertarian.blogspot.com/2011/11/those-who-make-peaceful-...

Tue, 11/22/2011 - 14:51 | 1903442 LarryDavis
LarryDavis's picture

TAKE THEM TO THE IRON MAIDEN

Tue, 11/22/2011 - 13:24 | 1902995 midgetrannyporn
midgetrannyporn's picture

Phone sterilizers.

Tue, 11/22/2011 - 13:24 | 1902997 TheAkashicRecord
TheAkashicRecord's picture

Insight: Farm belt rage over MF Global could chill markets

http://tiny.cc/0vhl5

Double long pitchforks bitchez!

Tue, 11/22/2011 - 13:40 | 1903078 Use of Weapons
Use of Weapons's picture

GS's gift to US farmers will keep on giving. Double spit roast: Monsanto (looked after by GS, by the way, esp. since GS holds the premier Bio/food conference each year) on one side, GS lead commodity hijnks on the other.

It took the brilliant minds of Goldman Sachs to realize the simple truth that nothing is more valuable than our daily bread. And where there's value, there's money to be made. In 1991, Goldman bankers, led by their prescient president Gary Cohn, came up with a new kind of investment product, a derivative that tracked 24 raw materials, from precious metals and energy to coffee, cocoa, cattle, corn, hogs, soy, and wheat. They weighted the investment value of each element, blended and commingled the parts into sums, then reduced what had been a complicated collection of real things into a mathematical formula that could be expressed as a single manifestation, to be known henceforth as the Goldman Sachs Commodity Index (GSCI).

http://www.foreignpolicy.com/articles/2011/04/27/how_goldman_sachs_creat...

Long term thinking there. Just like the 30's

How's that drought working out in the south west?   Yep, still going well - so no hedging & environmental factors closing in, and GS has Monsanto shafting you on one side, the major players like Walmart screw you every time [Here's a link, from a very popular little site, although we could go adult on this] and to add insult to injury, tough immigration laws are back firing [Georgia, June. Alabama September].

 

I could go on: but at this point, it appears that Republican governers and GS & co have conspired to create a perfect storm. Have fun.

Tue, 11/22/2011 - 13:56 | 1903160 TheAkashicRecord
TheAkashicRecord's picture

//It took the brilliant minds of Goldman Sachs to realize the simple truth that nothing is more valuable than our daily bread. And where there's value, there's money to be made. In 1991, Goldman bankers, led by their prescient president Gary Cohn, came up with a new kind of investment product, a derivative that tracked 24 raw materials, from precious metals and energy to coffee, cocoa, cattle, corn, hogs, soy, and wheat. They weighted the investment value of each element, blended and commingled the parts into sums, then reduced what had been a complicated collection of real things into a mathematical formula that could be expressed as a single manifestation, to be known henceforth as the Goldman Sachs Commodity Index (GSCI).//

 

This, I believe they call, "creating value for shareholders" ...whether or not financial explosions and unforseen consequences for the common man occur during that process is irrelevant.  For the masters of the universe, the ends always justify the means.  

Tue, 11/22/2011 - 13:25 | 1903004 NuYawkFrankie
NuYawkFrankie's picture

The Unemployed Bankers Lament:

Buddy can you spare a bonus ?

 

Tue, 11/22/2011 - 13:27 | 1903013 dtwn
dtwn's picture

End the FIRE economy.  I hope this continues.  There's someting very wrong with this world when banksters, getting paid huge salaries and bonuses for shuffling other peoples money around, make much much more than folks such as ER doctors.  You know, those people who make the world a better place by actually doing something productive.  Such as saving lives.  Though they're overpaid too, but that's a different story.

Tue, 11/22/2011 - 21:56 | 1905043 StychoKiller
StychoKiller's picture

Yo, if it's YOUR life that's being saved, how overpaid do ya want'em to be?  Check your premises.

