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| -Short Attention Span Theater- |
| Mooning boss costs banker millions |
| 2012-09-11 |
| Selch had been a Chicago-based employee at Wanger Asset Management Unfortunate name for more than decade when it merged with Columbia Asset Management, a subsidiary of Bank of America, in 2005. As so often happens in these Wall Street mergers, some of the employees of Wanger weren't happy with the way the new bosses planned to pay them. Bank of America, in particular, has a bad reputation for trying to squeeze the compensation packages of bankers and advisers at firms it acquires. Good way to get rid of deadwood. Too bad he hadn't been at BofA for 10 years. They grant tenure, sort of. According to court documents, Selch's friend Chris O'Dea was fired after he refused to accept lower compensation. This ticked Selch off. Selch burst into a conference room where executives from Columbia were meeting to give them a piece of his mind. He wound up giving them a piece of something else as well. After the executives said he didn't have a non-compete, Selch mooned them, told one of the New York-based executives never to return to Chicago, and left the meeting. Extraordinarily, Selch wasn't fired. Instead he was issued a formal warning. Sounds like HR got involved. Probably thought he had ADHD. I wonder what kind of Performance Improvement Plan they established. Employee will keep pants on at all times, except in a closed bathroom stall. Selch’s boss testified that while 99 percent of employees would have been immediately fired, Selch was one of the one percent who could be granted a one-free-mooning reprieve. The one percent get all the breaks. When Columbia CEO Brian Banks found out about this incident, he insisted that Selch be fired. The behavior was too “egregious” to allow Selch to continue at Columbia. No free mooning at Bank of America, Banks decided — even if you are in the one percent. Selch sued, arguing that firing him after issuing a warning was a breach of contract. Once more unto the breach The trial court granted summary judgment to the defendants in the suit. Last Wednesday, a 3-judge appeals panel upheld the trial court, describing the mooning as “insubordinate, disruptive, unruly and abusive.” Did Selch moon the judges when they rendered their verdict? |
| Posted by:Nimble Spemble |
| #3 Uh, uh, MOON OVER AMERICA??? gut nuthin. |
| Posted by: JosephMendiola 2012-09-11 19:46 |
| #2 Wanger Asset Management would be a good name for a Nevada cathouse. |
| Posted by: Shinter Javirong9154 2012-09-11 13:44 |
| #1 I wonder how long until this makes it into the "reality" based dramas. |
| Posted by: Perfesser 2012-09-11 10:48 |