Word: morgans
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Dates: during 2000-2009
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...Peter Jenkin Morgan was watching with a knowing eye on Sept. 15, when some 4,000 Lehman Brothers employees in London's Canary Wharf lost their jobs in a flash - and cut loose with abandon in the business district's pubs. Champagne corks popped, and conversations seemed to be on steroids as everyone wanted to talk. Surrounded by cardboard boxes holding their desk contents, the newly unemployed bankers drank for hours. For a night, at least, Canary Wharf looked like a carnival...
...Morgan, a psychologist whose practice centers on senior-level banking executives, recognized that burst of animal spirit as the "euphoria" phase; he knew it signaled darker emotional repercussions to come as the Masters of the Universe undergo the psychological fallout from the global economic downturn. As jarring as the market drops have been, he says, "the psychological shock has been every bit as great" for bankers who have lost their jobs at Lehman and other institutions...
...Morgan says many of his clients are now out of work, and thanks to research done in the past few decades, he knows more or less what they're in for. Suspicions that a layoff may be in the offing normally generate negative feelings such as disappointment, anger and shock; then comes a period of planning for the transition, when the person takes stock of financial and other aspects of his or her life. When the actual joblessness arrives, there's a period of euphoria - especially for people with compensation packages. "It's in that euphoric time that [people] ought...
...someone to blame, and the banks and their employees are natural targets. For some employees, an entire sense of self is at-risk. "Not only is society saying, 'We don't want you to exercise [your profession] anymore,' it's saying, 'We actually don't value [your profession] anymore,'" Morgan says. The result can be a reduced sense of self-worth. Former bank employees may be timid about telling people what they do - or did. "Overnight, [people who worked in banks] have been placed in that second-hand car salesman category," says Morgan. To cope with these feelings, many...
...immediate hope of a resolution to Zimbabwe's political crisis ended late Friday, as opposition leader Morgan Tsvangirai announced that power-sharing negotiations with President Robert Mugabe's regime had failed. This week's crisis talks had been mediated by former South African President Thabo Mbeki on behalf of Zimbabwe's African neighbors, and Tsvangirai appealed to those neighbors to revive the search for a political compromise. "Regretably, after four days of intense negotiations, we have failed to agree ... [and] therefore a deadlock has been declared," said the leader of the Movement for Democratic Change (MDC) outside the talks venue...