Thursday, December 11, 2008

The Layoff Counts for the Week

Layoffs announced within the past 10 days:

Citi Group = 53,000 (over several years)
AT&T = 15,000
DuPont = 2,500 (plus 4,000 contractors)
Bank of America = 35,000 (over 3 years)
Dow Chemical = 5,000
Sony = 8,000
Stanley Tools = 2,000
Sara Lee Foods = 700
State Street Corp = 1,800 (estimated)
Viacom = 850
Adobe = 600
Pratt & Whitney = 350
Anheuser Busch (InBev) = 1,400 (US only)
DivX = 21
NFL = 150
NBA = 80
Principal Financial = 550
NASCAR = 70

Almost every financial analyst quoted on TV this week seems to agree that this is only the beginning.  Most think it will taper off by April or May, 2009.  But nobody really knows.  It could be sooner, or longer.

What galls me is Cerebus Group saying they felt it would be "irresponsible" to pump any more funds into Chrysler (which they own), however, they are gladly holding their hand out for cash from the pending "bail-out".  That's just wrong.  Write your congressman and tell them you won't stand for it.  The owners won't pay up, but they want us to pay up?  F that.
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