On 'Sesame Street', "L" is for "Layoffs"

The crisis on Wall Street is plaguing Sesame Street.

Sesame Workshop, the nonprofit producer of “Sesame Street” and other kids’ programs, is cutting about one-fifth of its work force because of the economic downturn.

The New York-based company said Wednesday that it’s eliminating 67 of 355 staff positions.

Declaring it is “not immune to the unprecedented challenges of today’s economic environment,” the company pronounced a need “to operate with fewer resources in order to achieve our strategic priorities.”

The statement reiterated the organization’s mission “of helping children reach their highest potential here and around the globe.”

Best known as the home of such Muppet characters as Big Bird and Elmo, Sesame Workshop was founded in 1968 as Children’s Television Workshop, then unveiled the groundbreaking “Sesame Street” as a literacy-building initiative a year later. That show, which remains a worldwide hit, was the first step toward a media empire that encompasses television, books, toys and online programing.

Among the company’s early TV efforts is “The Electric Company,” which aired during the 1970s and was revived with new episodes on PBS in January.

Sesame Workshop gets revenue from product licensing and the sale of its programs to PBS and syndication. The company is also funded by government agencies, foundations and corporations.
Total revenue were $145 million in 2008, with operating expenses totaling $141 million, according to the company’s Web site.

Hi-tech immigrants heading home to China, India

Tech-savvy, well-educated Indian and Chinese immigrants are packing it up in greater numbers in the United States and heading back home, This, according to Duke professor and Harvard researcher Vivek Wadhwa.

He conducted a survey on why recent returnees elected to go back to India and China for the Kauffman Foundation.

"The majority of people like it better back home," Wadhwa said. "The U.S. isn't everything anymore ... This is great for India and China, but what we've done is export economic recovery."

He estimates that while 50,000 Indian and 50,000 Chinese immigrants returned home in the past 20 years, there will be 100,00 Indians and 100,000 Chinese immigrants leaving the U.S. in the next five years.

The factors driving return were not primarily visa issues, the survey found, but feelings that career opportunities were better at home, a desire to be close to friends and family, and better quality of life.

The survey randomly polled 1,203 Indian and Chinese employees in their home countries who had worked or gone to school in the U.S. and who were members of the social networking site LinkedIn.com.

Saskatchewan a jobs 'hot spot' in Canada

Normally, "hot spot" isn't the first phrase that comes to mind when talking about Saskatchewan, or even Canada for that matter.

But with most of Canada suffering from devastating job losses, this cold province is becoming exactly that.

It's an asterisk to the entire country when it comes to the economic climate, and Premier Brad Wall is shouting it as loud as he can.

"It's a great time to come to Saskatchewan," says Wall, who even called the Toronto Star newspaper to tout his province's economic success and let Ontarians know there were jobs for the taking.

"For those who are losing their jobs, we need them to know we have thousands of jobs open right now in both the private and public sector," Wall said. "We have a powerful story to tell, a story of success and that's something we want to share with those who are struggling."

Wall's province is one of the exceptions to the unemployment increases battering provinces across Canada. Saskatchewan's unemployment rate fell to 4.1 percent in January from 4.2 percent in December, making it the only province recording a decline. In Ontario and the city of Toronto, unemployment rates rose to 7.2 percent and 8.5 percent respectively. To the west, British Columbia shed 68,000 full-time jobs in January.

More Saskatchewan jobs should be on the way. To stave off any possible recession, Wall announced a $500 million infrastructure "booster shot" to help keep the economy strong. Learn more about different towns in Saskatchewan

"All across the country, industries are getting quite ill," Wall said. "We aren't immune to it. We see some impacts in terms of layoffs and new vehicle purchases slowing off, and so we want to be proactive in staying ahead of the curve."

On Tuesday, the Conference Board of Canada released a report that said Saskatchewan will likely continue to lead the nation in economic growth in 2009 because of the infrastructure investment and tax reductions.

