Monday, September 27, 2010

Morgan Stanley Freezes Hiring

The Federal Reserve has obviously stopped shoveling money to the Primary Dealers, through their Treasury trading activities. Otherwise, why would these "genius" traders who rarely had down days, suddenly be facing down days so severe that a hiring freeze is put in?

Update: Charles Gasparino is reporting that if things don't improve in 4Q, there will also be significant cuts in personnel in MS. Also, he's reporting that bonuses at Goldman Sachs will be down by at least 10%.

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