Merrill Lynch wasn't alone last week. It sees the the investment banking crowd at Bank of America didn't quite do so well during third quarter, as in a 93% Q3 earnings free fall in that division. The result...3,ooo jobs are being cut. Wachovia is reported to be about to announce an overall 10% earnings drop. willy bets there might be a job or two that gets lost there.
In an earlier blog I queried the work force as to why they weren't rising up and making their voices heard. Well, duh! They're financially strapped. They're alone. They're scared. The last thing that there going to do is (in their minds) make a bad thing worse. It's almost like they assume there's a blackball system out there.
Well, hang on folks. willy has an idea. It's not insurance, but it is a legal way to engineer severance packages to make them last longer. They will still pay out the equivalent of a worker's take home salary. The big deal is I can cause those payments to last longer. I'm going to call it ENGINEERED SEVERANCE. I can use the leverage the severance insurance guys to save money for the corporations and use it to make severance benefits last longer.
Son of a gun if the old boy (that be me, willy) hasn't really figured out something that isn't complicated, isn't a tax deal, isn't plowing new ground and really works. It's amazing how being unemployed can work to your benefit...once you're no longer pissed off at the dolts that fired you. Hang in there with me. I'll lay this all out for you over the next few blogs.