Tue, 11/22/2011 - 13:29 | 1903024 Downtoolong
Downtoolong's picture

But, is it truly Wall Street and the financial industry shrinking, or just increasing concentration of power, control, and wealth in fewer hands?  In a quest for central control and ultimately ownership of everything, this culling of the elite herd must be part of the process. None of them are creating much of true economic value or contributing much to economic growth. Therefore, the only way for those remaining to achieve their ultimate goal is to eliminate some of their own, thus grabbing a bigger piece of an ever shrinking economic pie.

Tue, 11/22/2011 - 13:34 | 1903049 10044
10044's picture

0.1% of 1% screwing the other 0.9%. Gotta love this shyte

Tue, 11/22/2011 - 13:36 | 1903058 TheAkashicRecord
TheAkashicRecord's picture

Yes, this is exactly what I was waiting for!  When the uber-wealthy start to turn on the marginally wealthy, and the marginally wealthy start to join the call in removing the economic parasites and oligarchs - happy day!

 

Tue, 11/22/2011 - 16:36 | 1903989 prodigious_idea
prodigious_idea's picture

Capitalistic cannibalism

Tue, 11/22/2011 - 13:35 | 1903053 TheAkashicRecord
TheAkashicRecord's picture

//None of them are creating much of true economic value or contributing much to economic growth//

But Rush says these people are job creators and there is a socialist-islamofascist-atheist-secular-marxist conspiracy afoot and we have to have no regulation so Goldman Sachs can create jobs.  

You America hater!

Tue, 11/22/2011 - 13:30 | 1903031 lechmm
lechmm's picture

Finally a good news story on ZH.

Tue, 11/22/2011 - 13:32 | 1903038 BlackVoid
BlackVoid's picture

They should join OWS.

Wall Street devours its own children.

Tue, 11/22/2011 - 13:39 | 1903071 SunBlaster
SunBlaster's picture

7/11 called, THEY'RE HIRING!

 

I am glad all these scum bags are loosing their jobs. Banker, is that a real skill anyways? Anyone can count money, even a 3 year old.

Tue, 11/22/2011 - 21:58 | 1905053 StychoKiller
StychoKiller's picture

Hmm, so lying, cheating and stealing aren't really useful skills?  Have to write that down in my diary...

Tue, 11/22/2011 - 13:41 | 1903090 BidnessMan
BidnessMan's picture

The FIRE sector (Finance, Insurance, and Real Estate) was and is way overdue for a huge downsizing.  Will be positive to see rocket scientists and other talent redeployed to adding value to the real economy - farming, food, energy, transportation infrastructure, water, teaching, technology - rather than shuffling paper and taking advantage of honest, hard working people.  Working in the real world is a lot harder and pays a lot less, but welcome to the real world.

The world will be much better off when smart folks don't look down on and take advantage of those who actually make things and get useful work done. We will get along much better with far fewer "masters of the universe" financial types, lawyers, tax consultants, real estate agents, politicos, university academics, economists, community activists, and other parasites draining resoures from the productive economy.

A great scam while it lasted, but the party is over.  Hoping it is over for at least a generation.  So that young people learn to devote their time and energy to developing productive skills, and stop borrowing six figures to get worthless degrees in political science, gender studies, art history, psychology, ad nauseum.  And then whine when they can't get a job that pays enough to move off their parent's sofa.  Anyone dumb enough / delusional enough to not connect those dots does not need to be in the future gene pool anyway.

Tue, 11/22/2011 - 13:43 | 1903097 topcallingtroll
topcallingtroll's picture

I was always a little miffed that friends and acquaintances who couldnt possibly have the grades or test scores to get into medical school were making more money than me with only two years of post college education.

You cannot possibly understand the smugness, the joy, the uber schadenfreude I feel.

However I am in the next bubble to pop.

Tue, 11/22/2011 - 17:40 | 1904303 Use of Weapons
Use of Weapons's picture

You're a NY hooker?

