Valleywag
Google offered laid-off DoubleClick employees two options: take two months pay and find work at a competitor or take four months pay and join another industry. Some lucky DoubleClick employees were offered contract positions, which means they have to head to the elevator and buy lunch on the streets every day just like any other non-Googler. Meanwhile, further downtown on Wall Street, MBA grads who recently won jobs at the crashed-and-burned Bear Stearns won't get them. The company has rescinded its offers, reports SAI. But JPMorgan Chase — the company that bailed out Bear Stearns — will still pay the no-longer-needed new hires their promised $50,000 to $60,000 relocation bonuses and offer them career services.
On Wall Street, layoffs mean you get $50,000 for never showing up
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7:00 AM on Fri Apr 4 2008
By Nicholas Carlson
1,255 views
6 comments
Comments
We're all six months away from fighting over cardboard boxes to sleep in.
What a nice deal - get $50K after getting fired? If I was in that group, I would be pushing for something in the six figure territory, as they most likely turned down other lucrative offers.
wall street... the only place you'll find more crooks than wall street is in prison.
^ lol. why, why, why didnt I study finance and work on wall street? what a fucking scam that entire industry is.
Hey, I worked on the Street a long time ago and it's no picnic. I'll guarantee you that the $50K means little or nothing to the people who had jobs waiting, starting salaries for which were 2-3x the payoff. And you won't see any lawsuits 'cause no one wants to get blackballed in the business. As to the type of business it is, the work ethic and morals? Think of the worst company in the Valley, in terms of politics, cover-your-ass moves, power grabs, etc., that you ever worked for. Imagine a place twice as bad, where the admins have thick Brooklyn accents, where it snows a couple of months a year, where you commute by overcrowded subway or over-priced cab, where you spend more on your wardrobe than you would on your car.....begin to get the picture? Count your blessings.
Getting bought and laid off is the best scam there is. I have a friend whose companies flipped three times in a year and every time there was a bonus to stay, followed by a big severance. If only I had a nose for arbitrage I'd stay out of stocks and butter up the HR people. You could make a fortune!
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