If you thought the greed of corporations could not get any worse, just look at what United Technologies ( Carrier air conditioning corporation) just did to 1,400 workers at their Indianapolis plant.
Carrier just announced that they would be laying off 1,400 workers over the next year to move the plant to Mexico where workers make around $6 a day.
The manager who broke the news to the workers made it very clear that this was a “business decision.”
But was it really as tough a decision as the manager claims it was?
The Young Turks laid out the truth about how corporations have rigged the entire political system to make it even easier for corporations like United Technologies/ Carrier to toss American workers aside for low wage workers in another country.
Outside of the billions in profits that United Technologies brought in last year and the outrageous CEO pay there is one more thing that really caught my attention, their stock buyback program. Yes they dumped millions of dollar into buying back their own stock to artificially boost their own stock prices, which is exactly how many of the corporations executives are compensated.
Watch this short 15 minute video from the Young Turks as they explain how corporations have rigged the system for those at the top.
Here are three articles on United Technologies stock buy back program:
Related reading on stock buybacks from the NH Labor News:
Read the series about Verizon as a case study of what’s wrong with the economy, starting here.
Read “What Mitt Romney taught us about America’s Economy” here.
Read “McDonalds: Paying Billions (of Borrowed Money) to Stockholders” here.
Read more NHLN coverage of stock buybacks here.