Write-Offs: 04.30.08

Posted by Bess Levin, Apr 30, 2008, 5:35pm

$$$ Bear Stearns Sending Redundancy Letters [Reuters via NYT]

$$$ Thain's plans to go from MER-->GS2 proceeding nicely. [Bloomberg]

$$$ The Five ForcesCircles of Hell [GP]

$$$ Tips On Street Fighting from Yale Fantasist Aleksey Vayner [Gawker]

$$$ Still sticking to our pledge to not make fun of charity but, man, this hurts. [TimSykes]

2Recommend this! 9Comments

Comments

Posted by guest, Apr 30, 2008 5:55PM

Timmmmyy how much $$ do you give away?

Posted by guest, Apr 30, 2008 6:01PM

I'm uttery amazed at what a douchebag that kid is.

I'm surprised Tulane hasn't given his money back and asked him to go away.

Posted by guest, Apr 30, 2008 6:20PM

Can DB kindly investigate to find out how much the winner wins?

Posted by TimothySykes, Apr 30, 2008 6:50PM

6:01 You're right what a douchey thing it was to start a scholarship to award talented students, faculty AND alumni...you sir are an idiot

I donated $15,000 so each year we give a cash award for $750, again, small-time, just like me, but it's more about encouraging the winners to take pride in their passion and resist becoming corporate drones who serve little purpose...kinda like many of you guys!

Posted by guest, Apr 30, 2008 6:57PM

This story from Reuters in London was picked up by the Times pretty much as it was written in London. It's unfortunately a little confusing as it may apply to U.S. employees. A "redundancy letter" is a term of art in British employment law. It can only be issued at the end of a long, consultative process required to be documented at every step by British law -- a process that would boggle the mind of Americans. We don't have "redundancy letters" in the U.S.

Bear Stearns has a relatively small office in the U.K., so JP Morgan may well be on to its final step with London employees.

The lay-off process in the U.S. is much less regulated. U.S. law has the WARN law, which requires employers to give advance notice of a mass lay-off. I think JP Morgan/Bear Stearns has already issued this, so they're free to lay-off at any time in the near future. I'm not sure the issuance of British redundancy letters means JP Morgan is ready to make decisions this week on all NYC employees. Note the JP Morgan Chase statement that gives JPM until the end of May.

Of course, I could be wrong and JP Morgan Chase could be ready to move on everyone, everywhere.

Posted by guest, May 01, 2008 7:15AM

@6.57--In the US you serve at mgmt's discretion, so you can be fired at a moments notice. Your severance is the only thing to talk about.

Posted by guest, May 01, 2008 8:43AM

EP's most informative article yet. Spot on.

Posted by guest, May 01, 2008 12:58PM

Tim Sykes award = another brilliant promotional move by tim. well done, timmay.

take note people this kid is the next trump.

Posted by guest, May 01, 2008 1:26PM

Timmaayyyyy-- I'll gladly donate some home made sperm to that lawyer chick - hook me up bro!

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