Nov. 20, 2008 at 7:21pm
Economic Crisis comes Home to TacomaFirstly lets start by reviewing this ancient wobblies cartoon.
Third Thursday Disaster Capitalism Art Walk!
Ok now that's out of the way. My bank Venture Bank had an interesting article in the Business Examiner today. Let's have a look at this snippet (which according to copyright law is covered in fair use. eat shit.)
Venture posts $27 million loss
DuPont-based Venture Financial Group, the parent company of Venture Bank, was hit hard by the federalization of Freddie Mac and Fannie Mae earlier this year. The move essentially caused the bank's investment in those preferred stocks to plummet and created the bulk of the banks $27 million loss for the quarter. READ FULL ARTICLE AT BUSINESS EXAMINER DAILY
Russell warns employees of layoffsPosted by Marce Edwards @ 12:01:44 pm
Russell Investments sent a memo to employees on Wednesday telling them that layoffs are coming in early 2009. READ FULL BIZZ BUZZ TRIBNET ARTICLE
The good news is that if Russell lays off enough employees they don't need to worry about 'outgrowing' their current diggs down in the spanking new INTERNATIONAL FINANCIAL DISTRICT. Hang in there Frank Russell!
Maybe you'll get some of that free bail out money.
Tacoma News Tribune Death Watch Update!so have you, idle reader, noticed that the behind browser popup window ads are back? Combined with the ultra-annoying flash 'sliding drop down' These levels of whoredom i believe are unsustainable.
That is all.
comments  | posted under bail out, community, crisis, disillusioned, frank russell, money, politics, tacoma, venture bankComments
by Crenshaw Sepulveda on 11/20/2008 @ 7:32pm
|Gee, I thought the Frank Russell company was immune to all of this financial crisis business, say it isn't so. I sure didn't see this coming.|
by NineInchNachos on 11/20/2008 @ 7:39pm
|I wonder how all the russell managed city worker retirement funds are holding up.|
by Crenshaw Sepulveda on 11/20/2008 @ 7:50pm
|I understand the Russell employees will be donating their fancy clothes to the city so it can auction them off and fund the city worker pensions.|
by Erik on 11/20/2008 @ 8:32pm
|The good news is that if Russell lays off enough employees they don't need to worry about 'outgrowing' their current diggs down in the spanking new INTERNATIONAL FINANCIAL DISTRICT. |
I think there is some truth to that.
Perhaps Russell will maintain their current headquarters to save money. Tacoma could win by the country's recession.
by Crenshaw Sepulveda on 11/20/2008 @ 8:53pm
|Have we seen any action on this "International Financial District"? Any buildings going up? Maybe they will just spend all that money by putting up some fancy signs reading "International Financial District" and everyone will be all impressed and all.|
by scout on 11/20/2008 @ 10:40pm
|Take your money out of that bank
by L.S.Erhardt on 11/20/2008 @ 11:03pm
|as I said before, we buy the Elks building.
Rename it the Elks investment Bank.
Take advantage of the City's Financial District AND get a dump truck of money from the Feds.
Take THAT, Russell!
by fredo on 11/21/2008 @ 9:18am
|City taxpayers are at risk in a project to clean up the contaminated Sauro's Cleaners site on Pacific Ave. This was done in part to clear the way for the FR expansion. Now it looks like FR's need to expand may be overestimated. Well, Tacoma will have a nice clean building site in the middle of town just in case the economy magically revives.|
by NineInchNachos on 11/21/2008 @ 7:44pm
|coupled with the news that the grit city blog at the tribune has just committed Seppuku
and my hero has flown over the cuckoo's nest
this has been a very sad week for me.
by NineInchNachos on 11/21/2008 @ 7:46pm
|also venture bank sent a flyer with stock photography of rollercoasters and 'advice for businesses in times of crisis' It's a pretty good read. Right up there with 'have you considered.. your death' cult brochure I found in the bus stop. I should post it online as well.|
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