Times are tough

[Minnow]

O.K. guys... no secret Santa this year for our guys

From Bloomberg:
It's a sure sign that times are tough when Barclays Capital feels obliged to cancel its Christmas shindigs.
The bank, which has just taken over much of Lehman Brothers, doesn't want to do anything that "might be seen as inappropriate" in the global financial crisis, according to an internal message circulated by its chief operating officer, Rich Ricci (surely the perfect name for a banker).
The memo was leaked to the US website Dealbreaker. A Barclays spokesman confirmed its authenticity.
"I would like to inform you that we will not be holding our annual seasonal parties this year," Ricci told staff. "I know this might come as a disappointment to many of you, who look forward to the opportunity to relax among colleagues and celebrate a year of hard work and accomplishment."
He continues: "In the current difficult environment for our industry and for the economy as a whole, which affects not just financial services firms but our clients as well, it is not appropriate for us to do anything that might be seen as inappropriate by any of our stakeholders."
The only exceptions are childrens' parties for employees' families.
What a difference a year makes. Last year, my colleague Jill Treanor reported that 3,000 Barclays Capital bankers in London were given the run of a marquee beside the Houses of Parliament for two nights of entertainment costing a rumoured £600,000.



This is in the Lounge thread... so have fun...

 

[CountryBoy]

O.K. guys... no secret Santa this year for our guys

From Bloomberg:
It's a sure sign that times are tough when Barclays Capital feels obliged to cancel its Christmas shindigs.
The bank, which has just taken over much of Lehman Brothers, doesn't want to do anything that "might be seen as inappropriate" in the global financial crisis, according to an internal message circulated by its chief operating officer, Rich Ricci (surely the perfect name for a banker).
The memo was leaked to the US website Dealbreaker. A Barclays spokesman confirmed its authenticity.
"I would like to inform you that we will not be holding our annual seasonal parties this year," Ricci told staff. "I know this might come as a disappointment to many of you, who look forward to the opportunity to relax among colleagues and celebrate a year of hard work and accomplishment."
He continues: "In the current difficult environment for our industry and for the economy as a whole, which affects not just financial services firms but our clients as well, it is not appropriate for us to do anything that might be seen as inappropriate by any of our stakeholders."
The only exceptions are childrens' parties for employees' families.
What a difference a year makes. Last year, my colleague Jill Treanor reported that 3,000 Barclays Capital bankers in London were given the run of a marquee beside the Houses of Parliament for two nights of entertainment costing a rumoured £600,000.



This is in the Lounge thread... so have fun...

Well Boo fricking Hoo, I guess between them and Long they just couldn't plunder enough of our retirment funds. May they all have lumps of coal this year.

CB

Thanks Minnow that was fun.

 

[Buster]

Kinda brings a tear to my eye...

 

[Frixxxx]

O.K. guys... no secret Santa this year for our guys

From Bloomberg:
It's a sure sign that times are tough when Barclays Capital feels obliged to cancel its Christmas shindigs.
The bank, which has just taken over much of Lehman Brothers, doesn't want to do anything that "might be seen as inappropriate" in the global financial crisis, according to an internal message circulated by its chief operating officer, Rich Ricci (surely the perfect name for a banker).
The memo was leaked to the US website Dealbreaker. A Barclays spokesman confirmed its authenticity.
"I would like to inform you that we will not be holding our annual seasonal parties this year," Ricci told staff. "I know this might come as a disappointment to many of you, who look forward to the opportunity to relax among colleagues and celebrate a year of hard work and accomplishment."
He continues: "In the current difficult environment for our industry and for the economy as a whole, which affects not just financial services firms but our clients as well, it is not appropriate for us to do anything that might be seen as inappropriate by any of our stakeholders."
The only exceptions are childrens' parties for employees' families.
What a difference a year makes. Last year, my colleague Jill Treanor reported that 3,000 Barclays Capital bankers in London were given the run of a marquee beside the Houses of Parliament for two nights of entertainment costing a rumoured £600,000.
This is in the Lounge thread... so have fun...

Guess the accomplishments this year didn't quite merit a party......WELL DUH!

Well Boo fricking Hoo, I guess between them and Long they just couldn't plunder enough of our retirment funds. May they all have lumps of coal this year.
CB
Thanks Minnow that was fun.

Coal's to good for 'em, get a rope!

 

[James48843]

 

[Guest2]

Tea and Crumpets does not, A Christmas Dinner make ! :toung:

 

[alevin]

http://http://www.atimes.com/atimes/Global_Economy/JJ31Dj02.html

Black hole gapes for pensions
By Henry C K Liu

More than three years before the current financial crisis, in a series Greenspan, the Wizard of Bubbleland that began on September 14, 2005, I warned:

Through mortgage-backed securitization, risky loans are sold as securitized debt of unbundled levels of risk to institutional investors. But who are institutional investors? They are mostly pension funds that manage the money the US working public depends on for retirement. In other words, the aggregate retirement assets of the working public are exposed to the risk of the same working public defaulting on their house mortgages.

