Well, it’s curtains for Dewey & LaBoeuf, Ashby Jones and Jennifer Smith of the Wall Street Journal report.The massive, prestigious firm in the safest of businesses has told its staff it will shut down, sinking under the weight of out-of-control spending by its former boss, Steven Davis.
(Davis is now under criminal investigation, though last time we checked, stupidity was not a crime.)
Anticipating a big economic recovery in 2010, Davis went on a hiring spree, poaching big-name partners from other firms and guaranteeing them multi-million dollar bonuses.
Alas, the economy stayed crappy, and paying out these guarantees bankrupted the firm.
Which only goes to show…
Recklessness and greed is not confined to the top of Wall Street firms.
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