Take That Apology And Spend It
By Matthew Boyle

(FORTUNE Magazine) – They're sorry. So sorry. After making job offers to a slew of college and MBA students from the class of '01, many belt-tightening employers--including Cisco, Dell, and Intel--have suddenly asked the grads to, uh, not come to work after all. While some of the companies are giving their would-be hires nothing more than walking papers, several others are demonstrating their burning regret with cold, hard cash, offering so-called apology bonuses of up to three months' pay. Since the starting salary for engineers can hit $50,000 and MBAs generally make almost twice that, the consolation prizes can run over $10,000 a pop--not bad for someone who never even showed up at the office. For those irresponsible types who want to kick back and blow their windfall in one go, here are FORTUNE's suggestions. --Matthew Boyle

Company: position Cisco: hardware engineer

Estimated salary $60,000

Apology bonus Three months' pay: $15,000

What that buys A 2001 Jeep Wrangler SE, with $100 left over for gas, suntan lotion, and beer

[Company: position] Intel: programmer

[Estimated salary] $50,000

[Apology bonus] Two months' pay: $8,334

[What that buys] Three nights in the best suite at the five-star Ritz-Carlton in Kapalua, Hawaii, plus pampering

[Company: position] Dell: marketing manager (with an MBA)

[Estimated salary] $80,000

[Apology bonus] Two weeks' pay: $2,300

[What that buys] A 14-day Carnival cruise from San Diego to Miami, via the Panama Canal, for you and four pals

[Company: position] Sapient: engineer

[Estimated salary] $60,000

[Apology bonus] One month's pay: $6,667

[What that buys] A 12-day wildlife safari in Kenya (airfare not included)

[Company: position] Nortel: systems engineer

[Estimated salary] $45,000

[Apology bonus] $1,000

[What that buys] A week's stay in a quaint cottage in the heart of Sonoma Valley's wine country

[Company: position] Pixo: engineer (with an MBA)

[Estimated salary] $75,000

[Apology bonus] Nothing

[What that buys] A subway trip to Coney Island--if you can scrounge up $1.50 for a token