How #TechWorkers went from dreaming of starting revolutions, to dreaming of fake #startups, to dreaming of a job for life, to fearing layoffs to make way for #StockBuybacks.

https://doctorow.medium.com/the-proletarianization-of-tech-workers-ad0a6b09f7e6?sk=6dc50e8e1afc9bbd523a2fee4959e5c0

#Precarity #Financialization #EndStageCapitalism

The 100 Largest #LowWage #Employers Have Spent $341 Billion on #StockBuybacks Since 2020
https://inequality.org/great-divide/ceo-pay-stock-buybacks/

Low-wage #corporations spent $341 billion on #StockBuybacks
https://www.commondreams.org/news/corporate-stock-buybacks

USA’s healthcare is the WORST in the developed world, delivering highest death rates for treatable conditions, the highest infant & maternal mortality rates & the lowest life expectancy at birth BUT Top Insurance CEOs Took Home $335 Million Last Year

#healthcare #insurance #stockbuybacks https://truthout.org/articles/top-insurance-ceos-took-home-335-million-last-year-fueled-by-stock-buybacks/

It's true that late-stage capitalism *looooves* long, brittle supply chains. In their drive to realize "efficiencies," multinational corporations squeezed every drop of slack out of the system, eliminating buffer stocks, cutting staffing to the bone, and pissing away cash reserves in #StockBuybacks.

17/

How CEOs Manipulate the Stock Market - YouTube
https://www.youtube.com/watch?v=WtITm6UeUqE

Good explainer, recommended

#Capitalism #StockBuyBacks #Neoliberalism

We Found The Guy Who Invented Mass Layoffs | The Class Room ft. FDSignifire - YouTube
https://www.youtube.com/watch?v=qr3sAWIpFeU

Apr 13, 2023
"Elon Musk didn’t pioneer the mass layoff or the celebrity CEO. Jack Welch did. The CEO of General Electric is the reason companies off-shore jobs, do massive cost-cutting and layoffs, and pour all their profits into stock buybacks. He invented the American CEO."

#Capitalism #ShareholderCapitalism #Neoliberalism #StockBuybacks

Uncovering the Dark Meat Behind Tyson

https://youtu.be/HpoQN2S9i7M

#essay #iilluminaughtii #labor #tysonfoods #food #chicken #badcompanies #badbusiness #foodprocessing #worksafety #worksafety #childlabor #foodsafety #safetyviolations #stockbuybacks #covid19 #exploitation #trump #pricefixing #pricegouging #factoryfarming #pollution #waterpollution

@rbreich I feel like the #Fed should be called on their claim that their ONLY tool is #interestrates when they clearly used other tools after the #GreatRecession like #QuantitativeEasing

Maybe the Fed should see what it can do about #pricegouging and #StockBuybacks

I bet there are creative tools they can use. Certainly anything is better than putting it on the backs of #workers

George Will's defense of Stock Buybacks in the WaPo today is the most convoluted set of verbal gymnastics to simply say "But we wanna" that I have ever seen.

It works off so many flawed first principles. Ignoring the need to benefit the community or lift up the worker, or invest in research.

Stock Buybacks are manipulation. They were and should have remained illegal!

Curse Reagan again!

https://www.washingtonpost.com/opinions/2023/03/03/biden-progressives-nonsensical-attacks-stock-buybacks/

#Stockbuybacks #Reagansucks #Leftist

#Intel, Others Will Have To Limit #StockBuybacks
Commerce Department will also require firms to submit details of any potential #sharebuybacks and #dividends that they are planning for the future, and stop them from making any dividend payments or buybacks from the funds granted through the #CHIPSAct
https://wccftech.com/intel-others-will-have-to-limit-share-buybacks-chinese-chip-plans-to-receive-u-s-funding/

#StockBuybacks Over the past 5y, acc. to S&P Dow Jones Indices, big US companies have spent $3.9trn repurchasing their own stock, chart @WSJecon https://cutt.ly/x3Mj2AJ

#railroad #Railroadstrike #Ohio #ceopay #StockBuybacks #antiwork #buttigieg

@rbreich It's also a means of manipulating Earnings Per Share to make a company look like it's more profitable than it is. CSX is a great, recent example as explained here in his Seeking Alpha article from 13Feb2023 "CSX Corporation: The Elephant In The Room No One Talks About" by Luca Socci

https://seekingalpha.com/article/4577794-csx-corporation-the-elephant-in-the-room-no-one-talks-about

#stockbuybacks #manipulation #csx

RT @doctorow
The repeal cost millions in lobbying dollars, but it was worth it. Shortly after the ECP rule was scrapped, #NorfolkSouthern handed millions in bonuses to its execs and did billions in #StockBuybacks, while laying offf thousands of workers:

https://www.fool.com/investing/2018/10/25/norfolk-southern-implements-massive-buyback-progra.aspx 14/

The repeal cost millions in lobbying dollars, but it was worth it. Shortly after the ECP rule was scrapped, #NorfolkSouthern handed millions in bonuses to its execs and did billions in #StockBuybacks, while laying offf thousands of workers:

https://www.fool.com/investing/2018/10/25/norfolk-southern-implements-massive-buyback-progra.aspx

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Meta Soars by Most in Decade, Adding $100 Billion in Value - Mark Zuckerberg’s company recorded its biggest daily market gain in nearly a decade, as t... - https://www.nytimes.com/2023/02/02/technology/meta-stock.html #antitrustlawsandcompetitionissues #layoffsandjobreductions #computersandtheinternet #nasdaqcompositeindex #metaverse(internet) #onlineadvertising #metaplatformsinc #zuckerbergmarke #companyreports #stocksandbonds #stockbuybacks #instagraminc #facebookinc #socialmedia

"Broke" Railroad Company Union Pacific Spent BILLIONS on Stock Buy Backs

https://youtu.be/RPnfAlQo7yg

https://www.commondreams.org/news/union-pacific-stock-buybacks

#TYT #TheYoungTurks #BreakingNews #news #unionpacific #railroad #railroads #stockbuybacks

Context on Chevron Corp's $75 billion stock buyback.[1]

There are about 125 million households in the US.[2]

Chevron is pocketing over $600 per household as a transfer of wealth from the poor to the rich.

1. https://www.reuters.com/business/energy/chevron-raises-quarterly-dividend-announces-75-bln-buyback-program-2023-01-25/

2. https://www.census.gov/quickfacts/fact/table/US/HSD410221

#chevron #StockBuybacks #Inequality #Profiteering

A new report from Oxfam has found that the richest 1% captured nearly twice as much new wealth as the rest of the world combined over the past two years.

"Billionaire wealth surged in 2022 with rapidly rising food and energy profits. The report shows that 95 food and energy corporations have more than doubled their profits in 2022. They made $306 billion in windfall profits, and paid out $257 billion (84 percent) of that to rich shareholders."

https://www.oxfam.org/en/press-releases/richest-1-bag-nearly-twice-much-wealth-rest-world-put-together-over-past-two-years

#Oxfam #Economics #Wealth #Inequality #Income #IncomeInequality #Billionaires #Inflation #CorporateGreed #Profits #Shareholders #Dividends #StockBuybacks