The province has also been reaping the benefits of an influx from nearby Alberta. When the government in Alberta decided to raise the oil royalty rates, oil exploration and expedition companies decided to move their operations to Saskatchewan in hopes of making more money.

With the province's growing opportunities, David Montgomery, president of Calgary's Qwest Haven Relocation Services, said he is moving more people to Saskatchewan each day.

"Alberta has always been the gravy train of oil," said Montgomery, who is also a former resident of Regina, the capitol and second-largest city in Saskatchewan. "But with the new royalties, oil companies are saying 'Why stay here and make less when the opportunities right next door are even better?' Many other companies may start to follow suit."

Montgomery said people looking to move have said that cheaper land and insurance prices are among the other reasons they are headed to Saskatchewan.

"There, government insurance is cheaper than anywhere else in the country and it comes with your license plates," he said. "With the amount of jobs, cheaper opportunities and great way of life, the government there has made it very attractive to move there."

That means more business for Wall's province and more jobs coming to the area.

Not that there's a shortage of jobs. On Tuesday night there were nearly 6,000 private- and public-sector jobs on the Web site Saskjobs.com.

A constant stream of revenue from oil production and exports also buoys the economy in the province.

Saskatchewan is the largest producer of oil in Canada and exports more oil to the United States than Kuwait. It is the leader in uranium production and produces a third of the world's potash.

The province continues to keep ahead of the curve, Wall said, finding ways to diversify its resources and embark on ambitious green projects and new oil projects. The province is working with Montana on a $212 million climate change initiative that would create the first major greenhouse gas storage project in North America. The carbon dioxide from coal-fueled power plants would be stored in the ground in Montana and later be withdrawn for use in oil production.

Wall also said what may be the largest discovery of sweet, light crude oil in the southeast part of the province means it could have even more oil to work with. The Bakken Formation could potentially have 413 billion barrels of oil, according to the U.S. Geological Survey. That would be another huge untapped revenue gold mine.

Despite the growth of nearly all sectors across the board, Wall cautioned that it is possible his province may see economic stress, just later in the game than other places.

"We need to be circumspect and prudent about promoting our province," he said. "We are not immune; we do see the impacts. It isn't some sort of panacea or answer to economic questions that don't exist elsewhere. We are a bit of an asterisk that says there is some stress, but it's relatively calm here."


Wall encouraged people not to count out a move to the province based on stereotypes that it is "only winter here," and "all of the land is just rolling hills."

"'It's a beautiful, big place where life is great and right now there's also opportunity," he said. "I'm very, very biased, but I can't imagine a place I'd rather be, especially with what's going on economically around the world."

spot work-at-home scams

Can you tell the real opportunities from the cons? Here's how you can dodge the scammers.

In this troubling economy, we could all use a little bit of extra cash right? Want to earn some extra money for simple tasks like stuffing envelopes, assembling products or processing insurance claims? How would you like to earn hundreds of dollars per week -- or even a six figure income per year -- from the comfort of your own home?

There's a reason offers like these sound too good to be true. Work-at-home scams are a pervasive subset of employment scams, and money and time aren't the only things you need to worry about losing. According to the Better Business Bureau, you could also be hurting your reputation by selling sub-standard (or non-existent) products and services to others. Worst yet, you could face legal action for perpetuating a fraud or being involved in an illegal pyramid scheme. You could also become a victim of identity theft if you've given out personal or financial information.

There are legitimate opportunities out there, but to protect yourself you need to spot the scams.

Here's what you need to watch out for:

Known scams. There are certain opportunities you should automatically be suspicious of because they're known scams (or scams imitating real opportunities). Typical cons include assembling products, addressing or stuffing envelops, mailing out marketing materials, chain letters, processing medical or insurance claims, forwarding cash or goods and data entry. In more recent years, other ploys like paid survey sites and freelance opportunities that don't deliver have joined the mix -- and they're harder to spot because they mimic legitimate services.

