How about 50% of workers let go!!!!!
First Marblehead Cuts Work Force In Half
May 5, 2008
SAN FRANCISCO (MarketWatch) -- First Marblehead Corp. announced plans to cut its annual operating costs by $200 million, with 500 jobs already cut by the ailing student lender as it deals with the turbulent market. The move, which affected half of the company's work force, come in the wake of last month's bankruptcy filing by Education Resources Institute Inc., First Marblehead's third-party provider of borrower default guarantees for private student loans since 2001 and guarantor of loans held by The National Collegiate Student Loan Trusts.
Am I going crazy or what?
Here is the headline from MarketWatch tonight:
Keep the champagne on ice, economists warn
Recession threat still lingers despite some positive data
WASHINGTON (MarketWatch) -- Keep the champagne on ice and the party hats under wraps because celebrations that the economy has avoided a recession or serious downturn are premature, many economists say.
Recession threat still lingers????????????????????? What kind of nonsense statement is that?
Since when did the recession threat recede???? Companies are firing workers at ever increasing rates. The Tropicana Casino, supposedly a recession proof business, is about to go bankrupt tonight. If the recession proof businesses are going bankrupt, can you imagine what is going to happen to businesses vulnerable to recessions?
My friends, the party is just ending....and the hangover is about to start!!!!