 

*mind blown*

Tue, 11/22/2011 - 13:45 | 1903107 williambanzai7
williambanzai7's picture

I'm singing in the rain...

Tue, 11/22/2011 - 16:06 | 1903824 Kayman
Kayman's picture

And a Clockwork Orange to ya, William.

Tue, 11/22/2011 - 13:46 | 1903114 Nobody For President
Nobody For President's picture

The tears Just.

Won't.

Come.

 

 

Tue, 11/22/2011 - 13:47 | 1903117 Peter K
Peter K's picture

They say that misery likes company:(

Tue, 11/22/2011 - 14:13 | 1903234 weinerdog43
weinerdog43's picture

No.  I'm quite happy if they're miserable.  The proper term is schadenfruede.

Tue, 11/22/2011 - 13:53 | 1903142 Mariposa de Oro
Mariposa de Oro's picture

Dear Former Wall Street Types,

Welcome to Main Street.  Come on in the water is warm and getting warmer by the day.

Signed, the frogs

Tue, 11/22/2011 - 13:58 | 1903170 TheAkashicRecord
TheAkashicRecord's picture

We will need a bigger pot and more water... they will cause some displacement

Tue, 11/22/2011 - 13:57 | 1903149 Peter K
Peter K's picture

"In interviews, a dozen people who have lost jobs at firms including Societe Generale SA, Royal Bank of Scotland Group Plc and Jefferies Group Inc. described a grim banking landscape that also includes Occupy Wall Street protests against unemployment stuck above 9 percent and income inequality."

WTF do Obama's kids and their student loans have to do with anything here. The journoclown that wrote this should also get the ax. You can't read the Bloomberg news anymore without this leftwing psycho crap. On second thought, get rid of the whole Bloomberg news division. They could then lower the subscription rates to what's left of their customer base. Win-win:)

Tue, 11/22/2011 - 14:15 | 1903244 weinerdog43
weinerdog43's picture

If you're thinking this is some sort of Liberal/conservative issue, you're on the wrong thread.

Tue, 11/22/2011 - 13:55 | 1903150 chaartist
chaartist's picture

Moral of the story: know your bankers today - tomorrow they may well be the leaders of the new resistance...

 

nice job. So OWS now have a stable cashflow of volunteers to survive winter. IPO coming

Tue, 11/22/2011 - 13:56 | 1903158 monopoly
monopoly's picture

This is an excellent article and right on. Am surprised Bloomberg posted this. Cannot make the Big Kahuna happy. After all, what is there after New York and Manhattan. 

Tue, 11/22/2011 - 13:57 | 1903164 WTFIGO
WTFIGO's picture

According to Newt Gingrich all they have to do is "... take a bath ..." and then they can find a job.  Don't know why they are whining.

Tue, 11/22/2011 - 14:03 | 1903196 TheAkashicRecord
TheAkashicRecord's picture

Children learning important janitorial service techniques and the dismantling the influential janitorial union are also parts of his revolutionary plan.  

Tue, 11/22/2011 - 18:28 | 1904480 ljag
ljag's picture

I'm surprised no one has mentioned the HUGE firearm cleaning/repairing sector that will be needed once the party starts. Most folks don't have a clue as to how to dismantle their S&W and dislodge the lead build-up. If there ever was a growth industry in the making..........

Tue, 11/22/2011 - 14:01 | 1903186 acapulco
acapulco's picture

"Money has been privatized by stealth, the greatest privatization in history has gone unnoticed, it's time to take from the banks the power to produce money", Ben Dyson writes in his article published a few days ago by the Guardian. "You know, my son, it's really unbelievable how stupid one can be when his job depends on how stupid he can become", mama said to Forest Gump who browsed through the pages of the largest national daily newspaper - ahead of upcoming parliamentary elections - filled with invitations and promises in which desperate workers and farmers have invested all their hopes. "Well, mom", Forest replied, "if banks are evil, and if we're all angry and facing bankruptcy, then let's switch to alternative currency"!

