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JPMorgan Stiffing Delivery Men, Cab Drivers

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It's new expense policy day at the House of Dimon! Among the cost-cutty measures:
* Car service only after 10PM (previously 9PM)
* "No lucites may be ordered for the J.P. Morgan deal team"
* "Corporate Messenger may be used only to deliver final versions of presentations which are for next day meetings. If Corporate Messenger cannot deliver within 2 hours, documents may be sent via taxi. Documents should not be sent via black car unless at personal expense"
* "Any JPMC owned technology which is lost or damaged must be replaced at the employee's expense. This policy covers laptops, blackberry units, financial calculators, etc."
* Seamless web orders shall not exceed $20 (down from $25)
And our personal favorite:
* Tips for meals or taxis should be "up to 15% and no higher"

From: IB Broadcast On Behalf Of Investment Bank Management Committee
Sent: Wednesday, May 13, 2009 10:15 AM
Subject: New global T&E policy for the Investment Bank
Message from Investment Bank Management Committee
J.P. Morgan is in an important position of relative strength, and it is essential that we stay in front of our clients and the markets to maintain the leadership positions we've worked hard to build. At the same time, we need to keep the cost of doing business in mind, particularly in the current environment. Across the Investment Bank, we are making good progress in our efforts to manage non-compensation related expenses. As we recently reported, first quarter expenses, excluding IC, were down 7% quarter-on-quarter.
Having said that, we think we can do even more to reduce costs related to Travel and Entertainment without affecting our ability to stay connected with clients and maintain appropriate internal business practices. T&E represents a meaningful portion of the IB's overall expense base, and are also expenses that every employee can help us to better control. Our ability to manage T&E more effectively means we can cut less through other types of productivity initiatives.

As such, we are introducing a new, global T&E policy for the Investment Bank that is effective immediately. The new policy, which you can read here, addresses T&E expenses related to travel, meals, hotels and entertainment, charitable contributions, recruiting and gifts, as well as the use of consultants and temporary staff. It is designed to drive more consistency across regions and lines of business, remove any ambiguity that may have existed in our old policies, provide clearer approval processes, and better reflect the environment in which we are operating.
We have retained a number of the benefits that employees receive from the firm today, including the ability to keep frequent traveler rewards, reimbursement for the use of CLEAR in the U.S., maintaining a quality hotel program that meets the firm's safety and security standards, and 24x7 customer service support for travelers.
We encourage you to review this new global policy carefully and to raise any questions with your CFO or business manager.
Maintaining our focus managing all aspects of the business end-to-end will have a direct impact on our bottom line and will serve us well during this -- and other -- business cycles.
Thanks, in advance, for your support.
May 13, 2009
Message sent to all IB colleagues globally


Morgan Stanley Exec Maintains Innocence Re: Stabbing Cab Driver

William Bryan Jennings, the co-head of North American fixed-income capital markets at Morgan Stanley who is currently on leave, appeared in court today (wearing "a blue suit, white shirt and patterned tie") to plead not guilty to assault and hate-crime charges. Those charges would be the ones that resulted from an incident in which he took a cab from Manhattan to Connecticut (with a fateful stop for snacks), got into a dispute with the driver over the fare, and "accidentally" stabbed the guy with a pen knife. According to Bloomberg, following the plea, WBJ and his lawyer "drove away in a pickup truck."

Morgan Stanley Exec "Accidentally" Stabs Cab Driver After Difference Of Opinion Re: Fare

