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Work In Banking? Find Out If You Will Be Laid Off... And If You Work At Bank Of America Click Here Now: Update - And Goldman Sachs

Tyler Durden's picture




 

Something tells us this formerly well-hidden treasury trove of imminent layoff information will soon be the most visited webtsite for every bankers in the Manhattan area. Presenting the Department of Labor's Worker Adjustment and Retraining Notification program, aka the "advance notice of mass layoffs on Wall Street" website. A great example of why 554 people should not look forward to the holidays presented below (our condolences Bank of Americans and Goldman Saches).

Date of Notice:    9/29/2011                                                                           

 

Control Number: 2011-0098

 

Rapid Response Specialist :  Linda Foehr

 

Reason Stated for Filing:   Plant Layoff

 

Company:          

 

Bank of America

 

2 & 4 World Financial Center

 

New York, NY  10080

 

County: New York | WIB Name: NEW YORK CITY| Region: New York City

 

Contact:    John Collingwood, Senior Vice President                                                    

 

Phone:  (202) 661-7130

 

Business Type:     Financial

 

Number Affected:  33

 

Total Employees:                  -----     

 

Layoff Date:  First separation will occur on 11/30//2011         

 

Closing Date:        -----       

 

Reason for Dislocation:     Economic

 

ERNUM:  -----

 

Union:  No bumping rights exist.  Associates are not represented by a union.       

 

Classification:      Plant Layoff

 

Other Bank of America locations affected:

 

2011-0099: 1 Bryant Park, New York, NY – 250 affected, First separation to occur on 12/14/2011

 

2011-0100: 222 Broadway, New York, NY – 41 affected, First separation to occur on 12/14/2011

And for Goldman Sachs:

Date of Notice:    6/29/2011                                                                           

 

Control Number: 2010-0387

 

Rapid Response Specialist :  Linda Foehr

 

Reason Stated for Filing:   Plant Layoff

 

Company:          

 

Goldman, Sachs & Co.

 

200 West Street

 

New York, NY  10282

 

County: New York | WIB Name: NEW YORK CITY| Region: New York City

 

Contact:  Regina S. Palumbo, Managing Director, Associate General Counsel

 

Phone:  (212) 357-2191

 

Business Type: Financial

 

Number Affected:  230

 

Total Employees:                ------     

 

Layoff Date:  Will occur between 9/26/2011 and 3/31/2012  

 

Closing Date:  -----                             

 

Reason for Dislocation: Economic

 

ERNUM: -----

 

Union:    Employees are not represented by a union and are not entitled to any bumping rights.

 

Classification:  Plant Layoff

And some bad news for Bank of New Yorkers:

Date of Notice:    9/30/2011

Control Number: 2010-0199 Amended

 

Rapid Response Specialist :  Linda Foehr

 

Reason Stated for Filing:  Plant Unit Closing               

 

Company:          

 

The Bank of New York Mellon

 

101 Barclay Street  Floor 6W

 

New York, NY  10286

 

County:  New York | WIB Name: NEW YORK CITY| Region: New York City

 

Contact:    Gloria Kingston, Human Resources Consultant                                                       

 

Phone:  (212) 815-3632

 

Business Type:     Treasury Services Operations Lockbox

 

Number Affected:  124

 

Total Employees:                  124

 

Layoff Date:        Layoffs will occur in stages beginning on 7/1/2011 and continuing through 5/31/2012.   

 

Closing Date:        2/28/2012           

 

Reason for Dislocation:     Economic

 

ERNUM:  -----

 

Union:  -----           

 

Classification:      Plant Unit Closing

h/t Bloomberg

 

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Thu, 10/13/2011 - 13:58 | 1770252 Manthong
Manthong's picture

Merry Christmas.

 

PS:  Executives, please note that bonus checks will be distributed 12/15/11

Thu, 10/13/2011 - 14:01 | 1770295 Ruffcut
Ruffcut's picture

They will get the same boners, I mean bonus we all have been receiving.

Nada dada doo bang.

Thu, 10/13/2011 - 14:04 | 1770308 Cash_is_Trash
Cash_is_Trash's picture

Severance pay: 99 weeks of unemp benefits

Thu, 10/13/2011 - 14:10 | 1770346 AldousHuxley
AldousHuxley's picture

and those low level banksters thought they were part of the 0.01% just because they manage the ultra rich's wealth in a suit and a tie. well here's the truth......you need to work for a living, so you are just a serf. Crop sharing farmer just got kicked off of the farm land.

 

haha....take your unemployment "entitlement" benefits, turn off "free market" "capitalism" brainwashing media, and go out there protest with the rest of the 99%. Your job isn't coming back, because it shouldn't have existed in the first place.

Thu, 10/13/2011 - 14:16 | 1770374 SilverIsKing
SilverIsKing's picture

and why does this make you happy?

Thu, 10/13/2011 - 14:20 | 1770393 redpill
redpill's picture

The funny part is that all 324 of them are named Linda Green.

Thu, 10/13/2011 - 14:28 | 1770437 dlmaniac
dlmaniac's picture

How do we profit from this? Has TungstenMan sold a derivative on it yet?

Thu, 10/13/2011 - 15:17 | 1770643 Fish Gone Bad
Fish Gone Bad's picture

Finally some truthful economic news we can all appreciate.

Thu, 10/13/2011 - 15:28 | 1770646 ZerOhead
ZerOhead's picture

Somebody is sure watching this site. Over 12,000 reads already... a 3 sigma deviation from the normally superb stories here at ZH.

Sucks to be them...  keep up the good work Ty... they are starting to die like flies...

