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Where the billionaire gets paid and the blue-collar workers get canned
"If you want to see how a billionaire can prosper at the expense of blue-collar workers’ jobs, take a look at Warren Buffett." "On Nov. 5, the Kraft Heinz food conglomerate, which Buffett’s backing helped create five months ago, said it was cutting 2,600 Kraft jobs in North America and closing seven factories.
The following day, Buffett’s company, Berkshire Hathaway, reported its biggest-ever quarterly profit. Close to half of it — $4.4 billion of $9.4 billion — came from an accounting gain on Berkshire’s stake in Kraft Heinz, which it financed heavily and in which it is the largest single shareholder."
Investors and business executives have to run profitable companies, or eventually ALL blue collar jobs will be lost when the company goes bankrupt.
It sucks for the laid off workers, but if all jobs were guaranteed infinitely regardless of financial performance, eventually all products and services would resemble the Yugo.
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It sucks for the laid off workers, but if all jobs were guaranteed infinitely regardless of financial performance, eventually all products and services would resemble the Yugo.