Europe is hot, if you don't look too far over your shoulder. The Dow Jones Stoxx 600 Index played well through the stock market recovery of 2009, ticking up 28% (60% from its March 2009 low). This was the index's best annual performance in a decade.

Basic resources and banks gained 100% and 46%, respectively, this year, after having turned in dismal performances the year before. China helped, as well, with its elevated economic growth forecast good for another 0.5% gain during the shortened week of Christmas.

Bloomberg reports on the career struggles of former structured finance professionals who have now found themselves unceremoniously dumped on the street as the products they built wreak havoc on the global economy. According to Bloomberg, the investment world has shed 76,670 in the past year.

One former vice president in credit strategy at Bear Stearns is setting up her own company to provide birthday parties and cupcake cooking lessons for children. A Bank of New York asset backed securities trader has left the world of high finance to open a discount hair salon with his wife. Others are becoming teachers.

I'm not sure how I feel about this. Can't these washed up masters of the universe just collect unemployment and live off their investments, and leave the world alone? They've already crashed the housing market and led to hundreds of billions in write downs. Now they're going to go mess with cupcakes? Is nothing sacred?

We can take some comfort in the fact that they're taking a pay cut. Wall Street salaries averaged $399,360 in 2007. That's a lot of cupcakes and $12 haircuts.