JPM just gave its holiday party the ax, at least for the investment bank, and most likely for everyone. Apparently the reason cited for canceling the one thing its employees look forward to all year, which was to take place in the cafeteria of 270 Park, was that "it makes sense to forgo any year-end celebrations that aren't self-funded until market conditions turn around."
JPMorgan Cancels Christmas, Drops Hint Employees Should Put Something Together Out Of Their Own Pockets
Posted by Bess Levin, Dec 02, 2008, 10:37am
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Posted by guest , Dec 02, 2008 10:43AM
Bess, this is just horid.
Nothing to worry about, Big Ben is watching over U$.
After all, JPM's Michael Feroli just called Fed Chairman Ben Bernanke "Bernanke-San" because Big Ben is going to lower rates to zer0 %, aka Japan BOJ style.
Posted by guest , Dec 02, 2008 10:47AM
Just roll a few kegs on the sidewalk, get a couple of rusty barrels and burn old pitch books to keep warm.
Merry Christmas everyone! No tie required!
Posted by guest , Dec 02, 2008 10:59AM
The Wall Street Bailout is quickly reaching into the trillions-of-dollars, and many analysts are speculating as to the current running total of the outlays thus far, while other financial experts like John Bogle, the founder of the Vanguard Group, are questioning the legitimacy and impact of the costs to maintain this overly-complicated system even when economic conditions are good.
http://tinyurl.com/6jldft
Posted by guest , Dec 02, 2008 11:03AM
I feel like I read the letter the JPM people sent out 10 days ago. DB just getting the jump on this? Too late.
Posted by guest , Dec 02, 2008 11:10AM
@4- hmm and has it been reported anywhere else? that's what i thought, 4.
Posted by guest , Dec 02, 2008 11:22AM
#1 where did you see that. Link pls??
Posted by guest , Dec 02, 2008 11:38AM
Bess - Don't knock the 270 Park Cafeteria Holiday Party. The venue's actually totally redecorated and the amount of quality food and booze they have flowing is more than enough to get over the stigma that we're celebrating in our cafeteria. We even had Jamie himself personally greeting everyone at the door.
Posted by Bess Levin , Dec 02, 2008 11:50AM
@4- nope, the email went out this morning.
Posted by guest , Dec 02, 2008 12:14PM
Guess it's back to the good 'ol days of sneaking the hootch in flasks, doing coke in the bathroom and sex in the boom boom room - ahhhhh, I love the '80's
Posted by guest , Dec 02, 2008 1:32PM
Does it not dawn on JPM management and HR that those who have survived 2008 could use a little camaraderie and cheer?
Is it too politically insensitive to the witch-hunters in Congress to have a decent holiday party for those who are still working 16 hours a day and on week-ends? Sure, a bunch of those working at JPM now won't be working for JPM after the next round of cuts (and allowing bonds to develop between the people who will continue to be employed at JPM and the sadly doomed only makes things worse ... for the managers), but wouldn't it be nice to allow one night of bonhomie?
Before Thanksgiving, Jamie D. put out a memo saying no one should be planning to work over the holiday. The next day, middle management began lining up analysts and associates who wouldn't "mind" coming in for a few hours Friday, Saturday, and Sunday, in order to impress Jamie on how their projects were coming in on time.
Ah, life as a cog in the JPM machine! Acquire, slash, acquire, slash. It's like going to sea with the Vikings, except the Vikings were allowed to have more fun.
Posted by guest , Dec 02, 2008 2:42PM
@7 - are you high or tripping on acid? The 270 Park cafeteria hasn't been touched for decades and is horrid. Unless you're eating on 49, in which case enjoy the kobe beef sliders and the view!
Posted by guest , Dec 03, 2008 10:21AM
The holiday party in Boston is still on.. 12/18. They have deep pocket clients here.