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Capitalism at its worst
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Author:  Roy_Whyte [ Thu Feb 01, 2007 9:46 am ]
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<strong>Written By:</strong> Roy_Whyte
<strong>Date:</strong> 2007-02-01 08:46:26
<a href="/article/174626222-capitalism-at-its-worst">Article Link</a>

<a href="http://www.cbc.ca/money/story/2007/01/31/bmo.html">CBC</a> <br /><br /> Who wants to bet that come March Comper gets a fat seven figure deal as compensation? Billion dollar profits and there still exists the need to "boost profits" by layoff. This is why capitalism as we know it will consume itself to death.

Author:  Deacon [ Thu Feb 01, 2007 12:04 pm ]
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When I heard this announcement I decided to do some math.

"to improve efficiency and boost profits"?

Assuming a 30,000 a year wage for the low end of the scale, the termination of 1,000 workers nets them a whopping 30 million.

That's approximately 1.1 percent.

Now all I need to do is find out how much of a bonus the top guy on the totem pole will get for coming up with this plan and compare the two.

My guess is it'll be a pretty close match.

As for efficiency, my guess is that you'll get to wait longer in line too.

Unless of course you have a fat wallet to begin with, then their time is your time and NOT the other way around.



---
"and the knowledge they fear is a weapon to be used against them"

"The Weapon" - Rush

Author:  Dr Caleb [ Thu Feb 01, 2007 1:02 pm ]
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This just in . . .Exxon earned $75,000 a minute last year.<br />
<br />
<a href="http://news.bbc.co.uk/2/hi/business/6320933.stm">http://news.bbc.co.uk/2/hi/business/6320933.stm</a><br />
<p>---<br>"I think it's important to always carry enough technology to restart civilization, should it be necessary." Mark Tilden<br />

Author:  Deacon [ Thu Feb 01, 2007 1:18 pm ]
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Or in other words: 39,447,000,000 dollars.

Put into a different perspective they made the same amount as 1 million families with an annual income of $39,447 before taxes.

---
"and the knowledge they fear is a weapon to be used against them"

"The Weapon" - Rush

Author:  Deacon [ Thu Feb 01, 2007 1:34 pm ]
Post subject: 

And judging how the story is worded, that's not all they made.

2006 profits are listed as being 377.6 billion.

It looks as though that 39 billion is profit above and beyond the 2006 earnings.

So, revised perspective reads as follows:

377,600,000,000 + 39,447,000,000 = 417,047,000,000

Now divide that by the family income I used earlier: $39,447

The new, even more sickening number is now a obscene amount equal to the income of 10,572,000 families.

Adjusted to a per minute amount that reads as $792,295.31





---
"and the knowledge they fear is a weapon to be used against them"

"The Weapon" - Rush

Author:  Deacon [ Thu Feb 01, 2007 1:35 pm ]
Post subject: 

If I made a mistake, and I hope I did because that number is sickening, someone please find it.

---
"and the knowledge they fear is a weapon to be used against them"

"The Weapon" - Rush

Author:  Rico AB [ Thu Feb 01, 2007 3:01 pm ]
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I believe in the company's right to do this. It's their business, and they certainly have the right to hire/fire whomever they want.

At the same time, I believe that the public has the right to show protest. In other words, if you think that a bank that has just shown record earnings is justified in laying off 1000 people, then you should show them what you think of this by moving ANY business you have with them elsewhere. When they ask you why you're leaving, make sure you let them know.

You can't have profits if you don't have customers.

If you don't boycott BMO then you've shown that you're okay with their actions, and are prepared to see the same occur everywhere else.

Rico AB.

Author:  Dr Caleb [ Thu Feb 01, 2007 3:25 pm ]
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I'm not going to check your numbers. They are plenty disgusting as they are. 'Over the top' doesn't matter how far over.

---
"I think it's important to always carry enough technology to restart civilization, should it be necessary." Mark Tilden

Author:  Deacon [ Thu Feb 01, 2007 4:21 pm ]
Post subject: 

I have no problem at all with a company making money, after all that is why they exist.

What I object to is the HOW they use to do it.

---
"and the knowledge they fear is a weapon to be used against them"

"The Weapon" - Rush

Author:  SphinxMontreal [ Thu Feb 01, 2007 6:12 pm ]
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This isn't capitalism at its worst. This is capitalism
period.

Author:  Roy_Whyte [ Fri Feb 02, 2007 3:57 am ]
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I disagree. You can have a fully functional free and open capitalist system without these kinds of acts.

---
If there was ever a time for Canadians to become pushy - now is the time - for time is running out on this nation called Canada.

Author:  Patm [ Fri Feb 02, 2007 10:37 am ]
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Well, if we lived in a capitalist society this simply wouldn't be possible. Banking is to capitalism what anti-matter is to matter.

Our country has no capital, only debt. You cannot be capitalist without capital.

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