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BEAR STEARNS EMPLOYEES GETTING PAID TO DO
NOTHING
May 18, 2008 - Don’t feel too sorry for the soon-to-be-laid-off employees at Bear Stearns: Right
now they’re getting paid to do nothing. “I’d say 50 percent of my department comes in at some
point on a given day, and the trading floor is empty,” says one of the thousands of doomed
employees who’ll receive full pay until JPMorgan Chase takes over next month.
The paychecks keep coming thanks to a convenient technicality: JPMorgan can’t fire
employees it doesn’t yet employ. But it can notify them of the upcoming ax. “We’re informing
people every day,” says JPMorgan spokesman Joe Evangelisti.
Laid-off bankers will receive at least three weeks of severance for every year served, plus a
bonus for sticking around till the sale closes. For now, they’re becoming spa swans and gym
rats. “I take one call a week, maybe,” says the Bear employee. “Sometimes I have to, like, print
something.”
Some People just have it made don't they.
Source: New York Magazine
NOTHING
May 18, 2008 - Don’t feel too sorry for the soon-to-be-laid-off employees at Bear Stearns: Right
now they’re getting paid to do nothing. “I’d say 50 percent of my department comes in at some
point on a given day, and the trading floor is empty,” says one of the thousands of doomed
employees who’ll receive full pay until JPMorgan Chase takes over next month.
The paychecks keep coming thanks to a convenient technicality: JPMorgan can’t fire
employees it doesn’t yet employ. But it can notify them of the upcoming ax. “We’re informing
people every day,” says JPMorgan spokesman Joe Evangelisti.
Laid-off bankers will receive at least three weeks of severance for every year served, plus a
bonus for sticking around till the sale closes. For now, they’re becoming spa swans and gym
rats. “I take one call a week, maybe,” says the Bear employee. “Sometimes I have to, like, print
something.”
Some People just have it made don't they.
Source: New York Magazine
