While frenzied talks of bailouts are ongoing in the US Congress, European governments have moved to shore up their teetering banks, including the troubled Belgian-Dutch Fortis, Germany's Hypo Real Estate Holding AG and Iceland's Glitnir hf; Bradford & Bingley of UK have joined Northern Rock. Wonderful solutions notwithstanding, markets around the world are crashing, left, … Continue reading Bailouts: the new buzz word; the “wonderful solution”!
Rather than layoff middle-rung executives, banks like Merrill Lynch and Morgan Stanley have been moving their middle men (and a few women) to the Middle-East or South Asia - most often to Mumbai, India's financial hub. The 'fortunate few' may have been relocated by their company, while numerous others who were already laid off after … Continue reading Wall Street moves to Dalal Street… Is that right? How nice!