It’s got to be bad if Google’s cutting back

Thursday, October 23rd, 2008 | dotcom with No Comments »

Look’s like the kings of the search Hill isn’t impervious to cutbacks, even though revenues advertising increased 31% for year over year for the 3rd quarter.  Rumors are they let go 500 contract recruiters and will be giving 1,000 employees their walking papers.  Also sounds like contractors will be restricted to certain security areas so they don’t sample some of that delicious free google food.

Personally, I’m watching to see if Google reduces their catering bills….do you realize they spend $5,700 per employee annually to feed them?  WTF- Thats a lot of food.  What are they having? Surf and Turf every night?  How about an invite dudes?

Update: ValleyWag is now reporting the Google is closing some cafeterias.

Src: FuckedStartups, VCsAndAngels

Thats $62M for me, and you get the f*ck out

Thursday, October 23rd, 2008 | financial with No Comments »

The most powerful firm on Wall Street, Goldman Sach just announced they will be laying off 3,260 workers or 10% of their workforce.  That’s on top of the annual layoffs (culling) of folks deemed “not being worthy of working at Goldman”.  WTF?

The 10% cut means that the $10M mid-level Goldman Trader will be left with $9M and CEO Lloyd Blankfein won’t get the $68M like he did last year, but will have to settle for a paltry $62M.  At those levels I don’t know how he’s going to afford the polo club membership.  But don’t worry, ex-Goldman CEO and now Treasury Secretary Hank Paulson just gave Goldman a $10B loan courtesy of you and me, the American tax payers.

Dude, I just lost your retirement money

Thursday, October 23rd, 2008 | financial with No Comments »

Australia’s Macquarie Fortress Fund just announced that their Net Asset Value (NAV) just reached 0.  Yes, zero, that’s not a misprint….they lost all their investor’s money, over A$220M in less than 6 weeks.  How did these rocket scientists achieve this historic return on investment? By gambling on US non-investment grade corporate debt (a Euphemism forjunk bonds).  Another smart move was to leverage 6x their original investment.  I’m sure these geniuses bought some Lehman Brothers bonds on top of it all.   If hedge funds had a Darwin award, these guys would win it!

Source: WSJ

Imeem doubly screwed.

Thursday, October 23rd, 2008 | dotcom with No Comments »

Sequoia backed social media service Imeem laid off 25% of their 80 person staff.  In addition to the layoff the company hired investment bank Montgomery & Co. to help find a buyer (sucker) to pay $200m to buy the company.   Hello? $200m? last time I checked the stock market is down 39%.  Who has the stock currency (cash in your wildest dreams) to buy an advertising business especially with advertising rates being slashed?

Source: PaidContent

Startup Heavy gets a little lighter

Sunday, October 19th, 2008 | Uncategorized with No Comments »

20% of “timewasting” startup Heavy’s employees have a little extra time on their hands today.  The New York based Heavy is a video network oriented towards men 21-34.

Social Network Hi5 kicks 15% to the curb

Saturday, October 18th, 2008 | dotcom with No Comments »

The biggest social network you’ve never heard of, Hi5, just laid off 10-15% of their 110 person staff.  Why haven’t you heard of Hi5?  Because most of their users are in comparatively smaller internet markets like Latin America, Asia and Europe.  Here in the US, they are known as the largest social network of Spanish speakers.  On that note…here is one for ya: ¡Ayúdeme yo me he caído y yo no puedo levantarme!

Source: TechCrunch

Burning down the house – Zillow lays off 25%

Friday, October 17th, 2008 | dotcom with No Comments »

Seattle based Zillow announced they had cut 25% of their staff of 150.  Zillow is one of the better funded startups with $87M from Benchmark’s Bill Gurley.  The CEO Rich Barton was quoted saying “I’m sad, this is hard, but business is just fucking great.”  Sounds like the CEO is as inflated as the Zillow “zestimates” of housing prices in my area.  This layoff comes on the heels of fellow real estate startup Redfin laying off 20%.