Investbank hiring freeze

http://www.bloomberg.com/news/2010-09-27/morgan-stanley-said-to-freeze-hiring-at-investment-bank-for-rest-of-year.html

Securities firms around the world will cut as many as 80,000 jobs in the next 18 months as revenue growth begins to slow, bank analyst Meredith Whitney of Meredith Whitney Advisory Group LLC said in a report dated Aug. 31.

This is what happens when the government allows fictitious accounting, and bankers pay themselves outrageous bonuses based on said fictitious profits. Meanwhile, shadow banking assets remain, rotting as upside-down borrowers walk away from their mortgages.