(Zerohedge...The official Goldman Sachs Deathstar's Deathstar ;)

Thu, 10/13/2011 - 17:46 | 1771353 myne
myne's picture

New recruits?

Who better to take down the squid than its' disgruntled offspring?

Fri, 10/14/2011 - 00:16 | 1772371 TheFourthStooge-ing
TheFourthStooge-ing's picture

Who better to take down the squid than its' disgruntled offspring?

And what better way to rat out your soon-to-be former bosses than to spill the beans here on ZeroHedge instead of going to do-nothing regulators?

 

Thu, 10/13/2011 - 14:31 | 1770453 Vincent Vega
Vincent Vega's picture

Linda Green/Soylent Green... coincidence?

Thu, 10/13/2011 - 14:52 | 1770527 mick_richfield
mick_richfield's picture

No -- there's a big difference.

Soylent Green is people.

Thu, 10/13/2011 - 15:03 | 1770559 ryanseventyfive
ryanseventyfive's picture

that my friend deserves and upvote. well done.

Thu, 10/13/2011 - 15:26 | 1770686 Pure Evil
Pure Evil's picture

No wonder GS let it be known that they had a down year. Now they don't have to pay any bonuses to the soon to be laid off workers.

Looks like they're about to get screwed twice. No bonus and no job.

Thu, 10/13/2011 - 15:49 | 1770817 ZerOhead
ZerOhead's picture

Perhaps we can help. Does anyone have the home phone numbers and addresses for the above 'contacts'?

It's just in case they start to experience any late night suicidal or homicidal thoughts you know... just trying to help.

Thu, 10/13/2011 - 16:04 | 1770907 Problem Is
Problem Is's picture

If the laid off banksters join the Occupy Wall Street protesters...

They can eat cake...

That should cheer them up and end suicidal thoughts...

Thu, 10/13/2011 - 14:49 | 1770512 johnnymustardseed
johnnymustardseed's picture

I once dated a Linda Green, she was hot...then she stole my check book. Who would have thought?

Thu, 10/13/2011 - 14:51 | 1770520 redpill
redpill's picture

It was just the end of your "Free Checking!" period.

 

Thu, 10/13/2011 - 14:58 | 1770543 A Nanny Moose
A Nanny Moose's picture

You beat me to it. Of course all 324 will qualify for gumbmint cheese.

Thu, 10/13/2011 - 21:05 | 1771953 OrestesPenthilu...
OrestesPenthilusQuintard's picture

at least they're all Linda Green - the last time they were all 'Sarah Connor'.

Thu, 10/13/2011 - 14:21 | 1770402 Cash_is_Trash
Cash_is_Trash's picture

Maybe keeping employees is too fucking expensive?

Thu, 10/13/2011 - 14:29 | 1770440 Vincent Vega
Vincent Vega's picture

That's funny!   +1

Thu, 10/13/2011 - 14:29 | 1770444 SilverIsKing
SilverIsKing's picture

Unfortunately, the people losing their jobs are probably those who live paycheck to paycheck and do not get big bonuses, if they get them at all.  This is an example of mob mentality where everyone is jumping on the bandwagon and celebrating the fact that working people are losing their jobs.

Wake me up when Geithner, Dimon, Bernanke, Blankfein, et al get strung up by their balls.

Until then, this doesn't excite me.

Thu, 10/13/2011 - 15:24 | 1770676 Mae Kadoodie
Mae Kadoodie's picture

And please don't forget Fuld, Mozzillo,Paulson & Paulson, Lewis, Pandit, Moynihan.  Those fuckers need to have a bounty hunter to string up thier asses as well.  Did I leave anyone out?

Thu, 10/13/2011 - 15:28 | 1770701 SilverIsKing
SilverIsKing's picture

Thain?

Thu, 10/13/2011 - 16:07 | 1770915 Problem Is
Problem Is's picture

What Balls?
Geithner, Dimon, Bernanke, Blankfein, et al are ball less eunuchs...

Otherwise they would not need rigged and corrupt markets in order to "succeed"...

Thu, 10/13/2011 - 14:24 | 1770416 AldousHuxley
AldousHuxley's picture

because these fools are forced to wake up unlike those of us on ZH.

They are forced to learn that a butler to America's richest 400 doesn't make you any richer nor would a butler have a chance to become one....so joining ripoffblican party to lower the taxes of your master while the butler pays twice as much taxes is a foolish thing to do.

 

Aren't you happy to erase smurk off of arrogant sychophant serfs who are happy to sell America's middle class out because somehow they are not middle class and will be saved by the elites when their time comes.

Thu, 10/13/2011 - 14:33 | 1770458 SilverIsKing
SilverIsKing's picture

How are you better off now?  Joe Schmo loses his job and you feel elated?  Get a grip on reality.

Fuck the guys that are fucking everyone else.  Bennie, Timmy, and the rest.  I'm 100% with you on that.  That will make me happy.

How anyone can take any joy in some salaried guy or gal now being added to the numbers of unemployed, struggling to put food on their table and pay their bills is beyond me.

Thu, 10/13/2011 - 14:45 | 1770496 Vincent Vega
Vincent Vega's picture

Silver, I don't think anyone is taking 'joy' in people being laid off. Rather it is more like laughing to keep from crying in this F'd up world. Sanity has left the planet.

Thu, 10/13/2011 - 14:48 | 1770509 redpill
redpill's picture

I think you have too high of a view of humanity, Vince.  There are no shortage of people that take pleasure in other peoples' pain.  Misery loves company.

Thu, 10/13/2011 - 14:52 | 1770526 Vincent Vega
Vincent Vega's picture

Duly noted, Red...duly noted.

Thu, 10/13/2011 - 15:21 | 1770651 topcallingtroll
topcallingtroll's picture

I have to disagree with aldous.

