Surrounded by global recession, Tokyo-based Sony Corp. (ADR: SNE) said it plans to eliminate 16,000 jobs, the biggest of several moves intended to cut more than $1.1 billion (100 billion yen) from its annual expenses by March 31, 2010.

The masks are coming off. It’s the end of the party, now we get to see what people really look like. And it’s not a pretty sight.

Microsoft Profit Up; Goldman Slashes Jobs; Dow Reports 6% Jump in Profits; Sony Slashes Earnings Outlook; WaMu Debt Value Set; Crude Gains on OPEC Expectations