There’s no paywall or any way to prevent someone from reading the message from top execs at UAL. They describe a terrible financial situation which will inevitably lead to laying off workers on all levels, most of them the same people who are still staffing flights and cleaning the planes afterward living with the fear of coming home sick one day. They’re doing essential work, so let’s not kneecap the company’s ability to pay them a living wage. So, if you’re calling the corporation a bunch a grifters I’d have to object.
https://hub.united.com/2020-03-15-a-message-from-oscar-munoz-and-scott-kirby-2645495847.html
Since late January, we have taken steps to aggressively manage this crisis and to keep you informed every step of the way - sharply reducing schedules, imposing a hiring freeze, introducing a voluntary leave program, dramatically reducing discretionary spending, cutting CEO base salary 100% and deferring a salary increase. Our competitors have started to follow suit: on Friday, Delta announced a 40% schedule reduction and a 100% salary cut for their CEO and over the weekend, American said it will reduce its international capacity by 75%.
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I’m standing up cheering as I read this. You understand the situation perfectly which is that at the bottom of the financial crisis we’re all experiencing lies first an inept, in over his head Executive (who’s still ranting about being impeached), then followed by a greedy uncaring republican populated Congress. So, about a zillion likes.
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Danny Meyer has always been a decent kind of guy. Good for him – and others who never should have qualified should follow suit.
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Just in case anybody’s interested in how your tax dollars are at work. I think this is called the East Hampton school:
http://www.judithpondkudlow.com/paintingsstilllife.html
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Very, very long NYT editorial, touches on a ton of aspects of the current crisis including how greed has been driving our economy for a long time because the rich have greater influence over lawmakers than the Average Joe.
But it also includes how FDR during the Great Depression implemented policies to get people back to work and then to keep them on a sound financial footing in the decades to come.
Who cares where Roy Cohn is, where’s my FDR?
in the depths of the Great Depression, with jobs in short supply and many Americans reduced to waiting in bread lines, President Franklin Roosevelt proved similarly farsighted. He concluded the best way to revive and sustain prosperity was not merely to pump money into the economy but to rewrite the rules of the marketplace. “Liberty,” Roosevelt said at the Democratic Party’s convention in 1936, “requires opportunity to make a living — a living decent according to the standard of the time, a living which gives man not only enough to live by, but something to live for.” His administration, working with Congress, enshrined the right of workers to bargain collectively, imposed strict rules and regulators on the financial industry, and created Social Security to provide pensions for the elderly and disabled.
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Well, that work certainly aspires to be mediocre.
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It does have that Pier One feel to it.
There was a struggle to get the wealthy appointed R senator in GA Loeffler to admit she profited through a confidential briefing. When you’re married to $500M you do things differently.
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Anyone know if In-N-Out received a PPP loan? Also did he big corps like McDonalds and YUM get a billion in free taxpayer money?
Smart move. They probably earned themselves $50 million in positive PR with this announcement AND they did the right thing.
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