Write-Offs: 03.31.09

Posted by Bess Levin, Mar 31, 2009, 5:50pm

$$$ Draw the blinds: another protest at AIG is planned for Friday. [IACenter]

$$$ Did anyone else think GM's pledge for 'deeper, harder, faster' restructuring was a reference to this? Just us? [Guardian]

$$$ The Grim Math At GM [WSJ]

$$$ Layoffs at RSM McGladrey: "45 people today in their NY office, including a bunch from their hedge fund group. Lots of Jews among the axed, right before Passover."

2Recommend this! 19Comments

Comments

2

Posted by guest , Mar 31, 2009 6:13PM

FYI RSM is an FDIC contractor...hiring if you can read a loan file or MBS

Read Liars Poker and your 75% there

3

Posted by guest , Mar 31, 2009 6:16PM

@1 Where did that come from?

4

Posted by guest , Mar 31, 2009 6:38PM

@3 Zero hedge blog

5

Posted by guest , Mar 31, 2009 7:07PM

RSM's been laying off all through busy season. That place is NOT doing well...

6

Posted by Seaman Bodine II , Mar 31, 2009 8:29PM

GS is a commercial bank - in the words of Jason Patrick:

Love That

7

Posted by guest , Mar 31, 2009 8:42PM

And I had always thought only the AIG oil and gas traders were idiots.

~Jimmy Crack Korn
East Texas Gas Trader

8

Posted by guest , Mar 31, 2009 10:29PM

interesting take
http://rortybomb.wordpress.com/2009/03/31/usury/

9

Posted by Anal_yst , Mar 31, 2009 10:50PM

That AIG March thingy is - unsurprisingly - fucking retarded. Their list of demands is so idiotic, so diverse, and so devoid of any reality that they make the kids who barricaded themselves @ NYU a few weeks back look like fucking brilliant Patriots.

Fuck, they're gonna cause a fucking disaster, mf'ers better not get the way of lunch, thats all I'm sayin.

10

Posted by guest , Mar 31, 2009 11:57PM

Isn't it "draw the drapes". "Pull up the blinds", "pull down the blinds"?
http://tinyurl.com/cgpbs2

11

Posted by guest , Apr 01, 2009 12:32AM

"How to Protect Yourself From Conficker Worm"

" At some point on April 1, the Conficker virus, which has quietly infected millions of PCs worldwide to herd them into a "botnet" of linked machines, will phone home for new instructions.

What it'll do next is anyone's guess. It could muster enough silicon firepower to take down any Web site on the planet, or send out enough spam to fill the inboxes of every e-mail user on Earth"

http://www.foxnews.com/story/0,2933,511959,00.html

12

Posted by guest , Apr 01, 2009 12:34AM

#11,link is courtesy of Gabriel Malor at the Ace of Spade HQ blog

13

Posted by guest , Apr 01, 2009 4:57AM

"Bankruptcy, even with GM receiving federal funding to remain in business during the process, is simply too blunt a tool to promote the quality and innovation that the company needs. Bankruptcy is the right tool if a company’s main need is to reduce costs. But if its main needs are to improve quality and implement new technologies, bankruptcy doesn’t do the job. Federal bankruptcy courts lack the knowledge to do the job. They are set up to supervise the restructuring of a company’s finances, not of its production or R&D."

http://www.brookings.edu/opinions/2009/0331_general_motors_wial.aspx

14

Posted by american bandersnatch , Apr 01, 2009 7:09AM

Should have put lamb's blood on the door posts and lintels of their offices.

15

Posted by guest , Apr 01, 2009 7:17AM

RSM is a low tier 2 firm so who cares...the big 4 have all just completed or on the tale end of swinging a big axe...10% across the board cuts at DT, KPMG, EY and PwC...no consulting biz is doing well right now.

And the FDIC work that RSM does is weak ass, low rate work. They bill out at at 75-100/hr which does not leave much in the way of profit margin...ya know what I mean holmes.

16

Posted by guest , Apr 01, 2009 10:53AM

"Lots of Jews among the axed, right before Passover."

Lots of Christians got axed right before Christmas, and a whole bunch more will get sent home right before Easter.

no sympathy here.

17

Posted by guest , Apr 03, 2009 3:01PM

It's not the sympathy aspect - more the "we don't want to pay for your vaca days" thing. 15 of the 45 were Orthodox and were going to miss a bunch of days. A bunch more other Jews who'd miss a couple. The rest were all black. (Make of that what you will.)

18

Posted by guest , Apr 06, 2009 11:14PM

RSM MCGladrey is a low end company all around. The management of the company are no longer partners and are employees of H&RBlock a public company. Their decisions about staffing and layoffs are all based on profit margin and the management's bonuses. Period. Their hourly rates are higher than those quoted here, but they are not worth it and if they do have major problems...good riddance.

19

Posted by guest , Jul 16, 2009 10:34AM

I agree 100%. RSM McGladrey is a low end company that floods the internet and other websites with propaganda hype about how great they are and what a careing group and how they take care of their employees. The management people in this firm are focused on taking care of themselves. Lie, Cheat and steal. Period.

A managing director (who are the management of the company) had quite a statement that I believe summarizes who they are. He made this comment about a peer within the same McGladrey IT Consulting Group in Iowa. He said (about another employee) "her sucess, does me no good". An amazing statement, especially when you read the BS that they put out about team work and partnering.

The really amazing part, is that this sort of behavior is condoned and even rewarded, as the only thing that matters is chargable hours and margin. As long as both of those are acceptable to managment, you can do anything. Management doesnt care how it was done or what was done to get there, just that the numbers are right, so all is well. Stay away from this firm.

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