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David Mitchell :CApride:
David Mitchell :CApride:  ·  2 months ago
@pluralistic @bloodravenlib

https://www.counterpunch.org/2024/09/02/the-low-wage- corporations-that-blew-half-a-trillion-dollars-to- inflate-ceo-pay/

and a reminder that except for some recent and very remarkable moral, linguistic, and legal gymnastics: stock buybacks are illegal, and for very good reasons.

Screenshot from above linked article: Take Lowe's: over the past five years, CEO Marvin Ellison spent $43 billion on stock buybacks, netting $18 million for himself in the process. Now, Lowe's has 285,000 employees, half of whom earn less than $33,000/year. Divide Ellison's $18m among those workers and each of them would net a paltry $126/year. But if you were to share out the $43 billion Ellison had to piss up against a wall on stock buybacks among those workers, you'd be able to give every worker a $30,000 bonus, every year: https://www.counterpunch.org/2024/09/02/the-low-wage- corporations-that-blew-half-a-trillion-dollars-to- inflate-ceo-pay/
Screenshot from above linked article: Take Lowe's: over the past five years, CEO Marvin Ellison spent $43 billion on stock buybacks, netting $18 million for himself in the process. Now, Lowe's has 285,000 employees, half of whom earn less than $33,000/year. Divide Ellison's $18m among those workers and each of them would net a paltry $126/year. But if you were to share out the $43 billion Ellison had to piss up against a wall on stock buybacks among those workers, you'd be able to give every worker a $30,000 bonus, every year: https://www.counterpunch.org/2024/09/02/the-low-wage- corporations-that-blew-half-a-trillion-dollars-to- inflate-ceo-pay/
Screenshot from above linked article: Take Lowe's: over the past five years, CEO Marvin Ellison spent $43 billion on stock buybacks, netting $18 million for himself in the process. Now, Lowe's has 285,000 employees, half of whom earn less than $33,000/year. Divide Ellison's $18m among those workers and each of them would net a paltry $126/year. But if you were to share out the $43 billion Ellison had to piss up against a wall on stock buybacks among those workers, you'd be able to give every worker a $30,000 bonus, every year: https://www.counterpunch.org/2024/09/02/the-low-wage- corporations-that-blew-half-a-trillion-dollars-to- inflate-ceo-pay/
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faraiwe
faraiwe  ·  2 months ago
@DavidM_yeg @pluralistic @bloodravenlib it's particularly funny (not in a ha-ha way) that #Lowes is the business in question, here, given the bandwagonning some were putting towards Lowe's away from #HomeDepot, given HD's owner being pro-tRump. As if Lowe's had a conscience and were some nice business.

Spoiler: they are not. There are none. Large corporations are soul-less, scruple-less, and will always fuck people over, to boost bottomline, because that is how they are set up. The world will burn because CEOs need bonuses.

Learn this, peeps. Don't give in to artificial culture wars. ALL large corporations are evil, no billionaires are good.