Good find, LostCat. I happen to know that several fast-food joints are looking for help…perhaps these guys won’t be out of work for too long. (They may be underqualified for the job, is my only concern;-)
I am not sure. All I know is that a lot of staff was crying. lol Bakersfield completely shut down, only Burbank is left right now in So. Cal. Sales staff there was cut by 40%. Over 450 employees gone.
Apparently things are getting really ugly, as we all already know.
The person I know that word there. Yes, that did work there, said that he knows about 20 people that work for them that have their houses on the market as short sales. lol
I was a little suspect about this whole thing folding as much as it has, but now I believe that the whole thing is really going to hit. We should all be running for cover.
These people created the liar loans to inflate the housing market and got huge quick profits while other people suffered from paying for the high housing costs. I don’t give them any mercy for losing their houses.
So HSBC bought Household for $14.2 billion in 2003. And recently HSBC wrote-off nearly $11 billion in bad debt.
How much did GE pay for WMC? What about Wells Fargo acquisition of a subprime lender?
Sure the big banks will survive. But it looks like their forays into the subprime business resulted in big losses. They would’ve been better off growing those divisions internally over time.
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