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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

WMC layoffs
PostPosted: Thu Mar 08, 2007 8:13 pm Reply with quoteBack to top

a report that just came in:

"started laying ppl off btwn 11-1 today my buddy got the axe and he is in
mgmt so they knew first earleir this am, shutting down cpl brnchs, tampa
boston, seattle... they are getting decent severance pkgs...
looks like what ge is doing though is make it so ppl will leave vs having to
fire them and deal with all the related logistics.. i mean 600 min score no
stated w-2 etc etc subprime rates for an "alt-a" company?!!"
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The Ragman
Dud?


Joined: 15 Feb 2007
Posts: 13
Location: California

WMC
PostPosted: Thu Mar 08, 2007 11:01 pm Reply with quoteBack to top

The bloodbath is over, (for today). Approx 500 folks lost their jobs. Stay tuned for the next phase. Sales folks are bailing like ratz on a sinking ship.
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: WMC layoffs
PostPosted: Fri Mar 09, 2007 7:41 pm Reply with quoteBack to top

General Electric's WMC Mortgage Cuts Subprime Jobs (Update3)

http://www.bloomberg.com/apps/.....refer=home

``We've realigned our resources to fit the size of the market,'' said Brandie Young, a spokeswoman for Burbank, California-based WMC. The lender is adjusting underwriting policies amid a ``fluid market,'' she said.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

WMC shutdowns
PostPosted: Fri Mar 09, 2007 7:49 pm Reply with quoteBack to top

Also heard from a reader that they've actually shut down operations in Boston, Chicago, Jacksonville, and Seattle.
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

WMC layoffs, closures
PostPosted: Sat Mar 10, 2007 4:19 am Reply with quoteBack to top

Looks like the office closures are true:

[CENSORED]

(The above segment, an internal letter by a WMC regional manager, was removed on demand of the sharp-eyed legal eagles at WMC, who are apparently hard at work making sure nothing incriminating or embarassing about them "leaks". Personally I find this kind of behavior extra-suspicious, but maybe that's just me.)

Copyright As Cudgel
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mtgjerk
Dud?


Joined: 02 Mar 2007
Posts: 12

WMC
PostPosted: Tue Mar 13, 2007 6:15 pm Reply with quoteBack to top

Aaron,
Why hasn't WMC earned a link of RED on your front page. For all intent & purposes, WMC is a rudderless battleship just floating on the ocean waiting for the torpedo to strike. The rats are bailing ship!
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: WMC layoffs, closures
PostPosted: Tue Mar 13, 2007 7:01 pm Reply with quoteBack to top

Aaron wrote:
Looks like the office closures are true:

[CENSORED]

(The above segment, an internal letter by a WMC regional manager, was removed on demand of the sharp-eyed legal eagles at WMC, who are apparently hard at work making sure nothing incriminating or embarassing about them "leaks". Personally I find this kind of behavior extra-suspicious, but maybe that's just me.)

Copyright As Cudgel


I don't get it (I know, I'm slow). Are you saying that the attorneys for WMC contacted you and demanded that you remove the letter? What form did that demand/threat take?

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: WMC layoffs
PostPosted: Tue Mar 13, 2007 9:10 pm Reply with quoteBack to top

Yes. That wasn't a joke. They called me on my cell phone, and threatened to "escalate it to GE legal".

But since they want to make a copyright argument, I wonder if I shouldn't just go ahead and post portions of that letter under fair use rules.
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chickenlittle
Dud?


Joined: 13 Mar 2007
Posts: 18

Re: WMC layoffs
PostPosted: Tue Mar 13, 2007 9:13 pm Reply with quoteBack to top

Do it!

If you get in trouble you can just get a cash out from them to pay your legal bills!
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ChrisG
Dud?


Joined: 03 Mar 2007
Posts: 8

Re: WMC layoffs
PostPosted: Tue Mar 13, 2007 9:52 pm Reply with quoteBack to top

I wouldn't post it. You may be 100% right to do so, but the legal system obviously skews itself toward the people with the deepest pockets. We don't need internal e-mails from WMC to know that they have problems.
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