Monday, October 4, 2010

Mixed nuts and other news

Companies flush with cash but aren't hiring. So what are they doing with all that loot? Buying other companies which results in the layoffs of yet more workers. Who needs two of everything when they can all be replaced with temps? Can't quit afford buying out your competitor? Then just buy back your shares to raise your stock price. That'll look good at the next annual shareholders' meeting.

Tesoro gets fined 2.4 million dollars for the fire that killed workers. The cheap Texas company bought the refinery located at Anacortes,Wa. from Shell in 2005 didn't bother to inspect the equipment they purchased or do regular inspections. They were sited with 39 willful violations that resulted in the fine. $2.4 million may sound like a lot of money until you consider Tesoro makes over $28 billion per year.

I have more but I need to head over to Mad Mikes and check out my latest post. Nothing like having your name in lights.


S.W. Anderson said...

When discussing what all those companies do with all that loot they're not using to help get the economy going again, let's not forget stuffing CEO, executives and directors' bank accounts with ever more money, stock options, perks, etc. Then, there are Republican campaigns to lavish money on, the U.S. Chamber of Commerce and Karl Rove's attack ad operations to fund. The list goes on and on.

Demeur said...

Odd you should mention that SW. Interesting to note that 91% of the money that came to republicans came from the Koch brothers. Then we also know that the big boys always hedge their bets by backing enough conservadems so they can get their way. Got to keep the game going just as it's been the last ten years you know.

Jerry Critter said...

Company profits do not create jobs. Demand for company products and/or services creates jobs.

S.W. Anderson said...

Demeur, are you sure about that 91 percent being Republicans' overall campaign war chest, and not just for some segment of it, or a limited time period?

Jerry Critter made an excellent point. Demand leads the economy, and it's the only thing that will get us out of the slump.