"Work from home" is the title. According to experts, scams target people for whom a work at home arrangement would be convenient -- such as seniors, people with disabilities and stay-at-home moms. Fraudulent ads often focus on the convenience factor but are short on essential details like what the position is, what tasks are involved and for whom you will be working.

"No experience necessary". Another favourite target of scammers is people who think they don't have the skills or experience to get a good job. A job that requires no skills or previous experience is therefore appealing. However, legitimate postings will list required skills and qualifications -- and you'll have to submit a resume.

Too-good-to-be-true promises. Scammers are looking for people who dream of a "get rich quick" solution. The reality is that companies can't stay in business by paying hundreds or thousands of dollars for a few hours of work each week. What out for claims that simply aren't financially sound, and always remember the saying "If it sounds too good to be true...It probably is"

A machine could do it better. Consider: major companies use machines -- not people -- to stuff envelops and assemble products because it's cheaper and more efficient. Envelop stuffing and product assembly are two of the oldest schemes around.

Paying for more information. Do you have to call a 900 number for more details, or pay for a list of companies that hire home workers? You should be able to get more information about the position without having to pay for it.

Payment is required up front for materials, instructions, training or equipment. Most work at home scams are schemes designed to make you pay a fee upfront or to sell you something -- whether it's materials to assemble products, "essential" equipment or software, training materials or access to special websites and databases. Also, beware of any "good faith" payments or requests for you to handle cash. In general, a new job shouldn't cost you money, and you shouldn't have to purchase anything from your new employer.

Promises of guaranteed customers or a market for your work. While it's true that certain skills and jobs are in demand, don't take the posting's word for it. Ask for proof. Is there research to back up their claims? Can you talk to references and clients to verify their testimonials? Is the information supported by current job trends?

Questionable sources. Did the opportunity come to you as junk mail or spam? Companies with real jobs to offer don't need to resort to these means to get attention. They'll advertise on their own websites and through ads in legitimate services.

"Sponsored ads" and internet search results are also suspect. Ad servers and search engines are automated processes that don't distinguish between what's real and what isn't. Experts agree that it's best to take a "buyer beware" approach.

Beware of the latest tricks

Scammers know that you're probably aware of the classic warning signs, so the cons are getting more elaborate and complex. Some of the latest tactics you might see include:

Questionable endorsements and experts. Don't get taken in by pictures, voices, names and signatures of "real people". Endorsements, testimonials, experts and company executives can be fabricated -- and stock photography makes it easy to put a face on the fraud. Just because a company executive, expert or "satisfied customer" is featured on a website doesn't mean that person exists.

False reviews. In addition to paid or placed reviews, there are a variety of websites out there that claim to have completed "extensive research" or "hundreds of evaluations" on work-at-home opportunities. Their results claim that "95 to 97 per cent of all opportunities are scams", but they have been able to find the two or three that are legitimate. You're invited to try them for yourself, and even sign up for a "free report" or newsletter.

What these websites are really doing is sending you specific websites and services -- and someone on the back end is earning a fee or commission. The companies and services look like they've been vetted, but you don't know who is making the judgements. Those free reports and newsletters could be an attempt to get your personal information.

Questionable awards and endorsements. Fake review and company websites try to make themselves look legitimate by posting awards and recommendations that don't exist. Claims like "Voted #1 review site" or "the leading site for work at home jobs" are meaningless if the organization they're from isn't reputable or well-known, or the claims aren't backed up by industry research.

The same applies for those "trusted site" seals. Consider: who did the evaluation, what authority do they have and what criteria did they use? The process should be transparent in order to mean something to users. For instance, there are strict rules governing accreditation from organizations that matter, like the Better Business Bureau, and those rules are outlined on those organizations' websites.

As seen on... Everyone loves good press coverage, but that too can be faked. It's easy to copy and paste logos from popular media sources, but if you visited those sources could you find the article? A link should be provided, and you should be able to find the reference by searching the publication's archives.