Petite bourgioise is still a good life.
If you cant be in the top one percent you can still enjoy the good life as the top thirty percent.

I would rather be a rich man's butler than live in a ghetto.

Thu, 10/13/2011 - 15:54 | 1770850 blunderdog
blunderdog's picture

You're not the only one.  Many people choose comfort over autonomy and responsibility for their own welfare.

Thu, 10/13/2011 - 15:57 | 1770873 CrockettAlmanac.com
CrockettAlmanac.com's picture

Working as a butler is gainful employment. All productive economic activity must by definition serve others.

Thu, 10/13/2011 - 15:31 | 1770716 Pure Evil
Pure Evil's picture

Well, before I get all teary eyed over suppossed J6P gettin' laid off from freakin' BAC and GS, I'll assume they're not just regular joes.

If I remember right, when the bonuses were handed out last year at GS, even the lowest of the low got six figure bonuses.

I'll bring out my crying towel if you can prove the people gettin' the axe are toliet cleaners and mail delivery guys.

Thu, 10/13/2011 - 15:57 | 1770866 SilverIsKing
SilverIsKing's picture

You own a crying towel?  Coooooool!

Thu, 10/13/2011 - 18:44 | 1771559 unununium
unununium's picture

Listen, these layoffs are good news because these organizations are a pustule and sap on productive society, see?

Does that make sense to you?

Before taking a job, one should ponder the value that the prospective employer brings to this green earth.

Am I being heartless, because things are tough, and there is a lot of unemployment around these days?  WAKE UP!  These organizations CAUSED IT!

 

Thu, 10/13/2011 - 21:40 | 1772006 SilverIsKing
SilverIsKing's picture

You forgot this ---> /sarc

Thu, 10/13/2011 - 16:16 | 1770955 pcrs
pcrs's picture

It's indeed said the schadenfreude here. The logic is :if someone else is suffering, I'm better off. Now they al have blood in the eyes over the banksters, the banksters, hang them. The banksters could never have taken your money without the government. But no one dares to attack those. Officially because:"you have elected your coercers, so you should not complain", but in reality because taking on the all powerfull mighty state, who know all about you and could make your life hell in the blink of an eye, should never be critisized. They are deep down good people, who are led astray by evil bankers. They throw bombs because they care, they lock serfs up because they want the best for society.

People are bad so we need a state to control them made up of people are bad so we need a state to control them made up of people are bad so we need a state to control them made up of people are bad so we need a state to control them made up of people are bad so we need a state to control them made up of people are bad

Thu, 10/13/2011 - 16:40 | 1771072 Abitdodgie
Abitdodgie's picture

They were quite happy to work for a firm knowing they were destroying peoples lives, but they can turn a blind eye to that .Well guess what that very same firm just fucked them too , so yes im happy , very fucking happy.

Thu, 10/13/2011 - 22:07 | 1772054 riley martini
riley martini's picture

  Abi. You got that right , GS employees had no problem taking the profits stolen from widows, orphans and school children . The OWS crew wouldn't want such immoral scum.

Thu, 10/13/2011 - 17:45 | 1771351 moondog
moondog's picture

Indeed.. There are many low and mid level people working in financials (that I know) that mock and sneer at the occupy wall street crowd and the unemployed. I get angry when they say things like, "Well they should have picked a better major!" or "They just need to work harder at finding a Job!"

The truth is that there are less and less good jobs available for college graduates. Our nation has been milked like a cow by the big banks and wall street firms. Our politicians have been complicit in reversing Glass-Steagal, not putting pressure on shitty regulators, and allowing corporations to gut our industrial base.

I hope I can find the compassion for the short sighted fools who mock the unemployed...when they are unemployed.

Thu, 10/13/2011 - 14:52 | 1770528 FreeNewEnergy
FreeNewEnergy's picture

Because the TBTF banks suck. Additionally, they caused the recession, er, depression in the US and negatively affected many other countries, and, these low-level serfs have no conscience, working for the 1% greedy bastards, so, if they go on unemployment, maybe they'll find meaningful work, or start a new business, or, on the way out the door, do some nasty things, like taking a crap in the main foyer, or getting drunk at their desks on their last days.

And, if the economy is ever going to recover and America be restored to something other than a crony capitalist playground, it has to get a lot worse and these layoffs are a good start for 2012, plus some of these people will surely join the protests and some may even reveal more of the lying, cheating and scandalous behavior at the big banks, and, well, did I say that the TBTF banks SUCK?

Hope that helps.

Thu, 10/13/2011 - 16:01 | 1770889 mr1963
mr1963's picture

Happy to join you in that as long as you include fannie and freddie. Our own mayor here is $9,000,000 to the better simply allowing them to be the stupid fucks they were. The government had a big hand in that whole mess, not just the banks.

Thu, 10/13/2011 - 16:19 | 1770970 pcrs
pcrs's picture

without a bailout guarantee, they would have never guaranteed those loans and banks would never have given these loans without Fanny and Freddy guarantee. Only because the tax serf was guaranteur at gun pont from the gvt, did these loans got sold.

Thu, 10/13/2011 - 19:03 | 1771618 unununium
unununium's picture

The private banks saw Fannie and Freddie for exactly what they were, and devised plans to extract maximum value from the situation, e.g. leveraging a .5% MBS-Treasury spread by 20x factor, forcing the government's hand.

Then they fed you a lot of BS about the government being the problem.  WAKE UP.

Thu, 10/13/2011 - 19:34 | 1771716 CrockettAlmanac.com
CrockettAlmanac.com's picture

But Ron Paul warned everybody in 2002 that the banks would dump garbage on Fannie and Freddie but no one in government listened. Instead they continued the policies that allowed their banker friends to rip off the tax payer.