Tue, 11/22/2011 - 14:08 | 1903218 monopoly
monopoly's picture

Gingrich scares me. How can you relate to humans when your budget includes a $40,000 neckless for your 3rd? wife.

Child labor laws stupid. Take a bath and get a job. Yup he is in touh with the masses.

Tue, 11/22/2011 - 14:14 | 1903240 TheAkashicRecord
TheAkashicRecord's picture

And he is one of those techno-salvation people.  He is also one of those people who believes you can't be moral without Christianity.  

 

The coming rush of high technology will dismantle the welfare state and provide a replacement that is humane and efficient; it will free the poor from government dependency, take apart a failing educational establishment, relieve the drudgery of industrial labor and provide a steady supply of pleasant jobs, defrock out-of-touch elites in every corner of the ruthlessly secular society, clean up the environment and bequeath to us an America that is “safe, healthy, prosperous and free,” as he wrote in “Winning the Future” 

 

 

lol

Tue, 11/22/2011 - 14:10 | 1903224 cathrynm
cathrynm's picture

After the time that every last cent has been drained from the population, each TBTF bank will be run by about 10 guys in an office, with a computer connection to the Fed, and another to the Treasury, and an absent, lazy CEO who skims a few billion for himself.   As the country burns to the ground, the entire wealth of the nation will be stored in magnetic computer blips over on a hard drive at the Fed.  

Tue, 11/22/2011 - 14:27 | 1903293 Escapeclaws
Escapeclaws's picture

I can't help but notice how the comments are becoming more and more socialist--who would have thunk it on ZH?

The bankers are only doing what comes naturally to good capitalists. Of course the politicians are bought and paid for, but any good capitalist would do that if the opportunity presented itself. It amounts to letting them operate in an environment free from regulation--precisely the goal of the libertarians. This is capitalism red in tooth and claw, survival of the fittest, folks. We should rejoice at their success. These capitalist bankers are beyond good and evil--they are the Nietzschian supermen of our times.

Tue, 11/22/2011 - 14:41 | 1903384 323
323's picture

Don't forget they are also the job Creators

Tue, 11/22/2011 - 14:45 | 1903405 LarryDavis
LarryDavis's picture

You took a philosophy class. I didn't because it lacks any practical application in a world teeming with madmen idiots....."beyond good and evil."  Science will always be more useful (and noble) than pseudo-science. Did you mean beyond reproach? What spectrum would you use to assess their actions? Supermen? How about degenerates/charlatans? Is my dick beyond measurement? Philosophy is a gimmick see Wittgenstein's Bemerkungen Uber Die Farbe. Personally, i like it in German but hopefully you can undestand it in English.

Tue, 11/22/2011 - 15:27 | 1903580 Escapeclaws
Escapeclaws's picture

I wonder if you mean Goethe instead of Wittgenstein. Goethe wrote about colors, Wittgenstein wrote the Tractatus. No I took some half-baked philosophy class as an undergraduate where I learned that a vixen is a female fox. Total drivel. But Nietsche's idea of "beyond good and evil" is actually lived by those who regard themselves to be free of petty moral constraints, from 20th century dictators to bankers and your sociopathic relative or neighbor. They regard morality to be for degenerate cretins, though they have all read Machiavelli and practice its outward trappings, giving money to orphanages and the like.

I recommend reading Nietzsche--he has a lot of really powerful things to say and speaks directly. Some of his criticisms of the established morality of his day were right on point. At the same time, I do not embrace the idea of beyond good and evil personally, but I do think that many of our luminous leaders do, albeit unconsciously. They look down on the likes of you and me from a lofty perch. We aren't even worth spitting on to a John Thain, Dick Fuld, Robert Rubin, or Hank Paulson. Like gods, they stride from mountaintop to mountaintop.

