As populist anger spreads and "investment" banks finally realize that the president is for real on this one, financial firms are actually starting to act appropriately. WSJ reports that Goldman is cancelling its hedge-fund conference previously scheduled for the first week of March in Miami, while Morgan Stanley has told its brokers that this week it was cancelling trips for top-producing brokers to sunny and warm places like Florida and Cali.On top of that, with former BSDs gradually realizing that the $500,000 comp cap will really be implemented, the next leg down will be not massive lay offs, but massive voluntary departures. After all if you can't fly to Miami at least one every two weeks on the company's dime and barely make enough to cover the 3rd mortgage, then what is the point of selling boring municipals to 80 year old retail accounts.
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