|WAMU has fallen
||[Sep. 26th, 2008[Snapshot Taken]12:21 pm]
As you may or may not know, I got a job six months ago with a lawfirm that has an associate contract with Washington Mutual. We represent (represented) I should say, Washington Mutual in the premise liability actions brought against it. |
Apparently, my boss was at the meeting yesterday when the megolith fell. I'm sure I'm breaching some sort of Attorney Client privilege, but an internal memorandum written to the employees yesterday said that as many as 40-400 branches would be closing. Believe it or not, it was better for the Washington Mutual Employees that JP Morgan Chase bought it out rather than Wells Fargo.
I don't know if JP Morgan plans to pick up our associate contract with our claim adjusters, which would mean that our law firm would get picked up along with them, or not. If so, we lose 50% of our caseload, and that could mean our jobs as well! As the newest member of this lawfirm, it looks like I'd get the boot before the secretary that has been here for 30 years, and my associate, who has been with them for 3 years.
JP Morgan Chase so far is only on the east coast. I don't know if they are planning to set up Chase Bank branches up here, or what. My boss is il communicado right now, so I'll have to wait and see.
The office, as usual, is strangely calm, for being hit with this sort of news. It's like that around here, there are only certain paths of etiquette into which you can move, and it's extremely oppressive.
The only happy camper? The new CEO that WAMU picked up right before they went down: http://money.cnn.com/2008/09/26/news/companies/fishman_wamu/index.htm?postversion=2008092613. He was hired with all sorts of bonus packages, and is now making off with a severance check...a salary that could be as much as $18 million dollars for just a few weeks' worth of work.
Could my new post come and go just as easily?