Allstate to cut 1,000 job

Allstate to cut 1,000 job

There are 30 comments on the Chicago Tribune story from Jan 28, 2009, titled Allstate to cut 1,000 job. In it, Chicago Tribune reports that:

Northbrook-based Allstate Corp. said it plans to cut about 1,000 jobs in its financial arm through a combination of attrition and position elimination over the next two years It's the second shakeup in less ...

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Campbell

Oakland, CA

#1 Jan 28, 2009
When are we going to read that Obama's federal government -- which exists solely on the taxes that these laid-off workers and their employers pay -- will be laying off tens of thousands of federal workers to (laugh) live within its "reduced" budget? Like NEVER. No, it's easier to print phony money and put those same laid-off private sector workers and the next generation into massive debt for make-work pork projects to buy votes. In the meantime, stifle any revolt by extending unemployment benefits. So this is what "change" comes down to!
Mary Jo Quinn

Chicago, IL

#2 Jan 28, 2009
This is a sad state of events. Did I do all that work for nothin???????
No One Stop Shop

AOL

#3 Jan 28, 2009
Being 'all things to all people' in the financial services businesses brought us such delightful results as AIG. When Clinton took down the walls keeping banks, insurers and stock-brokerages apart [such as which was legislated in 1933 precisely to keep institutions like AIG from forming and becoming too big to fail] he set the foundations for collapse. Bush did nothing to establish regulation [the opposite - in fact], and now Citibank, AIG, et al, are feeling the strains of having stretched too far and thin.
The idea of a circular dollar under management - meaning once you capture a client's dollar you want to keep it within your 'circle' of services, be they banking, insurance [life, property casualty, etc], retirement vehicles, etc; hasn't worked in any of the banking models: Citibank and the Travelers, etc, etc. Simply, insurance companies do not have 'relationships' with their clients - their agents do. When insurers abuse their agents, e.g., spinning 'em off as independent contractors, interjecting themselves between the client and the agent, etc, the 'relationship' between the agent and the insurer and the client and both the agent and insurer/financial institution get strained. Agents who concentrate on life and health often lack the expertise of property casualty and/or banking. Instead of building integrated teams of agents with diverse skills into producer groups, the insurers have sought to divide and conquer.
Well, there's simply not a single model of 'one size fits all' to be had in the financial services industries,at least none that work. Most banks who got into insurance are getting out and the same goes for insurers who got into banking.
Though some generation X and/or Y folks might be comfortable in purchasing and servicing financial instruments over the Internet, most financial service purchases remain personal relationship matters - as is the case with law, accounting, medicine, et al. Furthermore, those former mutual insurers that de-mutualized to become stock-carriers are trying only now to figure out how to serve two masters: stockholders and policyholders. It doesn't matter how you cut the cake, one dollar of 'surplus'[aka: profit] can only be cut so many ways. As many of the now demutualized insurers find the yields on their assets under management imploding, policyholders will surely feel the pinch before stockholders. After all, these insurers went into the markets to raise capital and if they don't provide market rates of return to stockholders their stock values will [as many already have - significantly] plummet. To pay for prop'g up stock values, policyholder values will surely suffer, e.g., lower dividends, higher administrative fees, higher mortality costs, etc.
Just as one may not buy their produce at the same store as they buy their milk and/or meat from, each financial product one purchases must stand on its own. Convenience can often pass for stupidity in this economic climate. Know who you're doing business with and shop, shop, shop around!
Sour Soup

AOL

#4 Jan 28, 2009
Campbell wrote:
When are we going to read that Obama's federal government -- which exists solely on the taxes that these laid-off workers and their employers pay -- will be laying off tens of thousands of federal workers to (laugh) live within its "reduced" budget? Like NEVER. No, it's easier to print phony money and put those same laid-off private sector workers and the next generation into massive debt for make-work pork projects to buy votes. In the meantime, stifle any revolt by extending unemployment benefits. So this is what "change" comes down to!
Maybe - just maybe, if banks, insurers and brokerage houses hadn't been so darned greedy and inept the government {taxpayers} wouldn't have to bail 'em out.
There's a concept for you -'Campbell.' When the private sector failes, which it HAS done - miserably, the public sector gets stuck with the tab. This time around the 'tab' we taxpayers are carrying is HUGE. The hole {more like an abyss} that the financial services companies have dug us into might be too big for the government to dig us out of. This could well be a game, set and match situation, and it'll all be thanks to the insurers, banks and securities houses.
Greed, lies and theft - outright theft, got us where we are today. While I'd prefer a 'free-market' system, such a market can only function with adequate oversight - since they have no self-control over their greed when left unchecked.
No, if it's one or the other, at this point/at this convergence of dire circumstances we're in, I'll cast my lot with President Obama and his team. Most on Wall Street should be hung!
WhyCryNow

