Because AT&T Executives work for Wall Street and its investors, not for American employees , it makes sense they outsource high paying American jobs, that can be off shored, to cheaper locations overseas for a fraction of the American cost, with hungrier, younger, cheaper workforce who won't throw lawsuit at their employers and will work tirelessly to get the job done: this is new slavery of 21 century.
AT&T uses Covid19 as an excuse to clean up balance sheet and restructure the company, which should have been done by prior management that let kick the can down the road.
New AT&T management team receives huge compensations and golden parachutes at the end to make these decisions.
It’s basic capitalism concept that can be applied to any company.
13 replies (most recent on top)
AT&T executives care very much about us workers. We are its blood, its lifeline. That is why we have great pay, benefits, pension. Great company.
No kidding!! Taking out a 5.5 billion dollar loan to pay dividends during Covid said it all.
And when the company succeeds, we workers succeed. That's why the tax cuts were so great.
WRONG to Wrong. Your numbers are way off. T-MOBILE was a gamble approved by the board. If it had gone through ATT would be the premiere wireless company. It cost $1B not 5B. Get it right
Wrong Wrong Wrong.
Look it up.
The failed merger settlement was $3B cash and spectrum worth $3B. It saved T-Mobile and I'd bet Legere laughed all the way to the bank.
Legally in America, corporations are accountable to their shareholders. From a practical perspective, corporations have to serve their customers competitively well too. But when the corporation is a monopoly or part of a duopoly, they can rip off their customers and provide non competitive service.
Businesses have very minimal labor laws to protect their workers. When you have an ineffective union and a non competitive labor market (due to outsourcing, low cost contracting and excessive guest worker programs) workers receive unfair treatment.
In AT&T's case, the company is solely accountable to executive interests. With a complicit Board of Directors and a company too large for any shareholder to effectively have oversight, Stinkey and Rat only have to pull the wool over investor's eyes enough to keep them from revolting en masse. Meanwhile, the C Suite are enriching themselves as they rip off their shareholders, rip off their customers, mistreat their employees, destroy the companies they acquire, and hurt society in general. Stinkey and the Rat are laughing all the way to the bank.
@kdq they go thro hoops to make sure we dint spend $$. This was for tools we use to perform day to day stuff. Ratty blows 5b in a jiffy...
WRONG to Wrong. Your numbers are way off. T-MOBILE was a gamble approved by the board. If it had gone through ATT would be the premiere wireless company. It cost $1B not 5B. Get it right
CEOs are employees too. You can apply for that job, just like anybody else. Boards are elected by shareholders, who are out for a profit. People tried out worker oriented policies. They're called Communists, and the world knows how that went. China embraced capitalism in the end, and we see how that went too. With lower taxes and lower regulations and not caring about worker rights they're taking all our jobs and growing their middle class.
While I am no fan of McFresh, let’s be clear we are in mess we are in because of Randall and Stankey betting on wrong horse time after time. Even Elliott group’s Paul Singer and his henchmen are only here because Randall and Stankey mortgaged the future of a fortune 10 corporation opening it to be taken advantage of by New Yorker Wall Street types that only care about money and not business. McFresh and his lieutenants didn’t have much to do with this mess we are in (mountains of debt and sinking stock price as result of bad bets).
Corporations are set up to reward those that invest their money. Those who invest their time are compensated. It is the duty of the officers of the corporation to be profitable for the investors. Equipment, materials, employees fall under the category of expenses. Less expense equates to more profit. Welcome to corporate America. Buy stock.
WRONG, at least for T.
The CEO works to enrich themselves and their buddies that they are in cahoots with in the Board of Misdirectors.
Want proof? Look at all the incompetence such as Ratty giving $5B to TMOB for his failed merger and he did not get summarily fired!?!?!? Then he goes on to make more b0ner decisions and is handsomely rewarded for his great work with a $270K/month pension and $1M/quarter dividend payment. If I wasted $5, I would be immediately fired.
Case closed.
It's wasn't Capitalism that lead to those decisions, Comrade. Get educated, and not indoctrinated.
It is an open secret. It is true for all publicly traded traded companies (even private companies).
CEO's job is to maximize shareholder value. He is responsible to shareholders, not employees. CEO can be fired if shareholders are not happy about his performance.