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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 82.36

+1.5%

Feb 5 3:59 PM EST

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To: M. Charles Swope who wrote (52208)	4/28/2001 4:12:27 PM
From: Adam Nash	of 77400

I'd agree with this interpretation, although I can vouch for the fact that many offer letters do not include any language mentioning the at-will nature of the employment (I have seen my share of letters this year...) As is pointed out, you could easily lay off the person the first day, whether or not they sign the contracts provided as those can be terms of employment. I think we are all circling on the same thing: legally, Cisco likely did not have to do anything, however, it is the right thing to do and good policy. Also, like layoff packages, the cost of litigation ends up increasing the expected value of avoiding any litigation, which could be a factor here as well. Intel, for example, has been rumored this year to have allowed students to keep signing bonuses if they do not start work. An interesting year to be graduating, for sure.

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