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usctrojanman29_IHB

usctrojanman29_IHB

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I'm sure some of you know that I used to be a commercial real estate lending officer at mid-sized bank (California National Bank) that cut me loose before Christmas despite the fact that I was in the top 1/3 of all performers. I subsequently got into a dispute about them not wanting to pay me my commission income for the loan fees that I generated for the bank in 2008. So I retained legal counsel and today got the good news that they had sent the check over to my lawyer this afternoon. However, that is the end of the story...I got a call from my good friend who still works there and they had their second round of job cuts this morning. This round was big...big in the scene that they even let go the cheif lending officer and 20 other folks in the commercial real estate group. The following article points shows that they were "significantly undercapitalized" as of 12/31/08 on the PDF in the article (no big suprise on my part since 40%+ of their real estate portfolio consists of residential construction loans):



http://www.thestreet.com/story/10480456/1/undercapitalized-banks-and-thrifts.html



California National Bank is now on the clock...



All that being said, I do wish all of the good people that got let go today land on their feet.
 
We'll its a good thing you got your check before they go belly-up.



I had a relative who worked for Merrill Lynch and was fired without justification. He was also black balled with all of his Hedge Fund clients. No one would take his call. Merrill was basically spreading incorrect rumors about him being investigated by the justice dept. Anyway Merrill offered him a pretty nice package when he was found innocent of all charges, he declined the offer because he did not like the N/D aggreement he had to sign. He told ML he will be getting a lawyer and see you in court.



Fast forward to today and he is F'ed.
 
[quote author="rick_r" date=1239080520]We'll its a good thing you got your check before they go belly-up.



I had a relative who worked for Merrill Lynch and was fired without justification. He was also black balled with all of his Hedge Fund clients. No one would take his call. Merrill was basically spreading incorrect rumors about him being investigated by the justice dept. Anyway Merrill offered him a pretty nice package when he was found innocent of all charges, he declined the offer because he did not like the N/D aggreement he had to sign. He told ML he will be getting a lawyer and see you in court.



Fast forward to today and he is F'ed.</blockquote>
Yeah, tell me about it. As they say...."it's better to get a piece of something than all of nothing"
 
Even worse - now that they are busto, he can say whatever he wants (I realize technically somebody could, but who's gonna enforce the N/D now?). He could of had his cake and ate it too!
 
Great. I just dumped a large amount of the companies Retirement Account Cash in this bank when Wachovia went Wells Fargo. I need to see if we are exposed with the new limits.

I think a couple of us would be. Sh!t.
 
My friend called me today...looks like they had another small round of layoffs today, including my friend. My money is that Cal National doesn't make it through the end of June.
 
[quote author="bltserv" date=1239081633]Great. I just dumped a large amount of the companies Retirement Account Cash in this bank when Wachovia went Wells Fargo. I need to see if we are exposed with the new limits.

I think a couple of us would be. Sh!t.</blockquote>


It just depends... I keep my stuff at around 85% so that gives me a little breathing room. I learned the hard way not to get too greedy....

good luck though and I hope things go well.

-bix
 
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