Monday, June 07, 2010

More Layoffs

Hershey Co. may be cutting 500-600 jobs:

The job cuts, representing as much as 5 percent of Hershey’s workforce, are part of a manufacturing and supply operations makeover aimed at decreasing costs. The 116-year-old maker of Kisses has closed seven plants in recent years and opened a facility in Monterrey, Mexico, in 2008.

The City of Lawrence, MA laid off 75 school dept. employees, including 32 teachers, but recently announced more layoffs:

Lawrence Mayor William Lantigua says layoff notices have been sent to 115 municipal employees, including 70 police officers and firefighters.

The city of Baltimore is looking at laying off police officers and closing fire stations:

The Baltimore police department has submitted to City Hall a list of 250 officers who would be laid off if the budget gap is not closed, officials said.

The cuts are based on union-mandated requirements that would result in the most recent hires being the first out. The patrol division would be the hardest hit, and the officers who could be laid off include 50 officers recently hired using $10 million in federal stimulus money, which officials say would have to be given back.

Layoffs notices have been sent or are being prepared for other city employees across departments, and fire officials released details on the three city fire companies that face closure if no new funds are found. City officials say they remain hopeful that the plans represent only doomsday scenarios as the council works on new revenue streams.

New York City may have to lay off 4,400 teachers.

In Wisconsin:

The Milwaukee school board has approved a budget that cuts more than 600 positions, hundreds of which would be teachers.

Even global financial services firm (a beneficiary of TARP) Morgan Stanley is feeling the pinch:

Morgan Stanley slashed about 200 brokerage support staff this week as the largest U.S. wealth manager further consolidates people and offices acquired from Citigroup's Smith Barney one year ago, a person familiar with the situation said.

Several hundred jobs in support areas were cut, including marketing and product support, primarily in the brokerage's headquarter offices, the source said. Morgan Stanley ended the first quarter with about 18,140 financial advisers and 870 offices, mostly in the United States.

Before we get all misty-eyed over poor Morgan Stanley:

At the same time, Morgan Stanley is expanding staff that works with ultra-wealthy customers, adding 150 private bankers, as well as 35 new securities sales and trading staff dedicated to working with the brokerage arm, the person familiar said.

Whew, what a relief! The ultra-wealthy won't be suffering.

While we're on the subject of bankers, this piece on how badly bankers have failed by, by economist Dean Baker is well worth reading:

However, what the public may not recognize is that the same people who caused this disaster are still calling the shots. Specifically, there has been little change in personnel and no acknowledgment of error at the central banks whose incompetence was responsible for the crisis.

Remarkably, this crew of incompetents is still claiming papal infallibility, warning governments and the general public that bad things will happen if they are subjected to more oversight. Instead, the central bankers and their accomplices at the IMF are dictating policies to democratically elected governments. Their agenda seems to be the same everywhere, cut back retirement benefits, reduce public support for health care, weaken unions and make ordinary workers take pay cuts.

Given how much they have messed up, it is amazing that these central bankers have the gall to even show their face in public. They are lucky that they still have jobs -- and very good paying ones at that. (Many of the boys and girls at the IMF can retire with six figure pensions at the age of 50.) Ordinary workers, like teachers, autoworkers, or custodians, would be fired in a second if they performed as badly as the world's central bankers.

His point about the lack of consequences that these bankers have faced is well taken. Meanwhile, teachers, firefighters, and police officers who didn't destroy the economy are getting laid off in droves.

cross posted at Main St/

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