• 11 Nov 2008 at 8:56 AM

No Night At The Museum For UBS This Year

By

Picture 164.pngI’m going to be honest for a sec– while my feelings about various firms canceling their holiday parties this year are very real, sometimes it takes me a little while to work up the righteous indignation you’re privy to. I didn’t need any extra pushes for the latest ludicrous news out of UBS Wealth Management. Try and tell me you’re not 150 percent behind me on this one.

From: Wealth Management US Executive Committee
Date: Mon, 10 Nov 2008 15:14:18 -0500
Conversation: Firm-sponsored holiday celebrations
Subject: Firm-sponsored holiday celebrations

We have decided that Wealth Management US will not sponsor holiday parties this year, including department or group-specific celebrations.
We know that many of you look forward in particular to the firm’s annual holiday party. At the same time, we don’t believe we can responsibly fund it in the current environment.
We do, however, recognize that the cumulative effect of losses on Wall Street will impact many people who are not directly involved with our industry or our firm. Consequently, we will donate a total of $100,000, a small portion of the cost of the party, to the two local charities WM US partners with during our Holiday of Hope program:
* Children’s Aid Society of New York – our donation will help support the Community Schools Program, which combines educational practices with a wide range of vital in-house health and social services to ensure that children are physically, emotionally and socially prepared to learn.
* North Hudson Action Corporation of New Jersey – our donation will help support the Head Start program which addresses the whole child, plus his or her family, with coordinated health, medical, social and diagnostic services during the school year.
We know this year has been difficult, and we thank you for your contributions and continued dedication.
Best regards,
Marten Hoekstra Jim Pierce Jamie Price Michael Weisberg
John Hannasch Diane Frimmel Toni Stadelmann Mark Shelton

Earlier: UBS: We Have Zero Dollars. It Is Time For A Lavish Party.

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    Comments (38)

    1. 1
      Posted by guest | November 11, 2008 at 9:02 AM

      1st, market will end up today.

    2. 2
      Posted by guest | November 11, 2008 at 9:03 AM

      What is the difference between a conversation and a subject?

    3. 3
      Posted by Anal_yst | November 11, 2008 at 9:13 AM

      Seriously, who IS having a holiday party this year?

    4. 4
      Posted by guest | November 11, 2008 at 9:13 AM

      oh, i didn’t think it was cxlled; i thought they were just moving the location to rikers?
      UBS Execs Could See Jail Time (NYT)

    5. 5
      Posted by guest | November 11, 2008 at 9:14 AM

      #3: The “Conversation” header connotes irony, while the “Subject” header connotes veiled indignation.

    6. 6
      Posted by bondguy007 | November 11, 2008 at 9:16 AM

      Or better yet, how about a Contribution to tonights Pink Slip Party??? Oh wait, their contributing attendees’. Good Call. Hopefully The Children’s Aid Society of New York will be able to teach conscience to some future Wall Streeter’s.

    7. 7
      Posted by guest | November 11, 2008 at 9:19 AM

      they cannot ‘responsibly fund it’???
      fund it irresponsibly then! just like a bonus pool or like a CDO or MBS etc.

    8. 8
      Posted by VOL IS KING | November 11, 2008 at 9:21 AM

      the whole world is coming to an end, now there are radioactive beer kegs! not even the frat boys are safe!
      Radioactive Beer Kegs Menace Public, Boost Costs for Recyclers Nov. 11 (Bloomberg) http://www.bloomberg.com/apps/news?pid=20601109&sid=aKNgo0CVJg9s&refer=home

    9. 9
      Posted by guest | November 11, 2008 at 9:27 AM

      @8
      Good Catch, If it wasn’t in Opening Bell..

    10. 10
      Posted by guest | November 11, 2008 at 9:33 AM

      Why on god’s green earth are they donating even a penny this year? How about divvying it up for a couple of analysts that worked their ass off and will see nothing?

    11. 11
      Posted by guest | November 11, 2008 at 9:35 AM

      i know where 10 works. wah

    12. 12
      Posted by VOL IS KING | November 11, 2008 at 9:38 AM

      @9
      below the fold, didn’t see/read.

    13. 13
      Posted by guest | November 11, 2008 at 9:39 AM

      The Groucho Marx Award for “Pretty Good Come Back” goes to #7 this morning.

    14. 14
      Posted by guest | November 11, 2008 at 9:40 AM

      Just Another Party
      Deutsche Bank had the Rolling Stones in the Catalan National Art Museum for its investment bankers.
      “Thank you for the five million and for having us. The best part is it’s coming out of your bonuses,” Jagger joked with the invite-only crowd.
      Those were the days. My money was always on Jagger.

