Over at the New Yorker, Sheelah Kolhatkar talks about how companies are being forced to take decisions that aid investors and not their employees or other stakeholders.
The most thought provoking lines are these –
When American Airlines agreed to give raises to its pilots and flight attendants in April, analysts at a handful of investment banks reacted bitterly. “This is frustrating,” a Citigroup analyst named Kevin Crissey wrote in a note that was sent to the bank’s clients. “Labor is being paid first again. Shareholders get leftovers.” Jamie Baker, of JPMorgan, also chimed in: “We are troubled by AAL’s wealth transfer of nearly $1 billion to its labor groups.”
Read the article here