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 Financial firms aren't the only ones laying off staff. Wall Street's main lobbying group -- the Securities Industry and Financial Markets Association -- is cutting back too. Politico is reporting that SIFMA will lay off one-third of the staff at its Washington office.
The group may not be as well funded as it had been in the past
due the market turmoil, which has even claimed members such as Bear
Stearns Cos. Still, scaling back your boots on the ground at a time when Congress vows to
beef up regulation of the industry and powerful lawmakers are trying to
curtail Wall Street bonuses seems somewhat counterintuitive. But with CEOs expected to be spending plenty of time sitting in front of Congress after the presidential election, maybe they'll be able to do the legwork themselves. - George
White
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