Share in the loss, too?

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Tuesday, February 8. 2011

At Liberty Pundits:

Here’s the quote: “If we’re fighting to reform the tax code and increase exports, the benefits cannot just translate into greater profits and bonuses for those at the top. They have to be shared by American workers, who need to know that opening markets will lift their standard of living as well as your bottom line,” President Obama told the Chamber of Commerce on Monday morning.

Really, Barry? And what if the company fails, do they share in the loss?

If an employee wishes to share in the risk of profits and losses, he can buy shares like anybody else.

Prof B explains it in legal detail: Obama Preaches the False Religion of Corporate Social Responsibility

Posted by The Barrister in Hot News & Misc. Short Subjects at 18:04 | Comments (6) | Trackbacks (0)

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Barry is only familiar with buying and selling stock as it relates to the rich getting richer (too rich), not enriching the masses.

A similar point could be made to unions - if Richard Trumka thinks corporations shaft their workers, why doesn't he make his own company and show everybody how it's done right? The answer is that he's not interested in it being done right, only in kicking somebody.

#1 mudbug on 2011-02-08 19:01 (Reply)

I made this exact argument to striking employees in Van Wert, OH.

They were upset that a foreign company bought their factory, and those people didn't know anything about making automotive parts.

I suggested that their union should take their dues and start a new company. They'd blow away the "know nothings." Suddenly that was unfair b/c the factory workers didn't know how to start and run a company.

So I suggested that maybe those "foreigners" did know something and they were earning any profits they obtained.

#1.1 DrTorch on 2011-02-09 08:54 (Reply)

This is because he is clueless. He has never run a company, never meet a payroll, nothing. His proudest achievement is duping the American press. we are doomed!

#2 GoneWithTheWind on 2011-02-08 19:40 (Reply)

Employees share in the loss when companies fail. They lose jobs, often pensions and health benefits. And usually have lesser resources left to fall back on than corporate owners. If owners think they can run a company all by themselves, go to it. Nobody minds them making a decent profit, but lets not get delusional about how they did it all by themselves either. I am a conservative, but this always makes me roll my eyes. It's in EVERYBODY'S interest to have a successful business. Some of you people sound like Daffy Duck yelling " It's Mine, It's Mine, I'm Rich, I'm socially Secure. I'm Rich!!!!" while shoving Bugs Bunny who helped him get whatever treasure there is back down the hole. However I do agree, that Obama is rather cynical about it all.

#3 brierrabbit3030 on 2011-02-08 23:08 (Reply)

No offense TB, but what the hell are you smoking in those cigars you post about? Can't be tobacco.

If a company fails, workers lose their jobs, any benefits like health insurance, sometimes pensions (if not protected), bonus payments (if offered) and, in some cases, they are also share holders via the purchases of company stock through stock plans. Cities and towns lose a source of charitable investment in volunteer organizations not to mention tax revenue. Capital expansion for larger buildings and more employees.

Professor Bainbridge offered the following in response to President Obama's statement: "Wrong. The social obligation of business is to sustainably maximize long-term profits for shareholders. Nothing more. Nothing less."

I'm not smart like Bainbridge - I can't put long sentences together in the form of a lecture on holders rights using .25¢ words. I can say that after wading through his article that he must be smoking the same cigars as you are.

Without the workers, there is no company. Without shareholders, there is no company. It's a symbiotic relationship - both are stakeholders in different ways - sometimes in the same way as both workers and shareholders. To say differently is to ignore reality which seems to be something Bainbridge does on a regular basis. Being all uppity and intellectual about something doesn't mean it's common sense.

#4 Tom Francis on 2011-02-09 06:23 (Reply)

Sorry, The One is right on this one. Workers lose their jobs when a company fails. Too often, larger companies make huge profits and pay excessive bonuses to the employees at the top (CEO, CFO, Directors) and leave the little guy to struggle.

BTW, I run a company, have to make payroll and do it every week.

#5 RBM411 on 2011-02-09 07:50 (Reply)

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Tuesday, February 8. 2011

Share in the loss, too?