no you dont it kinda pissed me off

I don't think midway would waste their time to make different endings. It's not that big of a deal.

Just find Arcade mode an enjoyable experience in general, eh?

This is indeed disappointing. The story mode is what you have to play through to get the story, but no fatalities.
Then, arcade mode you get the fatalities but no real reason to play through it with each character if you don't get different endings.
UPDATE:
OK, I'm not sure where the previous folks got their info from but I just beat Arcade mode with Raiden, and to my surprise I had a voice-over comic book style cut scene ala MK Deadly Alliance.
There are individual endings in this game!
UPDATE...again...
OK, triple posts are lame but it's also very obvious that endings were available, as you can see slots for all the characters in the "Extras" screen under ENDINGS.
We really shouldn't jump to conclusions

Please use the "Edit" feature, it's there for a reason.
As for the multiple endings, that's sounds pretty cool if it's true (don't have the game to test this out). Can you take any pictures?
Edit: Never mind, just read Razor's post and realized that what you described was already discovered and has nothing to do with the thread.

Yes, every character does have their own ending.

But they only have one each and what the topic creator was asking is if you get more than one ending for the same character by choosing a different ladder.