And you think that government isn't the problem. Who gave my money to the banks if it wasn't the government?

Thu, 10/13/2011 - 15:05 | 1770566 topcallingtroll
topcallingtroll's picture

Come uppance is pure joy.

Aldous is quite the socialist, but the enemy of my enemy is my friend.

Thu, 10/13/2011 - 15:37 | 1770753 Mugatu
Mugatu's picture

The American corporation's solution to missing any quarterly profit number is: Layoffs!

We may be in a Japanese style lost decade, but Japan guarantees worker employment at all cost.  This may be why the US lost decade will be much worse than Japan's.

Thu, 10/13/2011 - 14:24 | 1770419 flattrader
flattrader's picture

I am wating for the day when one of these pissed-off x-employees goes gunnin' for the fucker responsible.

Lay died of a heart attack awaiting sentencing only proving Texans are pussies.

Mozillo will likely die of skin cancer.

Moynihan?-I dunno...

Thu, 10/13/2011 - 14:36 | 1770467 tekhneek
tekhneek's picture

Lay died of a heart attack awaiting sentencing only proving Texans are pussies.

Gotta love the internet.

Gotta ask where you're from flattrader. Me as well as some of the other native Texans on ZH don't take kindly to being called a pussy. Especially by someone ironically hiding behind a keyboard doing it.

Thu, 10/13/2011 - 14:57 | 1770508 flattrader
flattrader's picture

and Herman Cain--the new flavor of the week fucker who screwed employees in an Enron-esque employee retirement company stock program--now facing a massive class action lawsuit and the GOP poll front runner for President.

oh, and I am from America.

If you took a shot at Lay, please forgive...and visit the range more often.

Thu, 10/13/2011 - 14:51 | 1770523 stormsailor
stormsailor's picture

there is some incredible pussy in texas

Thu, 10/13/2011 - 14:58 | 1770541 legal eagle
legal eagle's picture

And judging from GW Bush and Perry, Texans dont take kindly to the English language down yonder....

Thu, 10/13/2011 - 15:11 | 1770588 tekhneek
tekhneek's picture

+1

It's sad when all I can say is "at least it's not South Carolina"

http://www.youtube.com/watch?v=lj3iNxZ8Dww

And I don't know why you're hatin' on GW. Guy was a badass:

"Anyone engaging in illegal financial transactions will be caught and persecuted." --George W. Bush, Washington, D.C., Sept. 19, 2008

"I didn't grow up in the ocean -- as a matter of fact -- near the ocean -- I grew up in the desert. Therefore, it was a pleasant contrast to see the ocean. And I particularly like it when I'm fishing." --George W. Bush, Washington, D.C., Sept. 26, 2008


"I've abandoned free market principles to save the free market system." --George W. Bush, Washington, D.C., Dec. 16, 2008


"So I analyzed that and decided I didn't want to be the president during a depression greater than the Great Depression, or the beginning of a depression greater than the Great Depression." --George W. Bush, Washington D.C., Dec. 18, 2008


"People say, well, do you ever hear any other voices other than, like, a few people? Of course I do." --George W. Bush, Washington, D.C., Dec. 18, 2008


"I've been in the Bible every day since I've been the president." --George W. Bush, Washington, D.C., Nov. 12, 2008


"In terms of the economy, look, I inherited a recession, I am ending on a recession." --George W. Bush, Washington, D.C., Jan. 12, 2009

Derp.

Thu, 10/13/2011 - 15:23 | 1770671 Fish Gone Bad
Fish Gone Bad's picture

"Anyone engaging in illegal financial transactions will be caught and persecuted."

It would be much funnier if he had said, "Anyone engaging in illegal financial transactions will be caught and prostituted."

Then they could really pay for their sins.

Thu, 10/13/2011 - 15:26 | 1770689 legal eagle
legal eagle's picture

LMAO, thanks.

Thu, 10/13/2011 - 15:37 | 1770759 stormsailor
stormsailor's picture

hey now, don't be dissin south carolina.

Thu, 10/13/2011 - 16:09 | 1770917 caerus
caerus's picture

i second that

Thu, 10/13/2011 - 15:36 | 1770748 baseball13
baseball13's picture

Mozillo was screwing people, so he'll die a Capone-like death...and i don't mean by gunshot.

Thu, 10/13/2011 - 14:15 | 1770371 wombats
wombats's picture

BAC will probably pay the Severance payment 12/31.  That way they get to expense it for this year...and the laid off employees get the severance added to this year's earnings putting them in a higher tax bracket for a maximum screw job.

Thu, 10/13/2011 - 14:30 | 1770445 AldousHuxley
AldousHuxley's picture

maximum screw job would be executive telling them that the job is actually necessary so they are just offshoring it to some slave in China or India for fraction of the salary while the laid off employees would be forced to train the new slaves in order to receive "severance"

That is not illegal because too many Americans still believe in the free market dream without realizing that that dream is for top 400 already wealthiest families only now.

 

Thu, 10/13/2011 - 16:25 | 1770996 pcrs
pcrs's picture

What free market is that? Free market requires freedom, we live under a stack of coercion that is sky high all over the world. A free market means that you can engage in relation ships of your own chosing and not have relations ships with who you do not have to have one. Say economic life looks very much like normal life.

But thanks for dissing my freedom and promoting coercion, hope you get what you want hard and good.

Thu, 10/13/2011 - 21:33 | 1772000 object_orient
object_orient's picture

All my relation ships have set sail :(

Thu, 10/13/2011 - 14:21 | 1770396 Vincent Vega
Vincent Vega's picture

99 weeks of unemployment and a SNAP card.

