DuPont to cut 2,500 jobs, trim 4,000 contractors
"More job losses for Hub's financial sector; State Street to cut up to 1,800; Wellington also confirms layoffs" by Ross Kerber, Globe Staff | December 4, 2008
Two more Boston financial companies disclosed large rounds of layoffs yesterday, the latest in a wave of cuts sweeping the local investment industry in the wake of plunging stock markets.
State Street Corp. said it plans to eliminate 1,600 to 1,800 positions over the next several months, or about 6 percent of its workforce. Separately, Wellington Management also confirmed a cut, reportedly 10 percent of a 2,100-person workforce.
Fidelity Investments is in the midst of eliminating 3,000 jobs, and MFS Investment Management is cutting about 90. The Chicago staffing firm Challenger Gray & Christmas reported yesterday that financial firms cut 91,356 jobs in November, the largest monthly reduction since September 2001, when 96,333 positions were eliminated.
So BUSH did TWO 911s!!! The "terror attack" that caused visceral physical destruction and the "quiet looting and impoverishment" of this nation.
He BOOK-ENDED THEM (if he is in fact leaving)!
State Street is initiating the cuts just weeks after receiving $2 billion in taxpayers' funds as part of the Treasury Department's plan to loosen squeezed lending markets by loaning capital to the financial sector.
And they KEPT the MONEY, too!!! This is why the AUTO COMPANIES should be denied! They will just TAKE the MONEY and LAY OFF WORKERS!!!!!
The government funds came with few restrictions, although government officials urged the recipients to use the money to increase lending. State Street, however, is not a retail or investment bank; much of its business is providing services, such as recordkeeping, trade settlements, and the like, to the money-management industry. It does have an investment management arm, too.
Is THAT what you wanted YOUR TAXPAYER-FUNDED BAILOUT going for, America?
Steve Adamske, a spokesman for Representative Barney Frank, the Newton Democrat who spearheaded the financial industry bailout in the House of Representatives, said he didn't have enough information to comment directly on State Street's actions.
But Frank hasn't criticized layoffs in the past by other companies that received government funds, including Citigroup Inc., and Adamske said the first priority of the money should be to encourage bank lending.
"We sincerely hope the funds provided by the government will go for the stated purpose in the act, to provide liquidity in the financial system and get lending moving again," Adamske said.
WTF? You "HOPE?" You LYING ASSHOLES TOLD US THERE WAS OVERSIGHT and SAFEGUARDS!!!! Now we find out you LYING SHITBGAS were JUST SAYING THAT to STUFF IT UP OUR ASSES, 'eh?
UN-FUCKING-BELIEVABLE!!!!!!
State Street spokeswoman Carolyn Cichon said it would be "apples to oranges" to compare the public cash infusion to the layoff decision, since the government money was meant to boost the company's capital level rather than cover operating costs. "Our core business remains extremely strong," she said.
Yeah, left-hand looting is different from right-hand looting!!!!
The firm emphasized the job cuts would help its financial position.... --more--"
Just so you know where YOU fit in to the scheme of things, workers!!!
Look out! Here comes MORE DIARRHEA on your head!!!!!!!
"Cuts, consolidations at book publishers" by Associated Press | December 4, 2008NEW YORK - The economy has crashed down on an industry once believed immune from the worst - book publishing - with consolidation at Random House Inc. and layoffs at Simon & Schuster and Thomas Nelson Publishers....
Books an immune industry? Ha-ha-ha-ha!! Who TF reads BOOKS anymore?
Take it from someone who knows, kids -- play the video games because books won't help you at all!!!!
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Simon & Schuster has been helped by President-elect Barack Obama's embrace of Doris Kearns Goodwin's "Team of Rivals," but not enough to save some 35 positions, about 2 percent of the staff.
That just goes to show you even a PLAGIARIST that PUSHES SHIT can get a book published! It's NOT that great an honor, readers. I got a WHOLE BOOK and MORE on my blogs, and I don't need some elite's approval over my writings.
Chief executive Carolyn Reidy said in a company memo yesterday that "today's action is an unavoidable acknowledgment of the current book-selling marketplace and what may very well be a prolonged period of economic instability." Reidy added that "the entire publishing industry is coping with these truly difficult circumstances."
Translation: Books are going the way of NEWSPAPERS!!! Bye, bye, books!!!!
--more--"
At least there are always SERVICE JOBS, America:
"Service sector shrinks in November" by Bloomberg News | December 4, 2008
Huh. But it is the XMAS SEASON!!
Related: The Poor Migrant Worker
WASHINGTON - Service industries in the United States contracted the most in at least 11 years, and a measure of private payrolls showed job losses accelerated, signaling the economy's decline deepened last month....
Bush's going away (we hope) present!
Of course, NOT EVERYONE saw it as BAD NEWS!
Stocks rose as a report of an increase in online spending triggered a rally in retailer shares. Banking shares also climbed after a report showed mortgage applications surged last week as interest rates dropped....
Which doesn't mean squat because NO ONE CAN AFFORD A HOME right now (except the rich)!
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President-elect Barack Obama plans to push a two-year stimulus package after he takes office on Jan. 20. Federal Reserve chairman Ben S. Bernanke this week also said he may use less conventional policies such as buying Treasuries to revive the economy.
Isn't that what he's been doing?
Challenger, Gray & Christmas Inc., a Chicago placement firm, said yesterday the number of disclosed firings surged 148 percent last month from November 2007, led by a jump at financial firms. The Labor Department's November jobs report may show payrolls fell by 330,000, the biggest decrease since 1982, according to a Bloomberg News survey of economists. --more--"
Well, thatexplains this: Record number of Americans using food stamps
