Wall Street is causing more pain in Washington. The Securities Industry and Financial Markets Association is laying off a big chunk of its D.C. staff, a direct result of the economic woes and mergers on Wall Street, the New York-based group said. "Tough economic times require hard choices and this week SIFMA was required to restructure," the group said in a statement. "We are sorry to see the departure of so many of our hardworking and dedicated employees under these unfortunate circumstances."

A spokesman declined to say how many people would be getting pink slips, but news reports said up to one-third of the staff was being let go, including Christina Martin, who ran the group's communications team.
                                                                                                                    -- Bara Vaida