Elizabeth Warren slams Disney for laying off thousands of workers after awarding fat executive pay

[Omaha Steve]

Source: CNN

By Matt Egan

Senator Elizabeth Warren slammed Disney over decisions she says prioritized shareholders and CEO pay packages over the well-being of its workers.

Disney, which is laying off 28,000 employees in the United States, made "short-sighted" business decisions that depleted the storied company's capital cushion, Warren said in a letter released Wednesday.

In particular, Warren called out Disney (DIS) for "showering its top executives with over-the-top compensation packages and salaries" as well as blowing through a staggering $47.9 billion on share buybacks between 2009 and 2018. Share buybacks are a common, yet controversial, way for companies to reward shareholders by returning excess cash.

"It appears that — prior to, and during the pandemic — Disney took good care of its top executives and shareholders — and is now hanging its front-line workers out to dry," Warren wrote in the letter.


Read more: https://www.cnn.com/2020/10/14/business/disney-elizabeth-warren-jobs/index.html

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FULL title: Elizabeth Warren slams Disney for laying off thousands of workers after awarding fat executive pay packages

[padah513]

1. I'd hate to lose her as a Senator in Mass

But I'd love to see her in Biden's cabinet. Doesn't matter where

[keithbvadu2]

2. Now Disney 'needs' a gov't loan to pay employees.

Now Disney 'needs' a gov't loan to pay employees.

[OldBaldy1701E]

3. This just in

Multi-billion dollar American corporation acts like a multi-billion dollar American corporation. Film at eleven.

[appalachiablue]

4. Disney management has been rotten for decades

[GulfCoast66]

5. The article states 6,400 layoffs in Florida. That's not accurate.

That was just salaried and other non-union jobs. Coming next is over 8000 unionized layoffs.

We are going to have families living in the street soon.