William Bryan Jennings is the co-head of North American fixed-income capital markets at Morgan Stanley, though his responsibilities have been passed onto a coworker for the time being until a particular matter is "resolved." That matter would be a cab ride he took on the evening of December 22, which resulted in Jennings being charged with "second-degree assault, theft of services and second-degree intimidation based on race or bigotry." At present, there are two conflicting stories about what happened. According to the cabbie, Jennings was driven from Manhattan to his home in Darien, CT, at which point he refused to pay the $200 cab fare and instead began "threatening the driver and using racial slurs," before intentionally stabbing the guy's hand with a "pen knife" that he "uses for fishing." According to Jennings' lawyer, upon arriving at in Connecticut, WBJ, who colleagues have described as the "nicest guy you'll meet," was appalled to learn of the "exorbitant amount" the driver was charging (which WBJ claims had been upped to $300). After refusing to pay, the driver supposedly told Jennings he was "going to take him back to the city," at which point Jennings pulled out the pen knife he had on him and "demanded to be let out of the car because he was fearful for his safety," cutting the driver who WBJ "did not intend to hurt" after he put his hand through the dividing window. Jennings' lawyer has 1) denied the racial slurs and 2) said it's “mind-boggling" that his client was charged and not the other way around (though, according to reports, the driver called the police at 12:30am to report the incident, and Jennings never did). As none of us were there at the time, we should refrain from speculating as to which half of the he said/he said is telling the truth. Though clearly there are a couple of important takeaways here, including but not limited to the fact that if one is going to snub the Metro North, one should expect to pay, figuratively but more so literally. Manhattan to Connecticut? I've had rides from the UWS to Midtown East cost upwards of $40. Let's not do this dance.

In Wake Of Exec "Accidentally" Stabbing A Cab Driver, Morgan Stanley Insists You Ask, "What Would The Post Say?"

A year ago this Friday, a Morgan Stanley banker named William Bryan Jennings attended a couple holiday parties, drank a few Coors Lights, and around 10:30PM hailed a cab and asked the driver, Helmy Ammar, to take him home to Connecticut. On the way, a hungry WBJ requested they stop at G&G Deli off 10th Avenue, where he bought "a 20 oz. bottle of Aquafina water, a sandwich and some Burger King cheesy fries." As the cab entered approached Jennings' hometown of Darien, a dispute reportedly broke out as to what the fare for the ride would be. Ammar claims that they'd agreed on $204 before leaving Manhattan, but once in Connecticut, Jennings said he'd only pay $50. Jennings claims that Ammar jacked the price up to $300 and was unhappy when the banker offered $160. Another matter of he said/he said is whether or not Jennings started shouting racial slurs at Ammar and told him, "I'm going to kill you. You should go back to your country!" (Jennings denies this happened and says that Ammar locked the doors and wouldn't let him out of the cab.) The one aspect of the story that is not in dispute is that as tensions flared, WBJ whipped out a pen knife he had in his pocket. For those of you reading from Morgan Stanley, this is where the teachable moments occurs: if you ever find yourself in a situation wherein you're winding up to stab a cab driver in the hand, stop and ask yourself, "Is this going to look bad in the Post tomorrow morning?" Jennings did not and now this is happening:

Morgan Stanley Exec Who "Accidentally" Stabbed Cab Driver After Difference Of Opinion Re: Fare Gets Off (Update)

Remember William Bryan Jennings? To recap, he's the Morgan Stanley executive who last December had a cab take him home to Darien, Connecticut from Manhattan and, according to the driver, refused to pay the $200 fare and instead began threatening the guy with racial slurs before intentionally stabbing his hand with a pen knife. According to WBJ's lawyer, the stabbing did happen but it was by accident and Jennings only pulled out the knife he had on him because he was "fearful for his safety" and "did not intend to hurt" the driver. The two parted ways around midnight, at which time Jennings went to bed and the cabbie called the police, who had trouble identifying WBJ until they got a lucky break with video footage from the deli on 10th Avenue he asked the driver to stop at for snacks on the way to CT. Anyway, Jennings, who was placed on leave from Morgan Stanley in March, was set to appear in court on Monday but then this happened: Connecticut prosecutors will not pursue charges against a top Morgan Stanley banker accused of stabbing a cabby in a drunken, racist rage over a fare from Manhattan, the cabby’s lawyer said yesterday. The decision to let W. Bryan Jennings off the hook has left the cabby “outraged,” his lawyer said. Jennings, from the ritzy Gold Coast town of Darien, had originally been charged with assault, theft of service and intimidation based on race or bigotry after the December 2011 incident. But Hassan Ahmad, the lawyer for cabby Mohamed Ammar, said Stamford prosecutors have told him they’re dropping the case...Jennings’ lawyer would not comment, and the State’s Attorney’s Office in Stamford could not be reached. No word on whether or not there's still a place for him at the House of Gorman. Earlier: Morgan Stanley Exec “Accidentally” Stabs Cab Driver After Difference Of Opinion Re: Fare