BoyNextDoor
I hate liars
- Joined
- Apr 19, 2010
- Posts
- 14,158
Huge US firms take Fed bailout loans - like for example Sysco Corp. They sold $4 billion of debt when the Fed got the rubber stamp in the first Covid-19 response law and made it clear borrowing for corporations is easy. Money is cheap. $4 Billion!
Then, they fire many thousands of people from their jobs. In the case of Sysco Corp that meant firing 20,000 people. 1/3 of its workforce. Why? Because they can. They have easy money and what are they in business for? Shareholder value.
And all the while they maintain dividends and returns for shareholders. The first thing Sysco Corp did was assure that dividends to shareholders would continue.
For the record, I am not saying Sysco Corp did anything a thousands others didn't. Because thousands of other companies did exactly this.
I am just saying it is the system. Einstein once said that insanity is doing the same thing over and over and expecting a different result. This sort of trickle down stuff seems insane to me.
Then, they fire many thousands of people from their jobs. In the case of Sysco Corp that meant firing 20,000 people. 1/3 of its workforce. Why? Because they can. They have easy money and what are they in business for? Shareholder value.
And all the while they maintain dividends and returns for shareholders. The first thing Sysco Corp did was assure that dividends to shareholders would continue.
For the record, I am not saying Sysco Corp did anything a thousands others didn't. Because thousands of other companies did exactly this.
I am just saying it is the system. Einstein once said that insanity is doing the same thing over and over and expecting a different result. This sort of trickle down stuff seems insane to me.
