With all the other excitement in the news, I'm wondering if any of you have noticed the ominous news reports about the immanent round of Wall Street layoffs.
Last weekend it was reported that the Squids are getting ready to let up to 1000 highly paid Squids roll. They are so concerned about the negative publicity that they were making the rounds around Washington to let everyone know how taxpayer funded bailouts and central bank sponsored entitlements foster negative job growth.
They say they are moving the lost head count to Singapore because it is more hospitable (which is a guffaw). South East Asia has no appetite for a repeat of the Asian financial crisis. Singapore is a hedge fund haven for tax reasons and that more than anything else explains why a hedge fund like Goldman Squid might want to move there.
Today it was reported that they have given formal notice of a coming statutory "mass layoff" to the NYS Department of Labor.
The Squids are not alone, everyone knows that business is shitty for the banksters and I am told the market reflects as much.
Until a new swindle paradigm emerges it will be rough going across the board. This has absolutely nothing to do with Diamond Back Jamie's laughable perception that the US has over-regulated (yes over-regulated) the financial sector and more to do with the legacy of toxic shit that is still clogging Wall Street's pipes.
It looks like downsizing a perversely bloated non-productive industry is the order of the day. There is a serious shortage of suckers and there is apparently little PhD douche weasels like Greenspan and Bernanke can do about it, with or without augmentation activities by Timmah the Hamp Hump.
So on your way to wherever it is you are driving or taking the subway this weekend, smile and think about the Wall Street assholes who now have to worry like everyone else for a change. And if you happen to know one, tell him or her about...
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