It looks like a big layoff tomorrow (Monday)... and I don't mean the big cheese.
Here'a a sad quote, "We were just soldiers following orders."
Don't be too harsh... a lot of families are going to be affected.
Randall
Well you were wrong with that one. There was no "big" layoff today, they fired a handful of AE's, but there was no layoffs, if there was a layoff you would of heard a large collective cheer across the country from the people laid off.
Randall Batman
Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California
There is a lot of information that comes in we can't publish. Our one outlet is the Premium Newsletters. It helps us get some of the information out. If you're in the biz, it's pretty good stuff to know.
I'm in the biz also. I need to know it.
I'm about to send out a Halloween Special. It's strictly from First Franklin'stein employees who were laid off today.
I was trying to be polite. They all have families to support.
Here's a sample email from this morning:
"The Detroit and Minnesota operations branches were consolidated into the Chicago operations office mid October(announced to staff 10/12/07), which means all internal operations employees including the BM's were let go with severance. I don't know the exact amount of people laid off at that moment.....there were at least 30 in the MI branch alone (internal employees). The entire sales force was left in tact(company wide) along with all existing SM's to report to the new regional Chicago operations center. I know of at least 7 AE's from the MI sales staff alone ( over 30% of AE's in MI territory) are being fired today(no severance - just a verbal goodbye), while select others (in MI) are being put on similar performance plans intended to manage another phase of AE's out 30 days from now for lack of performance."
And another:
"I wasn't asked to sign a single piece of paper. I was given a handshake, a goodbye effective immediately, and several sincere apologies from my SM whose sole job left with the firm is to fire the remaining sales staff..."
And another:
"How can First Franklin Financial justify firing faithful, talented, hardworking employees that have made the firm millions upon millions of dollars each on this premise? What's more, how can they leave certain of "their people" in financial ruins while other of "their people" are getting the silver spoon?"
So I guess 'laid-off' was too soft a term... forgive me... yes, they were fired. My mistake. I understand certain Attorneys are still looking at this as a 'layoff.'
How would anyone be surprised on how Merrill is handling the issues at FF? Recall Merrill was the one which began the industry slide as it shoved the stake into the heart of OwnIt when OwnIt didn't want to have itself taken over by Merrill. Merrill was in the pack(by most accounts leading the pack) as MLN was carved up, and many of the ones who are on the Implode list were placed there when Merrill pulled, without warning, the lines of credit needed to operate. All the while it was a force on imploding the subprime industry, FF was hauling balls to the wall in keeping low rates, lax UWing stadrds, and pushing its AEs for "imaginative" Stated product and production.
On the other side of the equation, Merrill was the leader in dmanding more paper to securitize, pushing the production based without questioning lax UWing standards and paying top dollar...until the numbers started coming back..then Merrill said "shame on you!" and began whining about how it was everyone else at fault...
Feel sory for FF employees getting the axe? Not now. They stayed whilst Merrill was actively cutting and carving the sculpture which turns out to be the subprime debacle we are now faced with. They saw what was going on...and they stayed taking the risk that Merrill would not feed upon itself. They tossed the chips on the table and they lost.
The new management team which will, inevitably, come in replacing the lunatic fringe which ran the Merrill operation until this week will no doubt be under great pressure to turn it around. You can turn the numbers, but not the mentality. The rot is too deep. Kiss FF good bye, it's hated within the Merrill ranks and the knives will be hacking at that carcass before Thanksgiving.
very well put. unfortunately.......but that is the truth........1 thing I do disagree with though is the humanitarian effect........yes, FF employees will lose their job and they probably expected that, but the way that effects the family, innocent bystanders really sucks........just like Countrywide........if there is 1 company I would pray that takes the big plunge it is those slimey folks.....We call them the Anti-Christ in Lending......with that said, it would be really sad with all the families effected......innocent by-standers of a dive by persay.......but back to your email, that was very well put......
_________________ First Magnus Still Owes me my commission
HFlashman: Your post above is PHENOMENAL! "Recall Merrill was the one which began the industry slide as it shoved the stake into the heart of OwnIt when OwnIt didn't want to have itself taken over by Merrill"
I can remember as all h**l was loose in September - FF, kept saying that they were "owned and backed by Merril ", they would be around forever.
As we are all finding out - NO ONE IS DOING OKAY.
As the value of these CDO's are being revealed- they are finding out out that these securitized insturments are worthless.
This would be the 2nd CEO/President to "resign" in less than 3 months.
BEAR STEARNS was 1st, now Merrill.
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