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POPSStealth Attorney Layoffs at Sullivan & Cromwell [Update] Sullivan & Cromwell has laid off between 15 and 20 associates at its New York HQ, According to online sources, the number of associate layoffs at Sullivan & Cromwell’s New York office has hit at least 30. The firm may intend to cut 10% of NYC associates overall, for a total of up to 50.
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POPSHowrey Lays Off 25 Staff Washington DC’s Howrey has laid off 25 secretarial staffers.Cuts came in all offices except Palo Alto and New York. Those affected are getting severance packages, health care assistance and outplacement.
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POPSSpeaking for the Blue Collars There has been growing concern that two different packages are being offered to ease economic tragedy. One to the financial institutions with no striings attached and one to the auto industry who are being made to jump through hoops. It's good to see that the financial community is also being held accountable for its part in this economic crisis. There appears to be a new ethos developing in Washington were Main Street is starting to gain in stature compared to Wall Street. Good for them.
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POPS The Bailout: Will The Center Hold? The bill takes a hybrid approach, and in the case of assets bought at auction, the most severe penalties kick in only when Treasury has bought more than $300 million in assets. At that juncture, a 20 percent surtax would be imposed on rich severance packages, and in the case of highly paid executives, the company would lose its deduction for salaries above $500,000. The second compromise dealt with a Republican proposal that the government intervene in the markets, not by buying up bad assets but by providing a federally backed insurance program that might make the same mortgage-related securities more salable. House GOP leaders had warned Saturday evening that they would need to take any deal to their rank-and-file members before committing to back it. In a sign that negotiations were growing serious earlier in the evening, a Pelosi aide collected BlackBerrys from the staffers meeting in her office so that no details would leak out.
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POPSMcCain's Fannie and Freddie Connections In McCain's op-ed in the Journal, he and Palin wrote: For years, Congress failed to act and it is deeply troubling that what we are seeing is an exercise in crisis management rather than sound planning, and at great cost to taxpayers. We promise the American people that our administration will be different. We have long records of standing up to special interests… But McCain's own campaign staffers are those special interests, a fact that casts doubt on both McCain's hiring judgment and his ability to pursue tough reforms of Fannie and Freddie.
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