Marblehead Saves Money by Cutting Jobs

As companies in this economy are wont to do, First Marblehead Corp. is savin' money by slashin' spending--which means slashing salaries. The 500 jobs cut will save $200 million, helping the company continue ripping off students assisting locals in realizing their dreams. The bank's website says it has 1000 employees as of June 2007; guess they've cut their ranks by half. This comes less than a month after news that one of First Marblehead's partners (The Education Resources Institute) filed for bankruptcy. We students love the smell of uplifting loan-related news in the afternoon.

Image from Flickr user Scuba Steveo