AOL

#6 Jan 28, 2009
Why don't you people just back-off.
Barack Obama just took office last week. What you are experiencing now is
the fall-out of the failed poicies of
the Bush Administration coming home to
roost. Speding billions to fund the
war in the middle east and Afganistan
and proping-up their infastructure
while the economy here was ignored and
left to deterioate. Also looking the
other way while companies here exported jobs to India and Pakistan
to cut costs, and denying financial
benefits to workers who lost jobs
because of the economic downturn.
As that campaign ad said, " Brought To
You By The Republicans ". Thank goodness a president's reign of terror
is limited to eight years. It would be
even better if this were applied to the Chicago mayors and the Illinois
governors. So back-off off Barack.
Right is Wrong

United States

#7 Jan 28, 2009
WhyCryNow wrote:
Why don't you people just back-off.
Barack Obama just took office last week..
Be careful what you ask for. They'll back off Barack and then start blaming Clinton again. In the space below, I describe the entire universe of original thought among the Republican party:

Thank you.
feds vs state

United States

#8 Jan 28, 2009
"The fundamentals of the economy are strong." -John McCain.

Thanks republicans!!!
Joe

Wayne, IL

#9 Jan 28, 2009
WhyCryNow wrote:
Why don't you people just back-off.
Barack Obama just took office last week. What you are experiencing now is
the fall-out of the failed poicies of
the Bush Administration coming home to
roost. Speding billions to fund the
war in the middle east and Afganistan
and proping-up their infastructure
while the economy here was ignored and
left to deterioate. Also looking the
other way while companies here exported jobs to India and Pakistan
to cut costs, and denying financial
benefits to workers who lost jobs
because of the economic downturn.
As that campaign ad said, " Brought To
You By The Republicans ". Thank goodness a president's reign of terror
is limited to eight years. It would be
even better if this were applied to the Chicago mayors and the Illinois
governors. So back-off off Barack.
The Obama policy passed (mostly on democrat votes) today.

This IS the Obama Admins fault. They have nothing but bloated government and hand-outs. They have no clue how to create jobs.

But then those of us who didn't buy into Barry Messiahs nonesense already new this.

These FAILURES are to be laid at the feet of Obama, just like the robes and roses of his awestruck followers.
Jackson

Chicago, IL

#10 Jan 28, 2009
Campbell: What exactly would you propose we do dude? Their is no other way to turn the economy around my friend. If you do not take out additional loans there is no way to get the money to provide the stimulus.
Coffeenbagels

Wheaton, IL

#11 Jan 28, 2009
"Wilson has said he believes that Allstate is well positioned to provide retirement products to consumers"
Why should we trust them with our retirements- when they fire their own staff? What kind of retirements will they have?
WTF

Marengo, IL

#12 Jan 28, 2009
They have to pay for the $15 million they're going to spend to rip up Grant Park to build the new Childrens Museum. They are down as a 'naming rights' contributor to the destruction, sorry, construction fund.

Might as well lay off a thousand people in order to destroy a park...instead of keeping a few hundred employed up there in Northbrook and contributing a lesser amount towards the Childrens Museum up there.
MinisterR

Chicago, IL

#13 Jan 28, 2009
Please please tell you me you are advocating for government control of our markets on top of everything else.

Even Obama has now changed his tune. Lats week he announced that only the government could get us out of trouble this week he is saying people, small and large businesses are the only ones who can get us out of trouble which is it? Will you now change your tune?

- Signed 15 year Navy vet, father of 2, husband, small business owner, property owner, minority, never voted straight ticket or party, born and raised in South Shore/Hyde Park.