Protect yourself

Other than knowing the signs, there are a couple of simple steps you can take to protect yourself.

- Evaluate offers carefully. There are legitimate offers out there, but scammers rely on people not looking closely enough or asking the right questions. Look for inconsistencies and watch out for missing or incomplete information. Make sure you get the full details of any offer in writing.

- Research the company. Whether you're applying directly to a company or considering a staffing agency, you should get a reliability report from the BBB and look for other sources of information like press releases and articles in credible publications. At the very least, the company's contact information should be posted on their website, and you should be able to verify it with an outside source like a phone book or 411.ca.

- Ask who is accountable. Content and opportunities don't just appear out of nowhere. Who is responsible for the information? (Or conversely, who would get in trouble if there was a problem?) If you can't figure out who "is behind the curtain" then chances are they don't want to be found -- and there's a reason that!

- Use tried-and-true ways of finding a job. Perhaps the best strategy of all is to ignore the ads, the emails and the websites and stick with reliable job search strategies and resources. Update your resume and network. Let people know you're looking for work. You never know where a lead will come from.

Ultimately, it's up to you to sift through the ads and opportunities to sort out the real ones. For some suggestions on how to get started, Here are some other great sources:

BBB Alert: Work-at-home schemes

CareerBuilder.ca: Work at Home Scams

Ministry of Justice and Attorney General (Saskatchewan): Work-at-home Schemes (pdf)

National Consumers League Internet Fraud Watch

Scambusters.org

Canon tells workers to have more sex

Workers urged: Go home and multiply

Even before one reaches the front door of Canon's headquarters in Tokyo, one can sense the virtual stampede of employees pouring out of the building exactly at 5:30 p.m.

In a country where 12-hour workdays are common, the electronics giant has taken to letting its employees leave early twice a week for a rather unusual reason: to encourage them to have more babies.

"Canon has a very strong birth planning program," says the company's spokesman Hiroshi Yoshinaga. "Sending workers home early to be with their families is a part of it."

Japan in the midst of an unprecedented recession, so corporations are being asked to work toward fixing another major problem: the country's low birthrate.

At 1.34, the birthrate is well below the 2.0 needed to maintain Japan's population, according to the country's Ministry of Health, Labor and Welfare.

Keidanren, Japan's largest business group, with 1,300 major international corporations as members, has issued a plea to its members to let workers go home early to spend time with their families and help Japan with its pressing social problem.

One reason for the low birth rate is the 12-hour workday (unless you have workers going into the supply closet for quickies regularly during the workday..but that's another story) But there are several other factors compounding the problem -- among them, the high cost of living, and social rigidity toward women and parenting.

In addition, Japan's population is aging at a faster pace than any other country in the world.

Analysts say the world's second-largest economy faces its greatest threat from its own social problems, rather than outside forces. The country desperately needs to make some fixes to its current social and work structures, sociologists say.

Canon says its 5:30 p.m. lights-out program is one simple step toward helping address the population problem. It also has an added benefit: Amid the global economic downturn the company can slash overtime across the board twice a week.

"It's great that we can go home early and not feel ashamed," said employee Miwa Iwasaki.

Plus, they can have sex more often. Lets not forget that...

Hertz to eliminate more than 4,000 positions

Rental car company Hertz Global Holdings Inc. is slashing its work force by an additional 4,000 jobs worldwide as it further cuts costs to contend with deteriorating demand and vehicle values.

Hertz expects to save $150 million to $170 million this year and take a related fourth-quarter charge of $20 million to $25 million, the company said Friday.

This is only the latest round of job cuts for the rental car company, which eliminated 1,400 employees this fall. The new reductions will bring staffing to 32 per cent below its levels in August 2006, Hertz said.

According to CapitalIQ, the company currently has about 29,350 workers in total, who operate about 8,100 locations in 144 countries.

