Lunchtime Links: It's OK - HSBC mostly chopped contractors

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It's not OK if you're a contractor over at HSBC, but if you're a fully fledged permanent member of staff, things might not be quite as bad as they first appeared. According to

Bloomberg, 450 of the 1,100 jobs that have been chopped at HSBC's global banking and markets division involved contractors who

(we're guessing here) could probably go and get a job in the NHS. Half of the total cuts apparently happened at Canary Wharf. It's sad for HSBC, which invested heavily in its London operations a few years ago (after trimming heavily in 2001).

WaMu: biggest bank failure EVER. (Reuters)

JPM writedowns on WaMu assets are nasty news for everyone else. (Clusterstock)

This is really, really bad. (Felix Salmon)

Will JPMorgan save Fortis too? (Fintag)

Central banks to the rescue. (BBC)

Paulson's plea on bended knee. (FT Alphaville)

We, the unknowing, are throwing you, the unwilling, under the bus, to save the unconscionable. We have messed up so much, for so long, at such great cost, we are now qualified to do nothing with everything. (NakedShorts)

I don't mean to cause fear and panic, but those are the only two legitimate reactions you should be feeling right now and you should let those guide you. (Long or Short Capital)

Wall Street execs got $3bn from the go-go years. Stan O'Neal got the most. (Bloomberg)

Morgan Stanley lost one third of its prime brokerage assets last week. (FT)

The size of your bonus is as unfathomable as Finnegan's Wake. (FT)

Don't bet on getting a job in theoretical physics. (Somekindoftheoreticalphysicsblog)

Time to become a ski bum? (Merger$ & Inquisitions)

Huge pig sent to stud after holding woman hostage. (Reuters)

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