No Night At The Museum For UBS This Year

Posted by Bess Levin, Nov 11, 2008, 8:56am

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.

0Recommend this! 38Comments

Comments

1

Posted by guest , Nov 11, 2008 9:02AM

1st, market will end up today.

2

Posted by guest , Nov 11, 2008 9:03AM

What is the difference between a conversation and a subject?

3

Posted by Anal_yst , Nov 11, 2008 9:13AM

Seriously, who IS having a holiday party this year?

4

Posted by guest , Nov 11, 2008 9:13AM

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

Posted by guest , Nov 11, 2008 9:14AM

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

6

Posted by bondguy007 , Nov 11, 2008 9:16AM

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

Posted by guest , Nov 11, 2008 9:19AM

they cannot 'responsibly fund it'???

fund it irresponsibly then! just like a bonus pool or like a CDO or MBS etc.

8

Posted by VOL IS KING , Nov 11, 2008 9:21AM

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

Posted by guest , Nov 11, 2008 9:27AM

@8

Good Catch, If it wasn't in Opening Bell..

10

Posted by guest , Nov 11, 2008 9:33AM

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

Posted by guest , Nov 11, 2008 9:35AM

i know where 10 works. wah

12

Posted by VOL IS KING , Nov 11, 2008 9:38AM

@9

below the fold, didn't see/read.

13

Posted by guest , Nov 11, 2008 9:39AM

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

14

Posted by guest , Nov 11, 2008 9:40AM

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

Posted by guest , Nov 11, 2008 9:44AM

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

Bloomberg sucks wind!

16

Posted by guest , Nov 11, 2008 9:47AM

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

17

Posted by Anal_yst , Nov 11, 2008 9:49AM

Ok, lets stop beating around the bush:

When/where is the Dealbreaker Holiday Party?

18

Posted by guest , Nov 11, 2008 9:54AM

17, get a life. seriously

19

Posted by guest , Nov 11, 2008 9:56AM

"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

Posted by guest , Nov 11, 2008 10:10AM

18 ahaha was about to write the same!

21

Posted by guest , Nov 11, 2008 10:14AM

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

Posted by guest , Nov 11, 2008 10:19AM

http://www.pehub.com/23006/pehub-second-opinion-111008/

PE Hub gives DB a shout. Well played Levin.

23

Posted by guest , Nov 11, 2008 10:25AM

I thought Obama would save our holiday parties :-(

24

Posted by guest , Nov 11, 2008 10:28AM

@ 21, More like 1929.

25

Posted by Tau , Nov 11, 2008 10:30AM

@21:

No one gives a sh*t about your bucket shop

26

Posted by guest , Nov 11, 2008 10:36AM

This hurts.

But if that post about Lazard is correct, there's still room for hope.

If not, all hope is lost.

27

Posted by guest , Nov 11, 2008 10:39AM

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

Posted by guest , Nov 11, 2008 11:18AM

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

Posted by guest , Nov 11, 2008 11:44AM

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

30

Posted by Anal_yst , Nov 11, 2008 11:52AM

@18/20

pot calling kettle black much?

Apparently neither of you have much of a sense of humour, either.

31

Posted by guest , Nov 11, 2008 12:04PM

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

32

Posted by guest , Nov 11, 2008 12:28PM

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

Posted by guest , Nov 11, 2008 12:36PM

my group didn't have a Holiday Party last year...two years running for me.


Tanned Banker

34

Posted by guest , Nov 11, 2008 12:55PM

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

Posted by guest , Nov 11, 2008 2:33PM

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

36

Posted by guest , Nov 11, 2008 5:13PM

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

37

Posted by guest , Nov 11, 2008 5:57PM

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

38

Posted by guest , Nov 11, 2008 5:58PM

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

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