The company said this round of cuts, which will take place in its fiscal 2008 fourth quarter and first quarter of 2009, will come in its car and equipment rental operations as well as corporate and support areas. The reductions will occur across all regions.

"Volume, pricing and residual values continued to decline during the most recently completed quarter, and we cannot predict when our markets will improve," said chairman and chief executive Mark P. Frissora in a statement.

He said Hertz is still committed to its global airport and off-airport car rental and equipment rental businesses and will add the "necessary resources" when operating conditions get better.

The rental car industry has a faced a perfect storm of challenges in the past year as airlines have reduced flights, consumers and businesses have cut back on travel spending and vehicle values have dropped.

In November Hertz suspended its financial guidance and said it no longer expects to meet annual earnings targets set in August.

At the time, Hertz projected 2008 adjusted earnings between $340 million and $375 million, or $1.05 to $1.15 per share. It anticipated revenue between $8.7 billion and $8.8 billion.

Analysts surveyed by Thomson Reuters now expect 2008 earnings of 63 cents per share on $8.81 billion in revenue.

Rivals Avis Budget Group Inc. and Dollar Thrifty Automotive also are struggling. Avis has announced a management salary freeze and cut more than 2,200 jobs as part of a drive to reduce annual costs. In October, Dollar Thrifty said it had cut its work force by 6 per cent, or 400 jobs.

Hertz's finances have been considered more stable than its rivals, due to the company's large equipment rental division, which accounts for roughly half its earnings and provides it with more cash flow than pure rental car companies.

Hertz's liquidity was about $4.9 billion as of Dec. 31, 2008. Frissora said Hertz estimates fourth-quarter total net cash flow of about $1.75 billion.

Shares of Hertz fell 12 cents, or 2.2 per cent, to close at $5.27 on Friday. During the past 52 weeks, the stock has fallen from a high of $15.32 last February to bottom at $1.55 in November.

Hertz don' it?

Google to cut 100 jobs, close engineering offices

Layoffs precipitated by state of economy: VP

Google Inc. is closing three engineering offices and cutting 100 recruiters from its workforce as the recession dampens hiring at the internet search company.

"Given the state of the economy, we recognized that we needed fewer people focused on hiring," Laszlo Bock, a Google vice-president, wrote in a blog posting late Wednesday announcing the layoffs.

The cuts are a rare move for Google. It made its first ever significant round of layoffs last April, when it cut some 300 jobs from the American operations of DoubleClick, which Google acquired in March 2008.
The newest cuts account for around a quarter of Google's recruiting staff, but are modest relative to the company's full-time workforce, which numbers roughly 20,000.

The moves follow news last week of a government filing from Google showing a significant cutback in temporary employees aimed at trimming costs. The company acknowledged in November that it would be looking to reduce contract workers while retaining full-time employees.

In a separate posting Wednesday, Google said it would close its engineering offices in Austin, Texas, Trondheim, Norway, and Lulea, Sweden, a step the company said would affect 70 workers.

"Our strong desire is to keep as many of these 70 engineering employees at Google as possible," wrote Google's vice-president for engineering and research, Alan Eustace.

"Our long-term goal is not to trim the number of people we have working on engineering projects or reduce our global presence, but create a smaller number of more effective engineering sites, which will ensure that innovation and speed remain at our core," he wrote.

Google's revenue from online ads, the company's core business, is still growing, but the economic downturn has put a crimp in the pace as consumers shop less online and advertising budgets shrink.

The company has given no sign that it will cut back on research and development or acquisitions, but has taken steps recently to reduce discretionary spending, closing its free cafeteria for employees and offering workers more modest holiday gifts.

Motorola to cut 4,000 more jobs in 2009

Motorola Inc. said this week that it would cut another 4,000 jobs in 2009, This in addition to 3,000 planned cuts it disclosed in October of last year.

The Schaumburg, Ill.-based company said about three-quarters of these cuts would come from its struggling mobile phone unit. The move is expected save about $700 million US a year starting in 2009, and total $1.5 billion in annual savings when combined with the previous cut, the company said in a statement.

