He was a magician – he made tons of money for investors through dividends and share buyback. His total yearly compensation was excess of $20 million. This man believed that some of his staff could just be fine with minimum wage, but he deserved all the tonnage of digital benjamins that were hitting his bank account.
Then Coronavirus hit, unfortunately, and suddenly, this magician is asking for a bailout from the government. Yes, the man who had expected working mothers of three to support their lives on minimum wage, now thinks that the American people should save the company he leads! Interestingly, his wish is on track; the $2 trillion stimulus package makes it a near-certainty.
You see the irony?The company is on its own minimum now, but instead of him dealing with it the way minimum wage workers have been struggling-out over ages, this capitalist believes that the government must come and help the company.
Covid-19 is bad – no debate on that. But our world must not forget in a hurry what is happening with these overpaid human magicians who think they are special, and must be paid with all the cash truckloads in the company, even when their workers are on government food stamps.
It is painful that a man who is paid excess of $22 million does not have the talent to save his company, rain or sunshine. I get it – getting the government involved is part of his magical leverageable capabilities! Yet, that was a bailout – and I am hoping he bails out his minimum wage workers when sunshine returns, post Covid-19.
Just imagine if he had gone with $7 million, on peacetime, giving his comrades opportunities to rise further at better pay. But no way, the capitalist magicians cannot be traded below market value!
Why do we privatize success but quickly socialize (nationalize) problems when bad things happen? Of course, this is not to say that Covid-19 is not very unfortunate; I support bailouts to companies. Yet, the world needs to use this vehicle to bring common sense on compensations and the disparities between CEOs and low-level workers.