Wall St. braces for thousands of pink slips

[El Pinko]

http://www.reuters.com/article/ousiv/idUSN1827726720080418


Wall St. braces for thousands of pink slips
Fri Apr 18, 2008 5:54pm EDT


NEW YORK (Reuters) - Citigroup Inc, Merrill Lynch & Co and Wachovia Corp this week announced 12,400 job cuts, and the number of pink slips is likely to rise as losses mount and the economy works its way out of its malaise.

So far this year, 36,000 job cuts have been announced in the U.S. financial services sector, according to job placement consultancy Challenger, Gray & Christmas, Inc. The figure does not include Citi's announcement on Friday to cut another 9,000 jobs.

Job losses will surge well beyond the current level, given that the latest data does not account for widely expected cuts among the 14,000 employees at Bear Stearns Cos following the investment bank's pending takeover by JPMorgan Chase & Co.

The cuts will have an oversized impact on New York City, whose fortunes are closely tied to Wall Street. Everything from Manhattan real estate prices to high-end restaurants and private car services could come under severe pressure, as highly paid investment bankers and traders face job losses.

[lame54]

1. Pimps & Hookers

NOFX LYRICS

"Pimps And Hookers"

give it up for workin stiffs
and those who sell their bodies,time and future
the popular people who can shout and spread
a catchy rationalization
lets give a cheer for androids, robots,
servants and their masters
"blind leading the blind" and "slavery is freedom"
starts to resound
everyone knew madison
she came to hollywood
a couple buttons short
couldnt keep her story straight
she had a drawer full of poisons,
punctures, pictures of victims

of course someone asks are they still victims if
they never realize it? go ask a PA minor
breathing blackness smoking 3 pack camels
loyal americans who love their collar colored
for 40 hours a spade is still a spade, a collar is still
a collar whether it be blue or white
its still around your neck, the silk leash nice and tight
your wife helped pick it out the irony is
that your worked 3 hours for it you wish you
could ignore it

you're a hooker.

start to realize its true
they sniff their coke you huff your glue
pimps and prostitutes
buisnessmen in monkey suits
on their knees
licking corporate boots
suckin up jumping through hoops
pimps and wall street ho's
work the street in business clothes
blows jobs, rimming, sucking cock,

they're getting laid while you're getting laid off.

[Subdivisions]

2. "...the economy works its way out of its malaise."?

So, they're going to continue to try to convince us the economy has reached a bottom?

Yeah, right.

[Mika]

3. Getting fired and having no paying jobs isn't a malaise. Its a catastrophic depression. n/t

[Vincardog]

4. The U.S. financial services sector has been rewarding companies for dumping jobs

for the last 20 years. I am soooooooo sorry for the parasites.

Goose meet gander.