the party's over as of this morning is
going to be considerable turmoil in the
markets for the foreseeable future and
they believe it is better that this
turmoil begin with us as a result the
firm has decided to liquidate its
majority position of fixed income MBS
today these are your packets you will
see what accounts you're responsible for
today I'm sure it hasn't taken you long
to understand the implications of this
sale on your relationships with your
counterparties and as a result on your
careers I have expressed this reality to
the executive committee and they
understand as a result if you achieve a
93% sale of your assets you will receive
a 1.4 million dollar one-off bonus if
the floor as a whole achieve x' a 93%
sale you will get an additional 1.3
million dollars a piece for those of you
who have never been through this before
this is what the beginning of a fire
sale looks like I cannot begin to tell
you how important the first hour and a
half is going to be I want you to hit
every bite you can find dealers brokers
clients your mother if she's buying and
no swaps its outgoing only today
obviously this is not going down the way
that any of us would have hoped but the
ground is shifting below our feet and
apparently there's no other way out
guys
this is obviously a very very unique
situation if we are successful today we
will have been successful in destroying
our own jobs I cannot promise that any
of you all of you some of you will be
repositioned within the firm but I can
tell you that I am very proud of the
work that we have done here together
I've been at this place
34 years and I can tell you from
experience that people are going to say
some very nasty things about what we do
here today and about what you dedicated
a portion of your lives to but have
faith that in the bigger picture our
skills have not been wasted we have
accomplished much and our talents have
been used for the greater good here's
your packets get to work
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you
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