Recession Briefing: 3.19

What you need to know to survive and thrive in the recession.

The Federal Reserve said yesterday that it would pump $1 trillion more into the economy by buying Treasury bonds and mortgage securities. The move runs the risk of spurring inflation. (New York Times)

AIG chief Edward Liddy was grilled by lawmakers on Capitol Hill yesterday over the $165 million that was recently paid out in bonuses. He said he has asked bonus recipients to give back half. (New York Times)

Screwed: 600 at Infosys BPO

A daily review of the employment fallout around the country and the world.

Infosys BPO, the business process outsourcing department of Infosys Technologies, has fired more than 600 staff… Road Home, the Baton Rouge hurricane housing program will be cutting 500 jobs in the coming months… Crain Communications, a business trade publisher, gives 150 employees the boot, along with a 10 percent salary cut…

Recovery Applies to AIG Stock, Too

The top executives of embattled insurance giant AIG are getting grilled this morning in Washington. And apparently, the market thinks that’s a good thing. U.S. stocks opened down this morning—at last check the Dow had declined 1.3 percent. But at last check (11:45) AIG’s stock had bounced up nearly 44 percent.

What gives? We know Barney Frank is planning to ask for the names of employees who received $165 million in bonuses…

Recession Briefing 3.18

What you need to know to survive and thrive in the recession.

Treasury Secretary Timothy Geithner is vowing to recoup the hundreds of millions of dollars in bonuses awarded to AIG employees after the company took government assistance. (Bloomberg)

Consumer prices were up last month for the biggest monthly gain since July — led by higher prices for gasoline and apparel — calming fears of deflation. (New York Times)

Screwed: 2,454 at Caterpillar Inc.

A daily review of the employment fallout around the country and the world.

Heavy equipment manufacturer Caterpillar Inc. will be laying off 2,454 employees in Illinois, Indiana, and Georgia… Nokia plans 1,700 layoffs worldwide… The partnership between Kaiser Permanente and IBM will result in 860 layoffs at the Oakland-based Kaiser… Daewoo Bus Global Corp., the first major Korean company to practice major downsizing this year, will fire 507 employees, cutting its workforce by 38.5 percent… Weyerhaeuser Co. will close two more lumber mills, affecting 300 Oregon and Oklahoma workers – 1.5 percent of its workforce… Chicago’s Resurrection Healthcare sheds 125 management positions… The News & Observer Publishing Co. is letting go of 78 employees, or 11 percent of its workforce… The Idaho Statesman will give 25 employees the axe…

Screwed: 5,000 at UBS

A daily review of the employment fallout around the country and the world.

UBS, Switzerland’s largest bank, plans to eliminate up to 5,000 senior and management positions in the coming weeks… Swiss drug maker, Roche, cuts 1,500 New Jersey-based jobs in an effort to relocate operations to California… Cymer announces 130 layoffs in San Diego… Getty Images lays off 110 employees, 5 percent of its global workforce…

Recession Briefing 3.17

What you need to know today to survive and thrive in the recession.

Why, exactly, does AIG have a legal obligation to pay hundreds of millions of dollars in “bonuses?“ Because employees’ contracts tie them to performance benchmarks. Still, the Obama Administration is trying to figure out a way to get that money back. (Slate, New York Times)

Banks aren’t liking the “stress test” that the government is applying in connection to the TARP bailout funds. The chairman of Wells Fargo yesterday called the government’s plan “asinine.” (Bloomberg)

Recession Briefing: 3.16

What you need to know today to survive and thrive in the recession.

Appearing on 60 Minutes last night, Treasury Secretary Ben Bernanke said he expected the economy’s recovery would begin next year “and it will pick up steam over time.” (New York Times/Dealbook)

Insurance company AIG, which has received over $170 billion in government bailouts so far — and is 80%-owned by U.S. taxpayers — is drawing anger from all sides for recently paying out nearly half a billion dollars in bonuses to its employees. (Wall Street Journal)

Screwed: 11,600 at United Technologies

A daily review of the employment fallout around the country and the world.

United Technologies , the conglomerate owner of Otis, Carrier, Pratt & Whitney, Sikorsky, and Hamilton Sundstrand, lays off 11,600…Los Angeles school system serves approximately 9,000 employees with a warning layoff notice…of the approximately 1,000 educators from Sweden’s National Union of Teachers that have been given notice of impending layoffs, 300 have gotten the axe… AOL proceeds with plan to fire 700 people by the end of March…The Toro Company in Wisconsin is temporarily laying off 235 employees…

Screwed: 1,300 at Tata Consultancy Services

A daily review of the employment fallout around the country and the world.

India’s Tata Consultancy Services will lay off 1,300 workers… FM Industries in the Dominican Republic is cutting 1,000 jobs…law firm White and Case laid off 400 employees, an even number of attorneys and staff…Eastman Chemical plans to cut 200 to 300 jobs in the coming month…Morgan, Lewis & Bockius gives 216 employees the axe, including 55 attorneys and 161 legal and administrative staff…Virginia’s Hampton City School District served approximately 200 employees with layoff notices, including 50 teachers…