I am at the 2008 MUFSO Conference in Washington, DC. Last night was the kick off cocktail reception that featured many of the great local restaurants in the area. With the wonderful backdrop of the Potomac River and the great food, all we needed were some of the top level brass from some of the companies to show up. There were a few of the usual suspects that showed up, but the general consensus was about the current state of the economy.
Many of the most tenured executives confided in me that they may have to look at massive cuts in employees, if they have not already. Moreover, many told me that they were really unsure how long this may take for us to get out of. If months were not thrown around, some even talked in years.
One this is certain. Everyone is cutting back. It is not just the folks at home who are worrying about making ends meet, but also large corporations. Hey even AIG cut back it annual meeting at the Ritz Carlton at the Half Moon Bay in California just last week!