Thu, 10/13/2011 - 14:24 | 1770417 Cash_is_Trash
Cash_is_Trash's picture

When do the firings reach Treasury?

Thu, 10/13/2011 - 14:37 | 1770469 AldousHuxley
AldousHuxley's picture
Office of Thrift Supervision "OTS" will cease to exist on October 19, 2011.

 

The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency (that was faulted for its role in the savings and loan crisis). Like other US federal bank regulators, it is paid by the banks it regulates. The OTS was initially seen as an aggressive regulator, but was later lax. Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.

 

 

...and like 1989, it is not really dissolved but merged into Office of the Comptroller of the Currency so regulatory failures will continue.

Thu, 10/13/2011 - 14:22 | 1770405 rumblefish
rumblefish's picture

And doesn't Obama want to increase the 99 weeks in his jobs bill?

Thu, 10/13/2011 - 14:39 | 1770479 chubbar
chubbar's picture

My bet is that 534 members of congress want to increase the 99 weeks as they watch the OWS crowds getting antsy for blood. It's a no brainer if it comes up for a vote, which it will.

Thu, 10/13/2011 - 14:37 | 1770470 Floordawg
Floordawg's picture

Only 26 weeks UI in NYC, "because of the strengthening economic conditions" they've reduced coverage. FTW

Thu, 10/13/2011 - 14:52 | 1770525 GenX Investor
GenX Investor's picture

Congratulations to the graduating class of 2011! You young Ivy League Grads will go off to conquer Wall St. from the mid-level up... err, Or you young grads can base at Zuccotti Park while you await instructions to storm 200 West Street to exact your LBS of creamy soft flesh. 

 Goldman Sachs is getting ready to increase its cost-cutting initiative even after $1.2 billion in cost cuts this past summer. It is probable that these cuts will cause even more job losses. Possibly somewhere around 1,000 jobs lost.

Year-end benefits and bonuses are the area of concern as this may be one of Goldman Sachs’ worst quarters. They are expected to reduce pay along with noncompensation expenses, like real estate and travel.

According to DealBook, “The executive warned that no final decision had been made on size of the cuts, and that the numbers could change quickly if the market improved or weakened.”

Thu, 10/13/2011 - 20:21 | 1771854 monoloco
monoloco's picture

554 more OWS protesters?

Thu, 10/13/2011 - 14:09 | 1770342 trav7777
trav7777's picture

this is the way incompetent executives MAKE bonuses, by cannibalizing the former salaries of lower-level workers

Thu, 10/13/2011 - 14:18 | 1770383 AldousHuxley
AldousHuxley's picture

capitalism doesn't care HOW you make money. That's why it is important for a society to define the rules of money making. wall st. gambling bonus $ and executive bonus $s from layoffs should not equal to the little dollars for phD scientists working on curing cancer.

 

capitalism is running into the same labor motivation problem communism did.

communism: who wants to be a doctor when you can make same money as a janitor?

capitalism: who wants to be a doctor when you can make more money laying off workers as a "manager"?

 

 

Thu, 10/13/2011 - 14:28 | 1770432 centerline
centerline's picture

Of course we already have both, which is why no one wants to be a doctor anymore.

I have half a mind to saying fuck it to my profession, which is built on years of higher education and licensing, where I take all the legal responsibility of what I do, and wind up with peanuts more than a lower stress job at which I would be overqualified.  It's a screwed up world for sure.  Same primary culprit as the housing debacle and soon to be college debt debacle.

Thu, 10/13/2011 - 14:43 | 1770491 AldousHuxley
AldousHuxley's picture

Doctors too need to understand and join the 99% movement. You need $400k/year income to qualify as 1% anyways.

Janitors don't write the rules....the top 0.01% who owns the government do. They are the ones who set up the shitty economic system we have and allow least value-add to profit the most.

 

 

Thu, 10/13/2011 - 15:32 | 1770722 topcallingtroll
topcallingtroll's picture

Damn!

Every time i think i am about to become a one percenter they raise the bar! Life isnt fair.

Thu, 10/13/2011 - 19:07 | 1771629 Not For Reuse
Not For Reuse's picture

he is exaggerating, 380 or so & you're there

Thu, 10/13/2011 - 14:50 | 1770514 MrBinkeyWhat
MrBinkeyWhat's picture

Whoa! Do I know where you are coming from.

Thu, 10/13/2011 - 15:33 | 1770736 Caviar Emptor
Caviar Emptor's picture

F'ed up indeed. Doctors are a good example of how the system screwed anyone not making money from money alone. Black hole of endless liability and diminishing returns

Fri, 10/14/2011 - 00:52 | 1772469 Cathartes Aura
Cathartes Aura's picture

sorry, not much sympathy for the licensed pushers of legal corporate pharmaceuticals, most of which cause more distress to the body than any dis-ease could.

the nation is hooked on "anti-depressants" and "painkillers" - medicated beyond the ability to hold a rational thought, to make any connections bar how to work their amazing array of gadgetry - remote controls for their TeeVee, and various i-gadgets to keep them busy and self absorbed. . . forever.

Thu, 10/13/2011 - 14:40 | 1770476 CrockettAlmanac.com
CrockettAlmanac.com's picture

That's why it is important for a society to define the rules of money making

 

Free market capitalism is the only way of letting society decide its own priorities.

A free society defines the rules of money making by what individuals decide to spend their money on and with whom they chose to make the transactions. When Government imposes rules society no longer has the opportunity to define them and the politicians who can't possible know the diverse needs of millions of people inevitably create a system which fails to meet the needs of those not in the ruling class.