Motorola said its handset sales fell to 19 million in the fourth quarter of 2008, less than half the amount from the fourth quarter a year ago, when the company sold close to 41 million mobile phones.

It said it expects to report a loss per share in the range of seven to eight cents on revenue of $7 billion US to $7.2 billion US.

Motorola had already dropped to fourth place in the global handset market in the third quarter, behind Nokia Corp., Samsung Electronics Co. and Sony Ericsson.

Motorola had discussed spinning off its mobile phone unit in the third quarter of 2009, but delayed those plans following its third quarter results. The company also decided then to delay the launch of a new mobile phone based on Google Inc.'s Android software until late in 2009.

The company is expected to announce its fourth quarter results on Feb. 3.

Nortel files for bankruptcy protection, plans to streamline but stay in business

Telecommunications equipment manufacturer Nortel Networks Corp. filed for bankruptcy protection from creditors yesterday, vowing to stay alive as a smaller company as it sells non-core businesses and restructures to deal with a plunge in business caused by the North American recession.

The move by the former kingpin of Canada's technology sector, Means that Nortel will shed more jobs from its global workforce of 30,000 employees and likely pin its future hopes on wireless technology, the fastest growing part of the telecom sector.

The bankruptcy filing will affect the company's debts and other operations, including sponsorships, but Nortel says it remains committed to sponsoring the 2010 Winter Olympic Games in Vancouver. The company is also a major sponsor of the 2012 Summer Olympics in London.

Long-suffering Nortel has been trying to restructure for more than three years and becomes the first major North American technology company to be forced into bankruptcy protection by the the global downturn and credit market crunch.
"Nortel must be put on a sound financial footing once and for all," president and CEO Mike Zafirovski said in a news release announcing the bankruptcy filings.

Nortel stock, which had been halted, lost two thirds of its value, dropping 25.5 cents to 13 cents on the Toronto Stock Exchange, in massive trading of more than 58 million shares..

North America's biggest maker of telecom gear has faced a variety of troubles since the telecom bubble burst eight years ago - including accounting problems that devastated its stock and led to criminal charges against some former executives.
Most recently, the slumping economy squeezed orders from its phone company customers and ate into its revenues, helping to produce mounting losses.

The company directly and through joint ventures employs about 30,000 people around the world, including 5,800 at Canadian operations in Ottawa and Toronto.

It plans to continue business as usual while it restructures, but job cuts are likely as it tries to lower costs and deal with a huge debt to remain competitive.

Moreover, Nortel will come under pressure to assure customers it can stay alive and be able to supply their future technology and equipment needs.

"These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be," Zafirovski said.

In Ottawa, federal Industry Minister Tony Clement said Ottawa is willing to provide some financing through the Export Development Canada Crown corporation to help Nortel restructure and emerge from bankruptcy protection as a viable company.

"EDC has agreed to provide up to $30 million in short-term financing through its existing bonding facility and is open to discussing with Nortel post-filing financing in conjunction with other financial institutions," Clement said.

Ontario Premier Dalton McGuinty said that Nortel had not applied for provincial aid, but a government spokeswoman later corrected his statement, saying the company has in fact been "in discussions" with Economic Development Minister Michael Bryant's office about funding.

"We'll see how things shake out in the end and what it means specifically for jobs in Ontario," McGuinty said in Mississauga, Ont., just west of Toronto.

"I remain hopeful that Nortel will experience ultimately a renaissance of some kind and that will be of benefit to the Ontario economy and to Ontario workers."

Nortel's predecessors have been in business since 1882, and the company, once known as Northern Electric, grew rapidly making telephones for its former Bell Canada parent. It later got heavily into network technology through aggressive - but ill-fated acquisitions - in the United States.

At one point in 2000 the company accounted for one-third of the market value on the entire Toronto Stock Exchange and was Canada's most widely held and touted stock, known to investors around the world.