If we have to spend the money then do all now, do it where we will get the most return on investment and make it all transparent. EVEN the CBO (congressional budget office) is saying that less than 25% of the new stimulus plan will even go to stimulate the economy.
Sour Soup wrote:
<quoted text>
Maybe - just maybe, if banks, insurers and brokerage houses hadn't been so darned greedy and inept the government {taxpayers} wouldn't have to bail 'em out.
There's a concept for you -'Campbell.' When the private sector failes, which it HAS done - miserably, the public sector gets stuck with the tab. This time around the 'tab' we taxpayers are carrying is HUGE. The hole {more like an abyss} that the financial services companies have dug us into might be too big for the government to dig us out of. This could well be a game, set and match situation, and it'll all be thanks to the insurers, banks and securities houses.
Greed, lies and theft - outright theft, got us where we are today. While I'd prefer a 'free-market' system, such a market can only function with adequate oversight - since they have no self-control over their greed when left unchecked.
No, if it's one or the other, at this point/at this convergence of dire circumstances we're in, I'll cast my lot with President Obama and his team. Most on Wall Street should be hung!
They seem to hate my name

Marengo, IL

#14 Jan 28, 2009
They have to pay for the $15 million they're going to spend to rip up Grant Park to build the new Childrens Museum. They are down as a 'naming rights' contributor to the destruction, sorry, construction fund.

Might as well lay off a thousand people in order to destroy a park...instead of keeping a few hundred employed up there in Northbrook and contributing a lesser amount towards the Childrens Museum up there.

Just also wanted to point out that in today's Tribune they had an article about museum attendance figures...listed this year and the percentage change from last year for each museum. Funny thing was that the Childrens Museum, which would be receiving/taking money from the same pool that all the 'other' museums do, wasn't on the Tribune's list. Funny thing...

“What type of f--kery is this??”

Since: Dec 07

South Shore/Chatham

#15 Jan 28, 2009
Joe wrote:
<quoted text>
The Obama policy passed (mostly on democrat votes) today.
This IS the Obama Admins fault. They have nothing but bloated government and hand-outs. They have no clue how to create jobs.
But then those of us who didn't buy into Barry Messiahs nonesense already new this.
These FAILURES are to be laid at the feet of Obama, just like the robes and roses of his awestruck followers.
Guess what genius...OVER THE LAST 30 YEARS...WE'VE HAD MOSTLY A REPUBLICAN CONGRESS!!! IT'S CONGRESS WHO IS RESPONSIBLE FOR SETTING STANDARDS FOR REGULATING CORPORATIONS AND FINANCIAL MARKETS...AND "DEREGULATION" AND "FREE MARKET" IS THE FIGUREHEAD OF REPUBLICAN IDEOLOGY!!!

How do you like the outcome of that Republican agenda now? When Clinton was President...who RAN CONGRESS?!?! Who ran Congress when Reagan (where all of this b.s. REALLY STARTED)...who ran Congress when the two Bushes ran the country into the ground...

Get a clue...do some REAL research...stop being EMOTIONAL AND BASED ON FEAR...use your INTELLECT!!! Democrats have ALWAYS been about spending public dollars on the PUBLIC!!! Just think if the Democratics ran Congress for the last 30 years (I could care LESS who is in the White House)...we wouldn't be in this mess NOW...and EVERYBODY WOULD HAVE HEATHCARE AND DECENT SCHOOLS...

To quote John Lennon...

"IMAGINE"!!!
William Albrecht

Chicago, IL

#16 Jan 28, 2009
There's no sense trying to get Bush supporters to see the light. Their man George Bush ran the country into the ground. Then they complain about Obama who's been in office one week and Bill Clinton from nine years ago. Whatever.
Bad hands

Chicago, IL

#17 Jan 28, 2009
Once upon a time, I worked for Allstate in Northbrook. During that time, I received exceeds expectations during year end reviews. During the down market, I was laid-off.

Lessons learned, Allstate, like most if not all companies boast they attract and retain "the best and brightest". In short, I was dealt the middle finger from the bad hands. Don't be fooled, Allstate only retains those who play the game, not necessarily the best or brightest.

MinisterR

Chicago, IL

#19 Jan 28, 2009
Who's being emotional?
Lala11_7 wrote:
<quoted text>
Guess what genius...OVER THE LAST 30 YEARS...WE'VE HAD MOSTLY A REPUBLICAN CONGRESS!!! IT'S CONGRESS WHO IS RESPONSIBLE FOR SETTING STANDARDS FOR REGULATING CORPORATIONS AND FINANCIAL MARKETS...AND "DEREGULATION" AND "FREE MARKET" IS THE FIGUREHEAD OF REPUBLICAN IDEOLOGY!!!
How do you like the outcome of that Republican agenda now? When Clinton was President...who RAN CONGRESS?!?! Who ran Congress when Reagan (where all of this b.s. REALLY STARTED)...who ran Congress when the two Bushes ran the country into the ground...
Get a clue...do some REAL research...stop being EMOTIONAL AND BASED ON FEAR...use your INTELLECT!!! Democrats have ALWAYS been about spending public dollars on the PUBLIC!!! Just think if the Democratics ran Congress for the last 30 years (I could care LESS who is in the White House)...we wouldn't be in this mess NOW...and EVERYBODY WOULD HAVE HEATHCARE AND DECENT SCHOOLS...
To quote John Lennon...
"IMAGINE"!!!
Elect Me King