Thu, 10/13/2011 - 14:50 | 1770518 AldousHuxley
AldousHuxley's picture

you won't get free market to work unless you are willing to give up your inheritance and your inheritance to your children. Otherwise you don't have free market but oligarchy where those who inherited massive wealth write the rules on what is to be "free" and what is not.

Thu, 10/13/2011 - 15:11 | 1770589 legal eagle
legal eagle's picture

As a tax lawyer, I help those with vast wealth maintain it for generations in dynasty trusts, but what I see over and over again is the shoes to slippers to sandals phenomenon.  Once the wealth is created, it has to be managed and maintained or it is lost.  The next generation usually, and the following generation almost always, loses the assets in one way or another.  There are exceptions, but that is clearly the rule.  Sloth is never rewarded in the long term.

What we need is simple, a government that DEFINES AND PROTECTS PROPERTY RIGHTS.  That is the essential function of every government, no matter the type, along with national defense.  After that, you can argue about whether by tyranny of the majority you can get the government to pave roads, make bridges, provide social security, health care, etc. but the USSA is clearly eroding the Essential Function of government -- so there can be no market prosperity.

Thu, 10/13/2011 - 15:38 | 1770761 Caviar Emptor
Caviar Emptor's picture

Going forward, the US economy will produce more billionaires through inheritance than self-made ones. I've been predicitng this since 2008. 

It's the net result of over-concentration of wealth, which is a phenomenon that chokes out all meaningful competition and destroys free-market forces in favor of rigged-market forces. 

It's an inevitalbe consequence. This lesson was learned many times over in history

Thu, 10/13/2011 - 16:05 | 1770908 CrockettAlmanac.com
CrockettAlmanac.com's picture

It's an inevitalbe consequence. This lesson was learned many times over in history

 

I think that if you look at dynastic power throughout history you'll see that it has been held by those in government or by those who manipulate the power of government for their own ends. Is it a coincidence that as government power has grown over the past century so has the ability of the oligarchy to maintain their ill gotten wealth?

A free market would tear down anyone who doesn't produce goods or services which people want to buy. No one would willingly hand over money to the members of a rich family simply because they are rich.

Thu, 10/13/2011 - 16:35 | 1771048 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

Geez, thank GOD somebody finally gets it! 

I try to explain to everyone I meet that there's people with high incomes, people with a lot of money, people with neither and people with so much money they control the government and media.  The last group has the third group fighting the first group because they think its the first and second groups doing what the last group is doing.  we're all just little hamsters running for the pleasure of the last.

Thu, 10/13/2011 - 17:36 | 1771313 legal eagle
legal eagle's picture

Not inevitable, and clearly avoidable.  IF WE ALLOW immigration into the US by people of means and education, and IF WE DISALLOW immigration of people of unwanted classes, such as Shiate Muslims [sorry, had to put that in there], then we can attract the best and the brightest and we can still be the creative country.  Our immigration policy is very unproductive.   In Switzerland you must buy medical insurance.  If you do not, and are not a Swiss citizen, they deport you, period.  Switzerland does not allow just anyone from anyplace into the country and you have to behave to stay.  People of means, people with talent and skills, are given incentives to immigrate while people with no means and low education are not.  The Swiss have this right.

Thu, 10/13/2011 - 21:45 | 1772013 object_orient
object_orient's picture

First you said government should only protect private property and provide a national defense. Now it should maintain an immigration policy that discriminates against religion and require residents to have medical insurance? You're halfway down the slippery slope already.

Thu, 10/13/2011 - 15:51 | 1770834 baseball13
baseball13's picture

Too true on the loss of family wealth that has not been earned...

Perhaps you should refine your definition of property rights to "soverign individual property rights"?

Currently our government does define property- everything is theirs. Emminent Domain, Extra-territorial zoning, Condemnation, etc.; all in the name of The People. However, it is always the few in government - those easiest to be manipulated by TPTB - that make the choices. Once they have institutionalized the theft of proerpty from the individual by statute, those that follow blindly enforce these unconstitutional acts by claiming "that's the law".

Thu, 10/13/2011 - 15:12 | 1770609 CrockettAlmanac.com
CrockettAlmanac.com's picture

That simply isn't so. If a child inherits wealth he must have the wherewithal to maintain or increase it or it will be lost. The only way to increase wealth in a free market is to provide desired goods and services which benefit society. If he loses his wealth it will fall into the hands of others who will have the same opportunity to either succeed or fail at creating wealth through producing desired goods and services. The more goods and services available the easier it is for people to eat, wear decent clothes and live in a suitable home.

Thu, 10/13/2011 - 15:23 | 1770672 legal eagle
legal eagle's picture

Your comment presupposes a rule of law, which is no applicable in the USSA.   Without the government defining AND protecting property rights, you cannot have the market.

Thu, 10/13/2011 - 15:45 | 1770773 CrockettAlmanac.com
CrockettAlmanac.com's picture

Of course you can have property rights without government.

If government could protect property rights (which it can't because government relies on taxation which is the abrogation of property rights) then it would have to operate according the the will of the people and with the cooperation of the people. There is no reason why the people can't come to the same consensus in a completely voluntary manner rather than through application of force because the vast majority of people want protection of personal and property rights.

The application of force on a grand scale is only necessary when the government tries to accomplish goals which the mass of men oppose.

Natural law provides that each man owns his own life and his own property and that he may protect them in proportion to any threat made against them. As long as most men are as willing to defend their own natural rights and those of their neighbors as willingly as they currently  fight and die in foreign sand for oil companies (or cheer for those who do) then natural rights will be well protected.

Thu, 10/13/2011 - 14:19 | 1770390 Everybodys All ...
Everybodys All American's picture

and do a slight beat on earnings or top line rev.

