You can pause intro music down below.
Piggybankblog posted on 09/07/12
Piggybankblog posted picture
Cross linked with nbcnews.com
.You almost have to admire Jason Selch.
Back in 2005, Selch ended a meeting with his bosses at Bank of America by pulling down his pants and mooning them.
Most of us would, at the very least, understand that this would be not just the end of the meeting but the end of our job. You can get away with a lot of things in corporate America, but mooning your boss isn’t one of them.
The self-confidence of Selch, however, is made of sterner stuff than that. Selch not only thought he shouldn’t be fired. He took Bank of America to court when they fired him for the mooning.
Selch had been a Chicago-based employee at Wanger Asset Management 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.
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.
First Selch asked if he had a non-compete agreement, which on Wall Street is usually a way of threatening to quit and go to work for a competitor.
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. 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 executive actually fought for Selch to keep his job.
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.
The firing meant that Selch lost a multi-million contingent bonus package that would have vested if he had remained at the company a few months more. Because he was fired, Bank of America got the keep the money.
Selch sued, arguing that firing him after issuing a warning was a breach of contract. The warning had said he could be fired if he misbehaved in the future — yet after that one mooning, by all accounts Selch was well-behaved. What’s more, Selch argued that because the mooning didn’t interfere with his official duties, he couldn’t be fired “for cause.”
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.”
So, just in case it was unclear, you can’t moon your boss and expect to keep your job. Or your bonus.
Ever made a dramatic exit from a job? Tell us about it.
More money and business news:
- Companies are boosting profits without hiring
- Drowning in student loan debt? Here’s help
- With social networks, investors are worried about another bubble
- Video: Determining how big a nest egg you need to retire
- Sign up for our Business newsletter
By John Carney, CNBC.com
My name is John Wright AND I AM FIGHTING BACK!
All Rise! The Honorable Judge Wright has left The Courtroom of Public Opinion!
Your donation makes a difference in my life.
PRIVACY NOTICE: Warning – any person and/or institution and/or Agent and/or Agency of any governmental structure including but not limited to the United States Federal Government also using or monitoring/using this website or any of its associated websites, you do NOT have my permission to utilize any of my profile information nor any of the content contained herein including, but not limited to my photos, and/or the comments made about my photos or any other “picture” art posted on my profile.
You are hereby notified that you are strictly prohibited from disclosing, copying, distributing, disseminating, or taking any other action against me with regard to this profile and the contents herein. The foregoing prohibitions also apply to your employee , agent , student or any personnel under your direction or control.
The contents of this profile are private and legally privileged and confidential information, and the violation of my personal privacy is punishable by law. UCC 1-103 1-308 ALL RIGHTS RESERVED WITHOUT PREJUDICE
Leave a Comment
You must be logged in to post a comment.