From the New York Times: Japan’s legions of robots, the world’s largest fleet of mechanized workers, are being idled as the country suffers its deepest recession in more than a generation as consumers worldwide cut spending on cars and gadgets. At a large Yaskawa Electric factory, where robots once churned out more robots, a lone…
Layoffs
Arnie's Choice
Here’s another bad economic joke that’s not really a joke… Governor Arnold Schwarzenegger: The economy in Kalee-Fornee-A is so bad… Audience: “How Bad Is It?” Arnold: It’s so bad that I announced last night that I had to either lay off 51,000 teachers or release 40,000 prisoners to balance the budget. From Bloomberg: California’s budget…
Bronx Zoo Layoffs
This is like the punchline of a bad joke… The economy in New York is so bad… “How bad is it?” It’s so bad, The Bronx Zoo is laying off 10% of their animals! From the NY Post: Layoffs in the city have spread to the animals at the Bronx Zoo. The institution is closing…
Life After Wall Street?
What becomes of the broken bankers when their services are no longer required? Does a man still look for work on Wall Street when even the guy who fired him has been let go as well? Is there any incentive to even want to put in a 15 hour day now that the entire compensation…
Layoffs on Sesame Street
From the San Francisco Chronicle: The crisis on Wall Street is plaguing Sesame Street. Sesame Workshop, the nonprofit producer of “Sesame Street” and other kids’ programs, is cutting 20 percent of its workforce because of the economic downturn. These are dark days indeed. This disastrous economy has reached the point where even MAKE-BELIEVE places are reporting…
Retraining Investment Bankers in New York City
According to a story in the New York Times, Mayor Michael Bloomberg plans to stem the loss of talent and jobs from the ailing financial sector by retraining investment bankers, similar to what Detroit has done with it’s laid-off auto workers. With an expected 65,000 total jobs to be lost on Wall Street, will Bloomberg’s…
Rolling Over a 401k to an IRA
Transferring your 401k allows you the option of never having to take physical custody of your funds as they move between your 401k and your new IRA account. This does not get reported to the IRS, so if you transfer it to a broker or firm you aren’t happy with, don’t worry, you still have the ability to move it again within the same calendar year without restriction. This method will allow you to move your securities over (more on this below).
With a Rollover, however, you’ll be getting a check from your 401k sponsor after you request liquidation. You will then have the responsibility to deposit this amount into a rollover IRA account within a a certain amount of time (discussed below). You can only do one rollover a year, so be prepared with a destination you can live with for a little while.
