Process
Status Items Output None Questions None Claims None Highlights Done See section below
Highlights
id596859706
the Big Three automakers — General Motors, Ford, and Stellantis — have authorized 21 billion](https://uaw.org/president-fains-big-three-contract-update-ford-proposal-insults-worth/) in profits in just the first six months of 2023. Despite the enormous gains, the companies have cried poverty in response to union demands for wage increases to make up for decades of pay stagnation.
✏️ The severe disconnect between corporate greed and just wages. 🔗 View Highlight
id596859888
Last year, S&P 500 companies set records for stock buybacks, spending over 565 billion the top firms spent on dividends, which are profit-sharing payments made to shareholders.
✏️ Need to read more, but basically these tactics are profit without prosperity. They feed back money into the elite shareholders, boosting short-term value of company, and reducing their long term prospects towards investments or giving anything to workers. 🔗 View Highlight
id596860220
Instead, because the companies were considered “too big to fail,” the United States spent $11 billion bailing out GM.
✏️ These companies spend so much on stock buybacks and get themselves into precarious positions because they know the government will bail them out. As happened back in 2009. 🔗 View Highlight
id596860504
On average, the CEOs of the Big Three have received 40 percent bumps in their salaries over the past four years. GM CEO Mary Barra made nearly 25 million, and Ford CEO Jim Farley made $21 million