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Originally posted by Asher
It was downgraded to an "A". Let's not overstate things.
It was downgraded to an "A". Let's not overstate things.
3 days later, she fires her CFO.
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To an extent, I agree with you. And I have no special insight to prove otherwise. However, Monday morning's conference call was just surreal. After a $3 billion loss for the quarter and the prospect of $6 billion in dilution, the CEO could hardly control herself with stressing the positives and eliminating the negatives.
3 days later, she fires her CFO.Last edited by DanS; June 12, 2008, 10:25.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
She needs to do something.
I just sat in on a meeting with a managing director at Lehman. Apparently they've got ****loads of liquidity now, that's not the issue. They're more concerned about the credibility issue (investors losing faith in the company) than anything else. And apparently the liquidity situation is so good they're actually looking at investment opportunities right now.
I don't think it's going anywhere..."The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "Comment
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To me, it just doesn't seem to add up. If liquidity is no concern, why raise $6 billion and dilute the shareholders' stakes?I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Wouldn't that factor into their investment plan?Originally posted by DanS
To me, it just doesn't seem to add up. If liquidity is no concern, why raise $6 billion and dilute the shareholders' stakes?"The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "Comment
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It's just a bizarre way to do business if everything is so hunky-dory.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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From what I've seen, most of the senior management could be classified as mentally retarded if given the opportunity.
While it's not in the news, they've massively mishandled their IT. Which is half of the employees.
When they began layoffs, they also decided to split the IT teams in half -- half will be fulltime developers, half will be fulltime support. Support in investment banks is a lot of work and isn't typical "help desk" stuff, it's hardcore technology in fixing **** that's broken. Unfortunately, it's boring and stressful.
So now that they have dedicated support and development teams, the support teams are all quitting. Because who signs up for development only to do support? So now the development teams, which are half the size they used to be, are doing development and support. And on top of that, volume is higher on the systems and senior management is constantly requesting custom queries (meaning very complex SQL written in short periods of time) to monitor the situation. And then the IT senior managers keep promising dates for new features, which means the dev teams are getting worked to death and now they're starting to quit.
Gong-show...."The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "Comment
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Seems pretty typical for a big organization, to be honest. Especially investment banks, that are so used to hiring and firing.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Indeed. I'm actually running a bunch of people through a mini-boot camp on investment banking technology because we've got a string of new grads going in for interviews with Lehman next week."The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
Ben Kenobi: "That means I'm doing something right. "Comment
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I seem to have gotten the players confused in my posts above -- I confused the CEO and CFO. The CFO was the one on happy pills in the conference call. She got fired this morning.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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