Tue, 11/22/2011 - 15:28 | 1903658 LarryDavis
LarryDavis's picture

No I meant Wittgenstein (who responded to Geothe in such a way that pokes some large holes in the limits of philosophy/language) and I misunderstood your post. http://en.wikipedia.org/wiki/Remarks_on_Colour

Tue, 11/22/2011 - 17:42 | 1904313 Use of Weapons
Use of Weapons's picture

You've misread Nietzsche, and bought the Nazi re-write his sister pulled off.

 

Don't worry, it is a common flaw.

Tue, 11/22/2011 - 16:14 | 1903863 Kayman
Kayman's picture

Escapeclaws

Capitalism ??  Are you out of your fucking mind ? This is the stuff of Mussolini and Hitler.  It is Fascism, plain and simple.

And you forget to mention one tiny little problem- Barriers to Entry. Try joining the Fed today.

Tue, 11/22/2011 - 14:28 | 1903303 LarryDavis
LarryDavis's picture

Everyone I know who works on Wall ST. literally does NOTHING ALL FUCKING DAY(and I know HEDGE FUND MANANGERS AND LACKEYZ ALIKE). People get paid 50k TO ENTER FUCKING TRADES (couldn;t that have been automated in the 1960's?). THE ENTIRE BULLSHIT INDUSTRY IS PREDICATED ON LIES AND MISINFORMATION. NEED TO MOVE FROM OCCUPY JUST TO END WALL ST. Can anyone tell me why people would invest in instruments that brilliant mathematicians and economists argue behaves randomly at times (forget Malkiel I'm talking about really smart motherfuckers)????

Tue, 11/22/2011 - 14:46 | 1903414 LarryDavis
LarryDavis's picture

What is the value added in a stock broker? Wall St. preys on misinformation and insecurity. Nothing more.

Tue, 11/22/2011 - 14:33 | 1903338 Blue Plus Red
Blue Plus Red's picture

Somewhere all the strippers are crying, they may actually have to lap dance for their money $20 at a time

Tue, 11/22/2011 - 14:42 | 1903392 New_Meat
New_Meat's picture

Next up should be the evaluation of the effects of these "good paying" jobs leaving NYC and starving Mayor Boomberg's cash flow.

Maybe the Occupyers can turn out the lights?

- Ned

Tue, 11/22/2011 - 14:44 | 1903400 Pitchman
Pitchman's picture

Preparing for the Next Big Thing?

”To the wicked, everything serves as pretext.” -Voltaire

Trillions of CDS with nothing to back it: kEurope's Voluntary Haircuts?, CDS Market Sham & B of A: Less Than Zero

The Disappearance of Chivalry - George Santayana & Murder By Joystick

 Everything Is Fine: Move On - There's Nothing Here For The 99%

MF Global is a fractal in a frying pan.

TO FREE OURSELVES, RESTORE FREE MARKET CAPITALISM AND REESTABLISH OUR CONSTITUTIONAL REPUBLIC, WE MUST FIRST ELIMINATE THE MOST PERNICIOUS CORRUPTING FORCE OF ALL.

END THE FED!

See:

Money Power And The Central Bank: Life Is But A MEME

END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC

14 Reasons Why We Should Nationalize The Federal Reserve

 

Tue, 11/22/2011 - 16:23 | 1903914 Kayman
Kayman's picture

Pitchman

Trillions of CDS with nothing to back it:

The criminals have collected the fees (protection money) and you have agreed to take a "voluntary" haircut.

Nobody inside the club will ever payout on a CDS.

Tue, 11/22/2011 - 19:02 | 1904581 ljag
ljag's picture

I thought the charter ended in 2012 (Dec 21st to be exact) soley because the 12 chartered banks MUST be paid in gold certificates. Since those will be hard to find a yr from now, I think we will see the Fed end then. Unfortunately, some other sinister NATO type organization will assume the position and keep the foot on our necks..........no?