Wednesday's filings came a day before Nortel was due to repay a $107-million interest debt on its bonds. The transaction would deplete Nortel's North American cash reserves by about 10 per cent.

Creditor protection would give the company more opportunities to explore restructuring options or sell some of its assets, but it would also make the company more vulnerable to a quick sale.

A spokesman for Nortel says that while there are no layoffs currently planned as part of the restructuring announcement, the company might have to cut its workforce in the future.

"Let's be clear, this is a restructuring and we will have to make the tough but necessary decisions to ensure that our costs come down, and we do expect that to impact employees," said Mohammed Nakhooda.

He declined to comment on whether any other companies have expressed interest in acquiring any unit of Nortel.

"We're not in any position to announce anything with respect to strategy," he said.

The latest round of problems at Nortel began in November when the company said it would cut another 1,300 jobs and freeze salaries after a US$3.41 billion quarterly loss and lower sales amid "worsening economic conditions."

Nortel once had more 95,000 employees and a stock market value of C$366 billion on the Toronto Stock Exchange, making it Canada's most valuable company. On Wednesday, the company was worth just over $64 million.

Since the telecom bubble burst, Nortel has grappled with a variety of financial problems, and shrank to less than one-third its peak size, but failed to re-establish itself as a leading player in its industry even though it sits on about $2.4 billion in cash.

Nortel could still persevere and make it through their latest round of trouble, suggests Peter Chapman of Bankruptcy Creditors' Service Inc. in Pennsylvania.

"The Chapter 11 and CCAA proceedings will provide Nortel with the ability to sell useless assets, walk away from every bad business deal, improve its operations and operating margins, and knock its $11-billion debt load down to a reasonable level," he said in an e-mail to The Canadian Press.

Chapman said he expects shareholders will likely be wiped out as owners, and the company will be transferred into the hands of its creditors.

Rick Franklin, an analyst at Edward Jones brokerage, says a series of bad decisions led to Nortel's current predicament.

"They put too much debt on the company when times were good, and times didn't stay good forever," he said.

"Their position in the market changed dramatically and they never recovered from that."

Dominion Bond Rating Services downgraded the ratings of Nortel's stock from CCC to D.

Shares in Nortel are pending a delisting review by the exchange to ensure that the company is meeting the requirements of continued listing.

At their peak, and before consolidation, Nortel shares hit $124.50 on the TSX in July, 2000.

Here are some facts about Nortel Networks Corp. (TSX:NT), which has sought court protection from its creditors:

History: Originally a manufacturing subsidiary of Bell Telephone, which later became Bell Canada and then BCE Inc. (TSX:BCE). Nortel was spun off as an independent, publicly traded company in the late 1990s and became for a time Canada's most valuable company.

Stock: All-time high of $124.50 on July 26, 2000, which would be the equivalent of $1,245 in today's terms following a stock consolidation. Shares were worth just 13 cents each on Wednesday.

Employees: Nortel and joint ventures employ about 30,000 people around the world, including 5,800 at Canadian operations in Ottawa and Toronto.

Quote: "Nortel must be put on a sound financial footing once and for all." - Mike Zafirovski, Nortel's president and chief executive since November 2005.

People who left great jobs to fly solo

They left the comfortable corporate cocoon to blossom

Working at a big company. A Big salary. Get a BIG sendoff.

That's the formula millions of American workers used for years to map their career trajectory. Conventional wisdom advised workers to land a job with a big company and retire with generous benefits.
But there's a new breed of worker who is making that formula seem as quaint as a VHS tape.

They are the ultimate risk-takers -- they leave large, successful companies, with the high paying salaries and securities the jobs offer, to pursue their own dreams even though the economy is reeling.

They are people like....

Jason Shellen, who resigned as Google's manager of new business development in 2007 to launch Plinky.com, a startup that's designed to inspire bloggers and users of social media sites. Shellen says he was getting complacent working at Google, despite the company's domination of the Web.

