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Thread: Bank of America Confirms 30,000 Layoffs

  1. #11
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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by AdamT View Post
    Not all recessions are equal and this is certainly the worst one since the Great Depression. I firmly believe that it would have been worse than the GD if we had not bailed out the banks. Not a great idea.


    Ya know, putting this whole mess on a credit card that the American tax payer is responsible for...didn't/won't solve anything, you're just prolonging it.

    Laissez-faire capitalism only works if you let market forces penalize poor performance.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by ric27 View Post
    Ya know, putting this whole mess on a credit card that the American tax payer is responsible for...didn't/won't solve anything, you're just prolonging it.

    Laissez-faire capitalism only works if you let market forces penalize poor performance.
    I disagree. Deficits would have skyrocketed anyway if the financial system had actually collapsed and the pain would have been 100x worse.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by AdamT View Post
    I disagree. Deficits would have skyrocketed anyway if the financial system had actually collapsed and the pain would have been 100x worse.
    We could have simply called in Will Smith or Bruce Willis to save the world like they did the last times the world was about to be destroyed.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by 1Perry View Post
    We could have simply called in Will Smith or Bruce Willis to save the world like they did the last times the world was about to be destroyed.
    Given the severity of the crisis, we might have needed Keanu Reeves, as well.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by Objective Voice View Post
    So much for that government bailout helping to keep this company afloat. To be fair, the layoffs will happen over the next couple of years. See linked article here.



    Speaking of bailouts, view the accompanying linked site if you want to know how much BofA paid out in bonuses. Maybe they should have passed on paying out bonuses and put that taxpayer charity back into their business instead.
    Not sure if you listened to the statement or if so understood it. While it is true that BAC will reduce it's workforce by 30K, it was clearly stated it was not primarily through layoffs. They will be selling off non-core assets, and some employees will move elsewhere with those assets. It also has about 300K workers so that many will come from attrition. This is a multi-year program. Lastly there are business that Dodd Frank says BAC can do longer be in like proprietary trading this will result jobs.

    Understand what you create as a thread and then make more credible comments, most helpful.

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    Re: Bank of America Confirms 30,000 Layoffs

    Also let's keep in mind that too-big-to-fail was and still is a huge problem. That some of the big banks are getting smaller isn't a sign that efforts to address the problem failed.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by AdamT View Post
    Also let's keep in mind that too-big-to-fail was and still is a huge problem. That some of the big banks are getting smaller isn't a sign that efforts to address the problem failed.
    Not sure what your point is.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by washunut View Post
    Not sure what your point is.
    Not sure where I lost you. The OP's point seems to be that the bank bailouts were a failure because BOA is cutting its workforce. My point is that the bailouts did not fail because a big bank like BOA is getting smaller and less opaque.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by apdst View Post
    You just now figgered this out?
    I was actually being sarcastic. But yes, that's what they should have done - pay down their debt and/or foregone paying out bonuses and instead applied TARP funds directly to their balance sheets - ALL OF IT! That is what they got bailout funds for, right? To provide liquidity to financial firms that had more financial liabilities than they had assets...

    In all seriousness, I can accept BofA having an orderly drawdown over time rather than a one-time massive layoff because it would atleast allow them to take measured steps toward getting their financial house in order vice dumping 30,000 employees unto unemployment in one foul swoop. It helps the company over time and keeps the economy from going even further into a tailspin. But still...

    Had they not paid out bonuses for one year they probrably could have saved jobs.

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    Re: Bank of America Confirms 30,000 Layoffs

    Quote Originally Posted by washunut View Post
    Not sure if you listened to the statement or if so understood it. While it is true that BAC will reduce it's workforce by 30K, it was clearly stated it was not primarily through layoffs. They will be selling off non-core assets, and some employees will move elsewhere with those assets. It also has about 300K workers so that many will come from attrition. This is a multi-year program. Lastly there are business that Dodd Frank says BAC can do longer be in like proprietary trading this will result jobs.

    Understand what you create as a thread and then make more credible comments, most helpful.
    You must've missed the part where I said...

    Quote Originally Posted by Objective Voice View Post
    So much for that government bailout helping to keep this company afloat. To be fair, the layoffs will happen over the next couple of years. See linked article here.
    Last edited by Objective Voice; 09-13-11 at 03:15 PM.

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