Google (yes, the invincible Google) just laid off 100 recruiters while announcing the closure of a few satellite engineeringoffices -- a move that will certainly see the loss of at least a few of the 70 or so affected engineers who are unwilling or unable to relocate.
The boom in derivatives was one of those moments when financial engineering raced ahead of back offices and risk-management departments, leaving them struggling to value or account for their holdings.