He says he decided to leave Google despite a shaky economy because he wanted to force himself to change.

"Being an entrepreneur is all about risk and innovation, not timing the market," Shellen says. "A good idea doesn't wait for the perfect time to emerge. The ability to build something new outweighed the need for stability."

Why leave a sure thing?

Stability, though, seems to be a rare quality in the workplace. Those who contemplate leaving the corporate cocoon can't help but pay attention to the constant news about corporate layoffs.

Their challenge: Why leave a comfortable position in corporate America when there seem to be so few out there?

Michael Rhim had to face that question. He says he was a regional vice-president at TIAA-CREF, a company that provides retirement plans for nonprofit groups.. He says the company had 5,000 employees, $400 billion in assets and 17,000 clients at its peak.

But Rhim says he started contemplating a change because TIAA-CREF's corporate culture was changing. He started talking with a friend who ran a consulting firm, and he started paying attention to his emotions.

"It was getting more difficult to get up in the morning," he says. "I wasn't enjoying my old job as much as I used to. The more I talked about the job with my new partner, the more excited I got."

Rhim left TIAA-CREF in March of 2008.

He is now an executive at a new company, PRM Consulting, which has 25 employees. Now he does much of his own typing. He can't take clients to fancy restaurants. He even uses recycled paper for scrap paper to save costs.

Though Rhim misses the perks of a large company, he says he received a lot more in return.

"There's much quick decision making," he says. "I work in a culture where we are not afraid to try new things."

Shellen, who resigned from Google to start Plinky, says the large resources of a company can actually slow down the creative process. A person might want to invent a product, but small things like the name of the product end up being discussed in a committee.

"You don't find that in a small company," he says. "At my new company, Plinky, we sometimes dream things up in the morning and by the afternoon have it live on the Web. That never happens at a big company."

Greater freedom is also what inspired Vanessa Fox to resign from her position at Google, where she helped build Webmaster Central, one of the company's most successful projects.

Today, Fox is the founder of "Jane and Robot," which helps web site developers ensure their sites can be found by potential customers, and "Nine By Blue," which helps businesses use online data to better understand their customers.

Fox says the challenge of creating something in an evolving space like the Internet was too great to pass up.

"As hokey as it sounds, there's more to life than money," she says. "As much as I loved working at Google, I am really enjoying the flexibility I have now, as well as the ability to really make a difference in the direction I choose to go in."

Planning your exit

Those who leave the security of corporate life should not do it without research and a plan, some say.

The notion of suddenly bolting a cushy corporate dream to follow one's bliss may seem romantic. But some who've done it say those thinking about making a change should make a frank appraisal of their talents and latch onto something unique that they have to offer.

Rhim, the retirement planning consultant, says he knew the IRS would soon change the retirement plans for nonprofit groups. He knew his expertise would be in demand.

"I sat down and put together a three-month planning process," he says. "I knew there was going to be a market out there where firms needed additional guidance."

All the careful planning, though, didn't remove his fear, Rhim says. But he discovered something remarkable. Once he committed to leaving, doors suddenly opened for him: People materialized to help him and amazing coincidences led to business opportunities.

Rhim, a devout Christian, says it seemed like his leap of faith was being rewarded.

"No question, it was a scary proposition," Rhim says. "But my pastor preached about when you do the right things, the Lord will bless you as he sees fit."

Yet Rhim says he knew he couldn't just lean on faith.

"If you realize that you have some skill sets that are valuable, you can market yourself accordingly," Rhim says. "If not, you're sitting there, waiting to see if you're going to be downsized."

Rhim says he's happy with his move. He sometimes misses having the muscle of a big company behind him, but he no longer feels he's being controlled by larger forces.

He may have to do his own typing now, but at least he is writing his own script, he says.

"If you allow yourself to have other people continue to dictate your future," Rhim says, "you're at their mercy."