    15. 15
      Posted by guest | November 11, 2008 at 9:44 AM

      @8, purses, elevator buttons and much more but where are the beer kegs mentioned by the headline?
      Bloomberg sucks wind!

    16. 16
      Posted by guest | November 11, 2008 at 9:47 AM

      @14
      5 mil for those old fucktards. still the best investment they ever made.

    17. 17
      Posted by Anal_yst | November 11, 2008 at 9:49 AM

      Ok, lets stop beating around the bush:
      When/where is the Dealbreaker Holiday Party?

    18. 18
      Posted by guest | November 11, 2008 at 9:54 AM

      17, get a life. seriously

    19. 19
      Posted by guest | November 11, 2008 at 9:56 AM

      “Consequently, we will donate a total of $100,000, a small portion of the cost of the party”
      How much does a fucking party at UBS cost anyway?

    20. 20
      Posted by guest | November 11, 2008 at 10:10 AM

      18 ahaha was about to write the same!

    21. 21
      Posted by guest | November 11, 2008 at 10:14 AM

      Just a note to say that Lazard is not canceling their parties this year. For the last 5 years each department does their own parties instead of one big firm wide one, and so far, all the departments parties are on!!! We will party like it is 1999!!!

    22. 22
      Posted by guest | November 11, 2008 at 10:19 AM

      http://www.pehub.com/23006/pehub-second-opinion-111008/
      PE Hub gives DB a shout. Well played Levin.

    23. 23
      Posted by guest | November 11, 2008 at 10:25 AM

      I thought Obama would save our holiday parties :-(

    24. 24
      Posted by guest | November 11, 2008 at 10:28 AM

      @ 21, More like 1929.

    25. 25
      Posted by Tau | November 11, 2008 at 10:30 AM

      @21:
      No one gives a sh*t about your bucket shop

    26. 26
      Posted by guest | November 11, 2008 at 10:36 AM

      This hurts.
      But if that post about Lazard is correct, there’s still room for hope.
      If not, all hope is lost.

    27. 27
      Posted by guest | November 11, 2008 at 10:39 AM

      What wrong with having a pot luck holiday dinner instead of some multi-100k endeavour?
      Admit it, minute steak doesn’t look that much different than Morton’s when viewed through the same glasses you wore when your firm thought there was no such thing as too much leverage.

    28. 28
      Posted by guest | November 11, 2008 at 11:18 AM

      Boy oh boy – that Pink Slip party tonight is starting to look better and better! They better spike some punch with X if they want happy campers

    29. 29
      Posted by guest | November 11, 2008 at 11:44 AM

      UBS also made a donation in the names of all employees to the Human Fund (slogan: “Money for People”).

    30. 30
      Posted by Anal_yst | November 11, 2008 at 11:52 AM

      @18/20
      pot calling kettle black much?
      Apparently neither of you have much of a sense of humour, either.

    31. 31
      Posted by guest | November 11, 2008 at 12:04 PM

      whatever you say, ops anal_yst. repeated social requests on the internet>reading db @ work

    32. 32
      Posted by guest | November 11, 2008 at 12:28 PM

      If I were a shareholder of UBS (which I am not, thank God), I wouldn’t be too happy about them wasting what little capital they have on charity. I can easily donate to my own charities, thank you very much.

    33. 33
      Posted by guest | November 11, 2008 at 12:36 PM

      my group didn’t have a Holiday Party last year…two years running for me.
      Tanned Banker

    34. 34
      Posted by guest | November 11, 2008 at 12:55 PM

      Anal_yst @2
      I told you yesterday, the Chinese will have the muther of all Christmas parties this year. Its be off the hook for s-h-i-z-z-l-e my n-i-z-z-l-e.
      http://www.youtube.com/watch?v=46WcFObgYhI
      SPODE

    35. 35
      Posted by guest | November 11, 2008 at 2:33 PM

      As I said in post #1, market will end up today.

    36. 36
      Posted by guest | November 11, 2008 at 5:13 PM

      Dealbreaker holiday party to be held at Big Wong restaurant in the heart of Chinatown. See you all there.

    37. 37
      Posted by guest | November 11, 2008 at 5:57 PM

      Call a wholesaler, they will come up with some cash for the UBS CHRISTMAS party.

    38. 38
      Posted by guest | November 11, 2008 at 5:58 PM

      Call a wholesaler, they will come up with some cash for the UBS CHRISTMAS party.

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