David Weidner of
MarketWatch wrote an inciteful column today entitled Hired or fired, Street CEOs give thanks. In the piece he wrote:
Guys like O'Neal and Prince, ousted amid the biggest credit write-downs to ever grace the industry, are leaving with exit packages averaging more than $100 million. They've also been retired, not fired, which means more perks and a little dignity, even if we know better.
The changes at the top are all happening while jobs are bleeding on Wall Street.
Conditions are so bad on Wall Street that, when it comes to cutting jobs, the financial industry is even beating the automakers.
Detroit cut 51,934 jobs through the end of October, compared to 140,442 job cuts in the financial industry during the same period. More than half of those -- 73,436 -- were announced in the past three months.
For those interested it's a quick read.