Thu, 10/13/2011 - 14:20 | 1770398 centerline
centerline's picture

hmmm.... Hypertiger reference?  Yup, economic cannibalism.  Just getting started though.

Thu, 10/13/2011 - 14:31 | 1770450 nyse
nyse's picture

And so it goes..

Thu, 10/13/2011 - 14:59 | 1770545 Astute Investor
Astute Investor's picture

aka wealth transfer from party A to party B.

Thu, 10/13/2011 - 14:03 | 1770305 rajat_bhatia
rajat_bhatia's picture

Is there a CDS against these ( to be screwed) bankers? I'll sell my gold to buy it!

Thu, 10/13/2011 - 14:06 | 1770317 Cash_is_Trash
Cash_is_Trash's picture

Maybe inTrade will one day come up with that.

Thu, 10/13/2011 - 14:18 | 1770382 mayhem_korner
mayhem_korner's picture

 

 

Check out the Tilt website for more info on...oops - scratch that.

Thu, 10/13/2011 - 14:06 | 1770320 Schiff hits the fan
Schiff hits the fan's picture

In this economy its best to stay liquid. I like assets that can be readily converted to chili. Like tomatoes and beans.

Thu, 10/13/2011 - 14:20 | 1770391 TonyV
TonyV's picture

Hm, it sounds like you are planning to produce your own natural gas.

Thu, 10/13/2011 - 15:11 | 1770603 flattrader
flattrader's picture

I take it you are #occupyagarden

Thu, 10/13/2011 - 14:22 | 1770389 jdelano
jdelano's picture

eck meant to say, who's at 222broadway, the traders?   

Thu, 10/13/2011 - 14:31 | 1770452 Banksters
Banksters's picture

ATMs bitchez

Thu, 10/13/2011 - 15:04 | 1770564 Hugh G Rection
Hugh G Rection's picture

Exactly! Know how to drive a bobcat?

http://www.youtube.com/watch?v=nCPFwoECsXo

Thu, 10/13/2011 - 14:32 | 1770454 doomz78
doomz78's picture

Apparently The USA is now going to war with Iran. I didn't see that one coming.  When debt and the banks are having a hard time go to war.  Yipeeee...   

Thu, 10/13/2011 - 14:43 | 1770492 CrockettAlmanac.com
CrockettAlmanac.com's picture

There's more chest thumping going on but I've seen this every autumn since 2006. There must be some value in simply threatening war over and over again from the perspective of TPTB.

Thu, 10/13/2011 - 14:56 | 1770535 AldousHuxley
AldousHuxley's picture

Ripoffblican tactic to distract you from what's really hurting America...wall st. corruption

yeah, Iranians and muslims are laying off Americans for 0.5% profit increase and gambled your savings off and now asking for a bailout right?

 

America, focus on the needs of 99% not what the richest of the rich wants to protect

Thu, 10/13/2011 - 15:06 | 1770572 Spaceman Spiff
Spaceman Spiff's picture

Is it 'wall st. corruption' that is our biggest problem?   If our government was competent to execute its laws, we wouldn't have these problems.  The lawlessness starts with our government/Bannana Republic?

Thu, 10/13/2011 - 15:10 | 1770594 Race Car Driver
Race Car Driver's picture

Jump, you fuckers!

Thu, 10/13/2011 - 15:38 | 1770765 Panafrican Funk...
Thu, 10/13/2011 - 13:56 | 1770258 redpill
redpill's picture

And please let the city finish cleaning the park before joining the party.

Thu, 10/13/2011 - 14:12 | 1770352 Cash_is_Trash
Cash_is_Trash's picture

The granite of Zucotti Park must be jetsprayed prior to Tahrir 2.0

Thu, 10/13/2011 - 14:25 | 1770421 Henry Chinaski
Henry Chinaski's picture

"Like it never happened."

Long: Servpro  (I wish)

Thu, 10/13/2011 - 13:56 | 1770261 reader2010
reader2010's picture

Right before annual bonus will be released. It makes sense.

Thu, 10/13/2011 - 13:59 | 1770289 Manthong
Manthong's picture

+1..
I was adding that note at the same time you were posting it. 

Thu, 10/13/2011 - 13:57 | 1770264 JumpinJonnyK
JumpinJonnyK's picture

Things are getting ready to fall apart.  I have been buying gold and silver for years preparing for this.  You dont need to invest everything you have but you better own some gold and silver.  I just bought a monster box 2 weeks ago and glad I did.  If you are looking to buy get the most for your money http://www.goldshark.com/products/silver-coins/silver-coins-rounds/american-silver-eagle-coins.html

Thu, 10/13/2011 - 13:57 | 1770265 Roy Bush
Roy Bush's picture

Adios bitches!  I feel bad for you but then again....I don't.

Thu, 10/13/2011 - 13:58 | 1770267 Bob
Bob's picture

Even the favored toadies eventually get downsized out when their work is done.  Leaner and meaner, Bitchez!

Roubini weighs in on "revolution":

http://www.nationofchange.org/instability-inequality-1318516107

Thu, 10/13/2011 - 14:01 | 1770296 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I had more faith in this "revolution".  From what I learned people's selfish interests will get the better of (almost) any movement.  Hegel still rules wilth a velvet glove; damn this fucking system.

Thu, 10/13/2011 - 14:07 | 1770330 Bob
Bob's picture

It's human nature that overshoot will happen--and the longer it takes to address the excesses of the status quo, the more severe the "correction" will be, if history is any guide. 

Sadly, the useful idiots who successfully delay the day of reckoning marginalize themselves to utter irrelevance by that point.

Thu, 10/13/2011 - 14:54 | 1770533 CrockettAlmanac.com
CrockettAlmanac.com's picture

From what I learned people's selfish interests will get the better of (almost) any movement.

