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Stock Buybacks

CHIPS Ahoy For Stock Buybacks R Us!

Intel, the largest chip maker in America, with 2023 revenues of $54 billion, has just been awarded an $8.5 billion grant from the federal CHIPS and Science Act, plus $11 billion in favorable loans. In addition to badly needed microchips, Intel produces totally useless stock buybacks. On its website the company proudly proclaims to have spent $152 billion on stock buybacks since 1990. That’s not a typo — $152,000,000,000. Which is why I call it Stock Buybacks Я Us. Intel took $152 billion of its revenues, some portion of which could have been used for R&D and building new microchip facilities in the U.S.

Automakers Hand Billions To Shareholders While Stiffing Workers

Roughly 150,000 auto workers are preparing to launch what may be the biggest strike in decades this Thursday over their employers’ refusal to provide adequate pay and job security. Meanwhile, in the past twelve months, the Big Three automakers — General Motors, Ford, and Stellantis — have authorized $5 billion in stock buybacks, effectively giving billions of dollars to shareholders that could have gone to auto workers. On top of the stock buybacks, the Big Three have reported $21 billion in profits in just the first six months of 2023. Despite the enormous gains, the companies have cried poverty in response to union demands for wage increases to make up for decades of pay stagnation.

Don’t Blame My Fellow Retail Workers For Poor Service, Blame Our CEOS

Ever get mad at a delivery person for bringing your pizza late? That used to be me. Now I assume it’s late because an overpaid boss is probably making two employees do the job of 10. That’s because I worked for two years at a company with the kind of chronic understaffing that plagues many of America’s largest retailers and fast food corporations. My job was to build merchandise displays at Lowe’s, the home improvement chain. I wasn’t supposed to deal directly with customers. But when people asked me for help, I was often the only employee available. So I wound up doing everything from sawing lumber to cutting keys — all the while worrying about finishing my assigned projects.

Union Pacific Spent More On Stock Buybacks Than Workers

Union Pacific, one of the largest rail corporations in the United States, said Tuesday that it brought in record revenue and profits last year as it successfully fought off workers' push for paid sick leave. The company reported $7 billion in net income for 2022 as a whole and said it spent a whopping $6.3 billion repurchasing its own shares—significantly more than the $4.6 billion it spent on employee pay and benefits last year. “Instead of buying back their own stock, UP should be investing in their employees by offering paid sick leave, reasonable schedules, and a better quality of life for railroaders," Ed Hall, the newly elected president of the Brotherhood of Locomotive Engineers, told CNN on Tuesday. "This is the only way the railroad will be able to solve their recruitment and retention problems and keep the trains running."
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