I'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.
Marten Hoekstra Jim Pierce Jamie Price Michael Weisberg
John Hannasch Diane Frimmel Toni Stadelmann Mark Shelton