Some suits from Morgan Stanley have announced — at a Merrill Lynch conference — that the company will be cutting 9% of its employees in asset management and 10% of its employees in institutional securities. These firings will be on top of the 10% head-count reduction that MS had earlier in the year.

Payrolls are being reduced, but dealmaking is clearly underway: Morgan’s CFO said the company is planning acquisitions in retail banking. Oh yeah, and the holiday party is still off.

[Reuters] Morgan Stanley plans job cuts

The rumors have come to pass — GlaxoSmithKline will be laying off 1,000 members of its sales staff. This represents 1/8th of it drug-pushing force. The affected workers will be informed by the end of the week, and will be gone by the end of the year.

[Yahoo Finance] GlaxoSmithKline trimming US sales force by 1,000

The CEO and CFO of Entellium were arrested for defrauding their venture capitalists which included Ignition Venture Partners. The company kept two sets of books — the real one with $3.8 million in revenue, and the one they showed to investors with $15.5 million. The dirty financial statements were uncovered by an employee while she was cleaning out a desk.

Paul Johnston, the arrested CEO, wrote a resignation email in which he was repentent for cooking the books since the company’s founding:

“We have both made a grave mistake (in) misrepresenting our revenue to the board… Looking back at the time we thought we would be able to right the wrong and correct our representation, but we have not been able to do this.”

Next time Paul, find a better hiding place and maybe the office snoop won’t find your fraudulent secrets.

More info: Google News

Coca-Cola refuses to say how many, but the company has made it clear that there will be layoffs in its 1,200-person IT department by mid-November. I’ve got to applaud management’s brilliant decesion of making their computer geeks fear losing their jobs for the next month and a half. Big morale boost, guys.

Corroboration: Forbes

Our favorite poulty-producer, Pilgrim’s Pride, is really busting a move to the wall of shame. Besides the layoffs and the stock implosion, the company’s bonds have now achieved junk status. A Morningstar analyst has also said that bankruptcy is a “very real possibility.” Ouch.

America’s largest bus-maker, Motor Coach Industries, has filed for chapter 11 bankruptcy protection. The company has claimed $765 million in debt and over $1 billion in smelly bus assets.

Welcome to the wall of shame, Motor Coach!

“Green” datacenter in Texas, CityNAP, has declared bankruptcy with $100,000 in assets and $460,000 in debt. The company started last year, hoping to differentiate itself from the thousands of other datacenters by buying wind energy. Hopefully the company will have better look differentiating itself from the thousands of datacenters in bankruptcy court.

From green to red in less than a year

A Denver-based company that owned several smaller title companies, Mercury, has filed for Chapter 11. They claim between $50-100 million in liabilities. Nice job, guys.Details.

Welcome Mercury to the wall of shame