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Big Money lending strike continues

Bloomberg. Look, I've offered to donate a kidney to the nearest banker if that's what it will take to restore "confidence" -- what more can I do?

Look, er -- I need the other kidney, mkay?

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pie's picture
Submitted by pie on

I just saw this at CR:

75% Of Latest Bank Of America Bailout Used To Pay Merrill Lynch Bonuses (BAC)

Is this a reliable source? Lots of angry commenters at CR.

More depressing news here:

http://www.layoffdaily.com/

Looks like this is really starting to snowball.

Submitted by jawbone on

Quick! Someone tell Obama and Chu!!

Time to think BIG, Obama. And ignore those Repubs who want you to not do well--at least, irrefutably well. Capiche? Repubs are not your friends.

From Marketplace's LayOff Daily:

Sarah Gardner: OptiSolar, Evergreen Solar, HelioVolt, SpectraWatt -- hardly household names, but they've all confirmed layoffs, factory closings or construction delays. Ausra, a well-financed solar thermal company in California, has reportedly laid off workers as well.

Rhone Resch leads the industry's main trade group:

Rhone Resch: We are in the midst of a recession, and the solar industry is not immune to the downturn in the economy. And we expect a real heavy downturn in the solar energy industry in 2009.

Solar panelmaker OptiSolar says it laid off nearly half its California workforce after failing to attract enough private financing. A spokesman blamed it on investors' current "aversion to risk."

Analysts say other firms are having trouble getting loans or expanded too quickly. Resch's group is currently lobbying Congress to re-think solar investment tax credits in favor of grants.

Nadai's picture
Submitted by Nadai on

is start offering to donate the bankers' kidneys. And if no one's a good match for a particular banker, well, pet food is expensive, too. My cats love kidneys.

pie's picture
Submitted by pie on

NEW YORK (MarketWatch) - Merrill Lynch & Co.'s decision to rush bonuses to its employees at the end of 2008 was a naked attempt to pre-empt future owner Bank of America Corp.'s say in the matter.
But did Merrill employees really get the better of their new Charlotte, N.C.-based owners?
Probably not. Although employees were given $3 billion to $4 billion in bonus cash at least two months early, many of those employees are being ushered out the door today in a massive round of layoffs. More than 35,000 jobs at Bank of America.

The decision to hand out bonuses reportedly came before Merrill learned of new losses in its portfolio, according to a report in the Financial Times. But Merrill officials, including chief executive John Thain, didn't reverse the bonus decision even though Merrill's financial condition was worsening. See report in The Financial Times.
...
Now, reports suggest Thain, who dropped a $10 million bonus request in December, may be out of a job. He's not alone.

It now appears Thain was indeed fired today.