Is It Possible...
...that the higher-ups at Bear Stearns are smarter (and the employees dumber) than we thought, and the James Cayne all-employee memo re: smoking weed was just an elaborate plan to get people to break IT rules so Bear could fire them without coughing up the money for severance? From the text line:
Bear Stearns fired several people last week for forwarding Jimmy Cayne's memo outside the firm. The email system normally blocks messages that say internal use only in the text. These 2 dozen or so idiots thought they could just erase those words and it would go through without getting caught. This lets Bear cut more people but this time without paying severance.
Earlier: P.S. Who's Got Fritos?
Comments
Too bad for investors that Bear Stearns' email security was vastly better than their capital risk management security!
Posted by: Dick Tracy | November 6, 2007 04:23 PM
Dick - You forgot to add "ZING!"
Posted by: AJ | November 6, 2007 04:41 PM
By Christine Harper
Nov. 6 (Bloomberg) -- When Goldman Sachs Group Inc.
employees cash their year-end checks, they'll have enough money
to buy Bear Stearns Cos.
Goldman, the biggest and most profitable U.S. securities
firm, has set aside $16.9 billion to pay salaries, benefits and
bonuses in the first nine months of 2007, according to the
company's third-quarter earnings report. The stock market values
Bear Stearns Cos., the fifth-biggest firm, at $14.7 billion.
Bonuses, the majority of Wall Street compensation, are typically
paid after the fiscal year ends this month.
Posted by: Anonymous | November 6, 2007 04:44 PM
Goldmanites are the masters of the universe (except for Jersey which unfortunately they cannot manage)
Posted by: chris | November 6, 2007 04:58 PM
Goldmanites are the masters of the universe (except for Jersey which unfortunately they cannot manage)
Posted by: chris | November 6, 2007 05:01 PM