Tue, 11/22/2011 - 14:45 | 1903408 the not so migh...
the not so mighty maximiza's picture

Bailout out girly men loosing there job..oh boo hoo cry me a f'ckin river

Tue, 11/22/2011 - 14:50 | 1903434 terryfuckwit
terryfuckwit's picture

Blankfein will be gettin his visit from the ghost of christmas past... we all wake up xmas day to healthy 6 figure sum in all our bank accounts.. he will run down the street buying turkeys and gifts for the crippled children. .. I too old cynic that i am will shed a tear of joy.. and raise a glass of sherry with him, jamie and the helicopter man...

 

or perhaps its me living in cloud cuckoo land??

Tue, 11/22/2011 - 15:36 | 1903703 Fascist Dictator
Fascist Dictator's picture

My heart bleeds...a thin trickle of ice water.

Tue, 11/22/2011 - 15:52 | 1903772 e-recep
e-recep's picture

And they thought they could survive without the main street? Fools...

Tue, 11/22/2011 - 16:40 | 1904017 Absalon
Absalon's picture

I'm in favor of state paid room and board for a very long time for several thousand Wall Street bankers.

Tue, 11/22/2011 - 17:06 | 1904138 terryfuckwit
terryfuckwit's picture

All the money in the world is owned by Floyd Bankenstein and 4 never to be named covert buddy bankers... worldwide the money is routinely distributed to various atm's giving the entirely false impression that some other people have money too...The rumour in international intelligance appraisals is the Bankenstein may be about to shaft one or all of the covert Banker Buddies... which may be bad news for the 99.99999999999999999999999999999999999999999999999999999999999999999999999999999 recursive %

Tue, 11/22/2011 - 18:31 | 1904495 Plumplechook
Plumplechook's picture

Fuck these coupon-clipping cunts.   Get a real job.

Tue, 11/22/2011 - 20:34 | 1904803 HyenaGo
HyenaGo's picture

Boo Mother Fuckin Whoo. Maybe these guys can learn a real trade that adds value to the community and society, not the other way around.

Tue, 11/22/2011 - 21:52 | 1905028 dolph9
dolph9's picture

Fuck the bankers.  The job isn't done, people.  Pink slips aren't enough, they need to be shown lead.

Wed, 11/23/2011 - 00:13 | 1905444 Tom Green Swedish
Tom Green Swedish's picture

Gold is the last thing you want, it will plummet. Silver is not much better, although it is an industrial metal. Commodities increase for another 2 years because of emerging markets the game has changed it could be much longer. I'm going for basic materials.

The top two industries by market cap are Finance and Computers/Technology.

30 percent market cap of the stock market is considered a bubble.  The finance sector accounts for 16 percent. The largest proportion of the major industries.  The financial sector must decrease to about 5 percent of the S&P 500 for the world economy to recover.  The current trend is a good trend.  What we are witnessing is the financial sector bubble popping, which is particularly nasty because they control the money and are attempting to not unbubble in order to save their scam.

Wed, 11/23/2011 - 00:11 | 1905549 Tom Green Swedish
Tom Green Swedish's picture

 

Sector Sum of S&P 500 Market Cap  Percentage of S&P 500 Market Cap  Computer and Technology 2145523.07 19% Finance 1553788.56 14% Oils-Energy 1335125.05 12% Medical 1190679.56 10% Retail-Wholesale 1055926.56 9% Consumer Staples 1044794.09 9% Utilities 726188.84 6% Consumer Discretionary 441473.83 4% Conglomerates 388029.51 3% Basic Materials 371910.44 3% Industrial Products 293820.8 3% Business Services 277879.8 2% Transportation 215437.73 2% Aerospace 161372.95 1% Auto-Tires-Trucks 109516.29 1% Construction 57315.37 1%
Wed, 11/23/2011 - 10:44 | 1906580 Finance Addict
Finance Addict's picture

The lack of introspection among these guys is startling. No acknowledgement of why they're in this position.

Do NOT follow this link or you will be banned from the site!