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Old 02-17-2009, 09:33 PM
 
Location: Charlotte, NC
7,041 posts, read 13,110,264 times
Reputation: 2323

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Quote:
Originally Posted by TheEmissary View Post
I'm going to really resent those guys when the lower echelon employees slowly disappear floor by floor, with nary a thanks for doing such a good job, which is what I hear is happening. Those mass layoffs will not occur on one day, but like old soldiers, those employees will slowly fade away!
I've heard that same thing, EM...and, also at BOA, they do it so slowly so that there is the loophole that they do not have to give their employees the federally mandated 60 day notice (WARN act). I have heard that even AVPs are only being given 2 weeks notice of being laid off before they have to tap into their severance!

Now, that is sneaky and underhanded! It's bad enough to get laid off because of your CEO's stupidity, but, to deprive people of what is due to them by working the system is just....horrid!!
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Old 02-17-2009, 10:20 PM
 
Location: Charlotte, NC
2,193 posts, read 4,537,721 times
Reputation: 1072
Quote:
Originally Posted by chicagocubs View Post
I've heard that same thing, EM...and, also at BOA, they do it so slowly so that there is the loophole that they do not have to give their employees the federally mandated 60 day notice (WARN act). I have heard that even AVPs are only being given 2 weeks notice of being laid off before they have to tap into their severance!

Now, that is sneaky and underhanded! It's bad enough to get laid off because of your CEO's stupidity, but, to deprive people of what is due to them by working the system is just....horrid!!
Yup, one person I worked with at BofA was let go. She was told she was being let go the same day and had to pack up and give her laptop the same day a few hours later. At the end of the day her email account was deleted. Exactly as you guys were saying 'fade away.'
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Old 02-17-2009, 10:41 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,673,544 times
Reputation: 4851
Quote:
Originally Posted by chicagocubs View Post
I've heard that same thing, EM...and, also at BOA, they do it so slowly so that there is the loophole that they do not have to give their employees the federally mandated 60 day notice (WARN act). I have heard that even AVPs are only being given 2 weeks notice of being laid off before they have to tap into their severance!

Now, that is sneaky and underhanded! It's bad enough to get laid off because of your CEO's stupidity, but, to deprive people of what is due to them by working the system is just....horrid!!
After watching the program, it becomes painfully obvious that greed and stupidity coupled with immense power wielded by a handful of people who believe that they are God's gift to capitalism, can wreak so much damage on a society and indeed, on the world. I think if Hank Paulson was my doctor and told me I was fine, I'd start shopping for a coffin!

Iceland bought so many of those CDOs that are essentially junk that they are bankrupt. Maybe they can re-name their country Lehmann Brothers Island. California's budget deficit is twice the size of the whole state budget of NC. At least with the Chinese, we've reached a sort of parity. They sold us toxic toys and pet food and we sold them bonds with all their money which may turn out not to be worth the paper they're written on. As Stan Laurel used to say to Oliver Hardy, "Oh what a fine mess you've gotten us into!

Last edited by TheEmissary; 02-17-2009 at 11:00 PM..
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Old 02-18-2009, 02:28 AM
 
Location: Indian Land
628 posts, read 1,855,690 times
Reputation: 465
There is another show on CNBC called House Of Cards...Search it on your DVR and record......It's really good!
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Old 02-18-2009, 06:49 AM
 
Location: State of Being
35,885 posts, read 67,046,730 times
Reputation: 22371
EM - love your insight on "parity." I was thinking about that the other day . . . b/c some Chinese official was spouting off about how Hillary needed to tone down the rhetoric in re: to dollar valuation and trade agreements . . . have no idea what he was referring to (didn't check) but it made me think about how hard I have become. Yes, I know China is suffering b/c of cutbacks and shutdowns w/ their manufacturing jobs. But they were totally complicit b/c they enabled American businesses to outsource jobs (and whole factories were built to allow that). The Chinese gov't subsidizes everything so that goods are made for pennies on the dollar and wages are horrific. So yes, our slowdown has affected China - but do I care? I am sorry! I DO NOT CARE! The Chinese gov't has been irresponsible w/ human rights issues - and the rest of the world was supposed to pour dollars in so China could then undercost the price of goods they export - while allowing their people to work for chicken feed.

The whole thing is corrupt. If Chinese workers were being paid a living wage . . . then perhaps all our jobs would not have been sent there. So there is the corporate greed again.

Just makes me SICK.

Anyway, the thought that the Chinese sent us crappy, dangerous goods and we sold them crappy, worthless securities kinda makes me feel GOOD. I suspect that is about the only parity Americans will see out of that TRADE DEAL . . . cause our jobs are GONE.
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Old 02-18-2009, 06:52 AM
 
Location: State of Being
35,885 posts, read 67,046,730 times
Reputation: 22371
Quote:
Originally Posted by BRKLYN2CLT View Post
There is another show on CNBC called House Of Cards...Search it on your DVR and record......It's really good!
I so agree! That story is so well done . . . I have now watched it twice! Excellent insight - really ties the whole "credit crisis" up into a story we can all understand.
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Old 02-18-2009, 08:45 AM
 
Location: United States of America
203 posts, read 436,720 times
Reputation: 160
so...is Charlotte a "house of cards?"

We're 98.7% heading down. But of course there are legitimate concerns for someone moving a family 14 hours south.

It's our second go-around down there. We know what we're getting. But things are different...and being wrapped around a banking industry isn't an "ideal" situation for a region.
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Old 02-18-2009, 02:48 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,673,544 times
Reputation: 4851
Quote:
Originally Posted by anifani821 View Post
EM - love your insight on "parity." I was thinking about that the other day . . . b/c some Chinese official was spouting off about how Hillary needed to tone down the rhetoric in re: to dollar valuation and trade agreements . . . have no idea what he was referring to (didn't check) but it made me think about how hard I have become. Yes, I know China is suffering b/c of cutbacks and shutdowns w/ their manufacturing jobs. But they were totally complicit b/c they enabled American businesses to outsource jobs (and whole factories were built to allow that). The Chinese gov't subsidizes everything so that goods are made for pennies on the dollar and wages are horrific. So yes, our slowdown has affected China - but do I care? I am sorry! I DO NOT CARE! The Chinese gov't has been irresponsible w/ human rights issues - and the rest of the world was supposed to pour dollars in so China could then undercost the price of goods they export - while allowing their people to work for chicken feed.

The whole thing is corrupt. If Chinese workers were being paid a living wage . . . then perhaps all our jobs would not have been sent there. So there is the corporate greed again.

Just makes me SICK.

Anyway, the thought that the Chinese sent us crappy, dangerous goods and we sold them crappy, worthless securities kinda makes me feel GOOD. I suspect that is about the only parity Americans will see out of that TRADE DEAL . . . cause our jobs are GONE.
Well if I could wish "poetic justice" into existence, I wish all those CEOs had parked their millions with Bernie Madoff.
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Old 02-18-2009, 05:14 PM
 
Location: State of Being
35,885 posts, read 67,046,730 times
Reputation: 22371
Quote:
Originally Posted by TheEmissary View Post
Well if I could wish "poetic justice" into existence, I wish all those CEOs had parked their millions with Bernie Madoff.
Me, too. But I would expect a lot of that wealth is stashed in the Cayman Islands or Swiss bank accounts/holdings.
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Old 02-18-2009, 05:21 PM
 
Location: Near the water
8,231 posts, read 11,587,975 times
Reputation: 3877
let's hold out some hope....
what's the clowns name in Texas I believe? Stafford?
Maybe they *invested* with him?
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