AOL

#20 Jan 28, 2009
If I were King I'd stimulate the economy by building a national network of nucelar reactors, wind-farms and solar collectors. I'd used those energies to power a national grid of High Speed Rail - travel'n at speeds of 225mph, across the country. I'd invest in research to improve energy storage {batteries}, agra-fuels and a network of plug-in facilities as we tell OPEC to drop dead. I'd require literacy classes and a day's work for a day's support for all of those on entitlement programs. I'd deport illegals and modify the constitution so that children of illegals are not made automatic American citizens. I'd reqwuire NATO and the EU to bear more of their own burden of protecting themselves from Tzar Wannabe Once KGB Always KGB Putin. Retirement income from after-tax personal savings and/or the sale of a primary residence would be tax exempt. I'd require corporations to pay their fair share of taxes to pay for the courts that support their contracts, trademarks and patents, as well as for the infrastructure they use to generate their revenues. I'd pass a flat income tax on corporations - 4% of their gross, and eliminate all other federal income taxes {apart from Social Security, Medicare and Medicaid}. If we can't run the government on 4% of the gross [plus assorted fees], we should reduce the size of government. I'd remove the tax expempt status for any institution that plays politics with the resources that were accumulated by tax exempt status - whether they be religious or otherwise, you can't have it both ways. I'd require that people carry minimum amounts of medical insurance coverage. After all, we require people have car insurance, why not medical insurance? I'd remove the differentiation between white-collar, government and criminal punishments; close all of the 'farms' and have fair/just sentencing for crimes - all crimes. I'd require mining, foresting, fishing and all other 'harvesting' of domestic natural resources to contribute 5% of their revenues to a fund to maintain National Parks and public spaces, and the leases for public lands would reflect their actual value.
These things aren't rocket science, but, they DO require that we dump special interests and pork from the agenda, put the people and the country first and last.
So, elect me King and I'll set you free - free from intrustive and oppressive government.
Joe

Libertyville, IL

#21 Jan 28, 2009
feds vs state wrote:
"The fundamentals of the economy are strong." -John McCain.
Thanks republicans!!!
Dude, McCain lost because we did not really care what he thought. But are you going to vote for your reps in the next election? Dems have been in charge since 2006, so maybe they need to go.
Joe

Libertyville, IL

#22 Jan 28, 2009
Lala11_7 wrote:
<quoted text>
Guess what genius...OVER THE LAST 30 YEARS...WE'VE HAD MOSTLY A REPUBLICAN CONGRESS!!! IT'S CONGRESS WHO IS RESPONSIBLE FOR SETTING STANDARDS FOR REGULATING CORPORATIONS AND FINANCIAL MARKETS...AND "DEREGULATION" AND "FREE MARKET" IS THE FIGUREHEAD OF REPUBLICAN IDEOLOGY!!!
How do you like the outcome of that Republican agenda now? When Clinton was President...who RAN CONGRESS?!?! Who ran Congress when Reagan (where all of this b.s. REALLY STARTED)...who ran Congress when the two Bushes ran the country into the ground...
Get a clue...do some REAL research...stop being EMOTIONAL AND BASED ON FEAR...use your INTELLECT!!! Democrats have ALWAYS been about spending public dollars on the PUBLIC!!! Just think if the Democratics ran Congress for the last 30 years (I could care LESS who is in the White House)...we wouldn't be in this mess NOW...and EVERYBODY WOULD HAVE HEATHCARE AND DECENT SCHOOLS...
To quote John Lennon...
"IMAGINE"!!!
You need to perform a little research my friend because if you did, your wild assertions would put the blame squarely on the DEMOCRATS. Since 1980, the Democrats have controlled Congress more than the Republicans. In fact from 1980 to 1994 during the Reagan admin and the first Bush admin, the Democrats controlled the House of Representatives every single year. Republicans did have control of the Senate after Reganís first two years and the remainder of his administration. George H Bush had a complete Democratic congress.

So based on your comments, you blamed the congress that was in charge all the way back in the Reagan years. That would be your Democratic Party my friend. Thank you for proving what the wingnuts have been attempting to say on this forum.

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