It is raining outside in San Francisco. It is cold and miserable and New York Yankees could not hit their way out of a loss. I am feeling a bit down, and gloomy. This bit in Dave Burstein’s newsletter is getting me down even more. How many more friends will be in trouble? When will it stop?
100,000 will soon be fired in our industry, including well over 30,000 at Deutsche Telecom and tens of thousands more at Alcatel Lucent, Nokia Siemens, and AT&T BellSouth. Many of those fired, especially older folk, will never find a decent job again. Klaus Kleinfeld and other Siemens executives are giving up 5 million euros in pay increases to enhance the fund for fired ex-Siemens workers at BenQ, after a massive public outcry led by German clergy. Few other CEOs are likely to follow that example.