That's why personal sovereignty makes so much sense. Why give supreme power to a ruling class when they will inevitably use that power to advance their own agendas? As sovereign individuals we rightly use our individual power to advance our own interests and those of our family and friends. Only a system which recognizes the right of each individual to control his own body and property can balance man's very natural inclination to self preservation and advancement.

Thu, 10/13/2011 - 15:36 | 1770754 Bob
Bob's picture

Do you suggest we end the fraud of the Corporate Person as part of that?

Thu, 10/13/2011 - 15:48 | 1770819 CrockettAlmanac.com
CrockettAlmanac.com's picture

As a sovereign individual I already refuse to consider corporations to be people. Only in a government court or other government venue would I be forced to consider such obvious foolishness to be reality.

Thu, 10/13/2011 - 15:56 | 1770859 Bob
Bob's picture

Good answer, CA!

IMO, it would be a good idea for the Liberty crowd to make themselves clear on this point. 

Thu, 10/13/2011 - 16:08 | 1770916 CrockettAlmanac.com
CrockettAlmanac.com's picture

Cheers!

Thu, 10/13/2011 - 13:57 | 1770269 williambanzai7
williambanzai7's picture

Plant layoff indeed.

Thu, 10/13/2011 - 14:07 | 1770331 blunderdog
blunderdog's picture

I like the language.  It's a plant where they mass-produce poverty.

Thu, 10/13/2011 - 14:18 | 1770386 redpill
redpill's picture

And business is booming!

Thu, 10/13/2011 - 14:26 | 1770425 Cash_is_Trash
Cash_is_Trash's picture

I knew we could print our way to prosperity!

Thu, 10/13/2011 - 15:00 | 1770552 AldousHuxley
AldousHuxley's picture

money printer is down....too much printing.

Now US corporations are laying off workers on America's 400 richests' way to prosperity.

Thu, 10/13/2011 - 14:57 | 1770538 CrockettAlmanac.com
CrockettAlmanac.com's picture

Plant layoff indeed.

Potted plants?

Thu, 10/13/2011 - 13:57 | 1770270 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Her name was Linda Foehr

Thu, 10/13/2011 - 15:41 | 1770775 Josh Randall
Josh Randall's picture

I hope you had a Helluva piss Arnold!

Thu, 10/13/2011 - 13:57 | 1770272 Fips_OnTheSpot
Fips_OnTheSpot's picture

Webpage already no longer responding =)

Thu, 10/13/2011 - 13:57 | 1770274 sushi
sushi's picture

Well at least they will no longer be assessed the $5 daily fee for coming in to the office.

Thu, 10/13/2011 - 13:57 | 1770276 Cone of Uncertainty
Cone of Uncertainty's picture

I'm guessing John Collingwood, Senior Vice President just shit his pants.                                               

Thu, 10/13/2011 - 13:57 | 1770277 slaughterer
slaughterer's picture

FUK! I HAVE BEEN FIRED!  COULD ZH HIRE ME?

Thu, 10/13/2011 - 14:17 | 1770378 bugs_
bugs_'s picture

first you have to stand outside the door and have abuse hurled at you.

then a few days later you get a volunteer assignment - maybe

Thu, 10/13/2011 - 13:58 | 1770278 Mad Max
Mad Max's picture

This all could have been avoided, if only the monthly debit card fee had been $10 instead of just $5.

Thu, 10/13/2011 - 14:12 | 1770354 seek
seek's picture

Maybe, maybe not.

It will will take a year of debit card fee collections from nearly 300,000 BofA account holders just to cover the severance of the two recently departed execs ($11M).

Another cut is the severance package is equal to $33K for every laid off BofA'er.

Thu, 10/13/2011 - 15:01 | 1770556 AldousHuxley
AldousHuxley's picture

less banksters the better world.

Thu, 10/13/2011 - 13:58 | 1770280 Debtless
Debtless's picture

Jump you fuckers!

Thu, 10/13/2011 - 14:13 | 1770362 Mark123
Mark123's picture

Rather than jump....how about return to the executive offices and pull a suicide bomb stunt?

 

However, on second thoughts, no....it would just be blamed on the Iranians by our "leaders" and get us into another "war"

Thu, 10/13/2011 - 15:03 | 1770561 AldousHuxley
AldousHuxley's picture

the elites are truely sick. they want their bankster minions to jump off of a high rise in NYC on top ot we are 99% protesters to kill both.

Thu, 10/13/2011 - 13:58 | 1770283 caerus
caerus's picture

don't let the door hit your ass on the way out

Thu, 10/13/2011 - 15:00 | 1770549 CrockettAlmanac.com
CrockettAlmanac.com's picture

Lots of low level folks feed the beast. They're your family, friends and neighbors. Isn't it enough to be happy that the beast is loosing its grip without laughing at the more or less innocent bystanders who are getting mauled because they just wanted a job like everybody else?

Thu, 10/13/2011 - 15:30 | 1770712 AldousHuxley
AldousHuxley's picture

Guilty by association. Low level folks need to grow up and stand up against the beast instead of feeding it and later crying home when the beast does beastly things for they are enabling the beast. So far only Warren Buffet is standing up to the beast. Everyone else is playing the "I've got mine, so fuck you" game. American individualism I guess.

 

Real friends, family, neighbors put friendship, family, community as priority over profits, idealogies, greed.

 

We shall put karma to test. If these folks drank champaign while yelling "get a job you hippie" at the occupywallst. protesters, then they get no sympathies from me.

 

But sooner or later, we will all be forced to face the reality that we live in an oligarchy of 400 richest billionares.

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