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And Then Recession Set In

Wall Street has probably received more bailout dollars per person than anywhere else in America. And yet still, here come the job losses:

The weak economy, volatile markets, regulatory upheaval and changes in how traders and investment bankers are paid are starting to trigger job cuts that could reverse a recent rebound in overall employment levels at banks and securities firms.

The news isn't all grim, however:

Some firms say that the recent job cuts are routine and that they will continue to hire people for roles that are especially important.

But here's what we need to know: Are these "especially important" jobs wealth-creating jobs? Or will firms be hiring more wealth-sucking "compliance officers" and the like to deal with all of Obama's new regulatory burdens?

Stay tuned.