Friday, December 5, 2008

The Ongoing, Drawn-Out Death March of the Financial World Continues...

Word is, heads are rolling at investment banking firms around the globe, which really should come as a surprise to no one.

What does come as a surprise to me is this:

According to the International Herald Tribune, year-end bonuses to bankers at firms in London are said to be dropping 60% this year. Only USD$5.3 billion will be handed out to those who steered their company's pocketbooks into the sewer. And that's just London. Poor guys...

Luxury goods retailers are fainting as we speak.

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