Sensing You’re About To Get Fired?

Posted by Anal_yst, Apr 03, 2008 11:05AM

Another jackass senator thinking they know what they're talking about, sweet.

Another bailout of a bank like Bear Stearns by the Federal Reserve "must not
happen again," said Sen. Jim Bunning, R-Ky., at a hearing Thursday.
"I do not like the idea of the Fed getting involved," Bunning told Federal
Reserve Chairman Ben Bernanke and others. "That is socialism."
The hearing is about the U.S. role in staving off a collapse of Bear Stearns
last month.

Posted by guest, Apr 03, 2008 11:11AM

don't bonuses get paid in July-ish. why not keep them til then to do bitchwork, (so pay 4 months intead of 2.5 months salary), and then just pay them 50% of last yaer's bonus. net net same or less money out, a few extra months of work.

Posted by guest, Apr 03, 2008 11:14AM

Cause in this environment, there's a lot of times no bitchwork even.

Posted by guest, Apr 03, 2008 11:15AM

there is NEVER no bitchwork

Posted by I am a Dude, Apr 03, 2008 11:20AM

does that mean no more dwarf tossing parties for the young ones?

Posted by Lowly Assistant, Apr 03, 2008 11:20AM

@11:11,

Management prefers clean-cuts. Not that I'm particularly optimistic about the financial climate come July, but why not drop 'em when everything's obviously messy. Looks much more "proper," while recruiting. Everyone's doing it right now. "Layoffs" = buzzword. Less blood on their hands.

Posted by golden girl, Apr 03, 2008 11:21AM

check out the "Pink Lady" behind bob steel ...

Posted by big r, Apr 03, 2008 11:26AM

who is that pink donkey?

Posted by guest, Apr 03, 2008 11:30AM

Any idea what the Swiss paid in their latest round of layoffs? Did they vest people right away in their deferred stock?

Posted by guest, Apr 03, 2008 11:32AM

@ 11:11:
this way, severance costs are looked at by the research analysts as non-recurring (instead of showing up as normal comp).

besides, who needs those unfaithful 2nd year analysts with job offers polluting the morale?

Posted by Investorcluzo, Apr 03, 2008 11:34AM

this makes absolutely no sense. there is indeed always beyatch work to be done, trust me. those guys/girls will still sit around and order seamless web (with “future delivery” to get around the IT folks), so you might as well get that incremental pitchbook or dividend analysis out of them. not to mention, they are second years! they weren’t guaranteed another semester in the bullpen anyway! as for comp, analysts are a different breed the higher ups were getting 20% - 60% of last year's bonus.

@anal_yst: I’m stuck in jury duty and I’m missing all the shenanigans on the hill. but I’m in full agreement with you. don’t you just love how our elected officials become “experts” on the financial markets in weeks, while it took jaime d and the rest of the street years (and they still don’t have it all figured out)? the FCC should step in and censor this diarrhea of the mouth on our television screens. until then, bess, why don’t you “live blog” the hearings just like jpm conference call?

Posted by golden girl, Apr 03, 2008 11:35AM

@big r: i can't believe they haven't removed her or something.

Posted by big r, Apr 03, 2008 11:40AM

i thought senator johnson was going to have a stroke trying to read his questions

Posted by GinNTonic, Apr 03, 2008 11:42AM

When you're in a BS industry, that is populated by BS artists, there is bound to be BS to do and BS to be made

Posted by guest, Apr 03, 2008 11:45AM

It's not just salary. People on the payroll also get health benefits, etc. which cost thousands a month. And if something happens to them while on the job, or if they pass along confidential information, etc. - why take the risk when you don't have to? All of this is save-money and CYA.

Posted by guest, Apr 03, 2008 11:56AM

A socialist wrote the US "Pledge of Allegiance". If you depend on Limbaugh, Hannity, Dobbs or O'Reilly for your education, well.....oh, you know.

Posted by guest, Apr 03, 2008 11:57AM

Judging from investment returns YTD (other than Timmay), EVERYONE on Wall Street seems to be a "Pro". A Pro at losing money that is...

Maybe investors should only hire those who have never worked on Wall Street. It worked great for JT Marlin.

@11:42 The sentiment of the nation right now regarding Wall Street, the subprime market, bailing out people stupid enough to not know about risk (both IB and retail end users), et al.

Posted by guest, Apr 03, 2008 12:14PM

Not that it's a bad deal, but I'd be annoyed the 75% bonus is based off of LY targets.

Posted by guest, Apr 03, 2008 12:33PM

@11:56: not so. a socialist wanted to take the words "under God" out though.

Posted by guest, Apr 03, 2008 12:35PM

If I already had a job in the bag, I would be ecstatic to get 75% of last years bonus, particularly given the IBs P&L over the LTM 6/30

Posted by mrpink, Apr 03, 2008 4:23PM

@ 11:42:

What makes it a BS industry? Is it BS that "this industry" in the 80's made securitzation of mortgages happen, which in turn allowed for more and more people to get homes? Temporarily ignoring the 'excesses' caused by 'non-industry' people who damn well KNEW what they were getting into (Did they TRULY ask themselves can I TRULY AFFORD THIS?)

You've got to be kidding me if you tell me that the average American who took out a Adjustable ARM mortgage DID NOT KNOW the FULL cost of how interest rate resets would affect them? You're fucking kidding me. The more I see folks such as the losers who stormed into the lobby of 383 Madison on TV, the more I rely on my thesis that the majority of Americans are just plain stupid and DO NOT PLAN or HAVE THE MENTAL CAPACITY to PLAN FOR THE FUTURE.

Don't get me started on 'Mortgage Brokers' with those fuckers who had degrees in 'Basketweaving' piling into these bucketshops and lying.

Arrgh.

Mr. Pink

PS: I probably did make a fucking grammatical error somewhere in this post, but quite frankly, I don't give a shit.

Posted by GinNTonic, Apr 03, 2008 5:08PM

@4:23
Don't get bent out of shape over it. I work in banking and fully support the banking industry. I was just being self-deprecating.

Posted by mrpink, Apr 03, 2008 5:50PM

@ 5:08:

Ah.. Point taken. I'm just worn down from being at the bars and hearing people say that 'everyone' that works on Wall St. is 'evil' and we're the cause of it all and damned to hell all of us.

No worries. I needed to vent - I've broken my handset already today.

time to skeedaddle to ze bar

-mrp

Posted by I am a Dude, Apr 03, 2008 6:09PM

which bar you venting at tonight?

Posted by mrpink, Apr 04, 2008 10:50AM

I totally missed this post Dude...

I ran out of here so fast.... I'll probably be at Ulysses tonight..

-mrp