Nov

9

Fired, from James Lackey

November 9, 2007 |

HSBC Ends Sales of Mortgage-Backed Securities in U.S.
     Nov. 8 (Bloomberg) — HSBC Holdings Plc, the biggest U.K. bank, said it stopped sales and trading of mortgage-backed securities in the U.S. after the collapse of the subprime market forced it to close down two origination units.
     About 120 securities jobs will be cut globally, including 20 in the U.K., London-based spokesman Pierre Goad said in an interview today.
     “I've been working since I've been 13 years old and it's the first job from which I've ever been fired,'' said Russell Middleton, 46, a trader of guaranteed mortgage bonds dismissed today…

Dear Russell: I got fired from my job at 13 because I wouldn't work a Sunday and went racing. I was fired at 15 for going skiing. The only job where I didn't get fired or in trouble was in the Army for fear of a stockade. Since then I've been fired a few times, even by my wife in our first year of marriage. That is why I am a trader, yet never a traitor. Don't worry Russell, there are plenty of sales jobs out there. Traders really never get "fired" — just not paid.


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