When a homeowner loses his or her home through default of its mortgage, the homeowner will also lose his or her retirement nest egg invested in the securitized mortgage pool, while the banks stay technically solvent. That is the hidden network of linked financial landmines in a housing bubble financed by mortgage-backed securitization. The bursting of the housing bubble will act as a detonator for a massive pension crisis.
​

Now, in October 2008, while the US government is busy bailing out wayward banks, public pension funds operated by states and municipalities face their worst year of losses in history, putting pressure on distressed state governments to shore them up to avoid pending default.

In the nine months to the end of September, the average state and municipal pension fund lost 14.8% of its market value. Few market analysts expect equity prices to bottom any time soon, let alone a recovery, and many are resigned to the prospect of years of asset deflation and economic stagnation.

State and local pension funds comprise a patchwork of 2,700 funds that manage $1.4 trillion on behalf of 21 million public employees, including teachers, firefighters, policemen and other municipal workers. About 40% of these funds are under-funded, meaning that they would not be able to pay the future pensions promised.

State governments have raised pension benefits to keep up with inflation, betting on a growing wealth effect from fund investments to meet higher payments. It was part of the flawed rationale that called for the privatization of social security.

Just like the social security trust fund, pension funds are money that belongs to the workers who are required to contribute into them out of their payroll deductions, matched by public funds as part of workers’ employment benefits. These funds are not charity payments from government employers. They are compulsory savings of public sector workers.

Richard Daley, mayor of Chicago, has convened a taskforce to address the shortfalls in Illinois funds. For example, funding for the Police Fund has fallen to less than 50% of requirement. The situation is actually more ominous. The calculation is based on an assumption of annual returns of 8%, but very few funds will reach that level of return in the next few years.

The city of Chicago would have to start contributing substantially more to the fund out of its general revenue and from federal and state subsidies. Public employees are faced with the prospect of being required to contribute more from their payroll deductions. Chicago is not unique in its public pension problem. Every city and state of the union is in similar difficulty.

A vicious downward cycle is emerging as state and local governments face lower tax revenue that puts pressure to cut costs.

The public pension funds themselves have limited options. Many are under pressure to move away from the stock market into less risky investments, but that would mean suffering more capital loss in this market environment and reducing returns in the future.

Why are hard-working public employees having to pay more to make up the losses in their pension funds managed by irresponsible professionals who were supposed to protect their hard-earned capital when the bankers whose greed was responsible for the financial tsunami that caused the losses are awarded obscene golden parachutes? Because, according to Republican candidates Senator John McCain and governor Sarah Palin, "Joe the Plumber" thinks that forcing rich bankers to pay for the losses they engineered and put on the backs of public workers would be to practice "socialism''.

Henry C K Liu is chairman of a New York-based private investment group. His website is at http://www.henryckliu.com.

Socialism, "my foot"! [That's an old PW Cty. phrase I acquired growing up in N. Virginia]. :suspicious:

 

[Viva_La_Migra]

O.K. guys... no secret Santa this year for our guys

From Bloomberg:
It's a sure sign that times are tough when Barclays Capital feels obliged to cancel its Christmas shindigs.
The bank, which has just taken over much of Lehman Brothers, doesn't want to do anything that "might be seen as inappropriate" in the global financial crisis, according to an internal message circulated by its chief operating officer, Rich Ricci (surely the perfect name for a banker).
The memo was leaked to the US website Dealbreaker. A Barclays spokesman confirmed its authenticity.
"I would like to inform you that we will not be holding our annual seasonal parties this year," Ricci told staff. "I know this might come as a disappointment to many of you, who look forward to the opportunity to relax among colleagues and celebrate a year of hard work and accomplishment."
He continues: "In the current difficult environment for our industry and for the economy as a whole, which affects not just financial services firms but our clients as well, it is not appropriate for us to do anything that might be seen as inappropriate by any of our stakeholders."
The only exceptions are childrens' parties for employees' families.
What a difference a year makes. Last year, my colleague Jill Treanor reported that 3,000 Barclays Capital bankers in London were given the run of a marquee beside the Houses of Parliament for two nights of entertainment costing a rumoured £600,000.



This is in the Lounge thread... so have fun...

RICH RICCI??? YOU CAN'T BE SERIOUS! RICHIE RICH IS THE COO FOR BARCLAYS? Is he getting more than his $50,000 per week allowance?

 

[nnuut]

http://http://www.atimes.com/atimes/Global_Economy/JJ31Dj02.html



Socialism, "my foot"! [That's an old PW Cty. phrase I acquired growing up in N. Virginia]. :suspicious:

Speaking of a foot, that move is just the beginning, like getting a FOOT in the door!!! Think ahead, think of intentions, listen to what they don't say!!

 

[budnipper1]

"Times are tough" everywhere... especially at this Burger King...
View attachment 5042
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[Silverbird]

http://http://www.atimes.com/atimes/Global_Economy/JJ31Dj02.html
Socialism, "my foot"! [That's an old PW Cty. phrase I acquired growing up in N. Virginia]. :suspicious:

Moved into PW County says, "You see, Socialism = hard working employees get help, Good Old Capitalism = Stalwart Capitalist banks get a bailout. Businesses aren't cropping up on the US, must be those unpatriotic consumers, why should the banks lend those socialist beggers money, all they will do is pay off debt!"