It's a question I've asked before, but I think Larry Beinhart would agree that maximizing profits on Wall Street certainly doesn't benefit the average Joe:
"Among the ways you can get more profit out of a going business are:
- Cutting the workforce -- possibly sacrificing long-term productivity
- Cutting salaries -- who cares if the employees are unhappy? The balance sheet improves.
- Selling off assets -- who cares what happens in 10 years? We can take the money now.
- Outsourcing -- which sends the "wealth" somewhere else.
"A whole host of devices were developed to do all of the above: junk bonds, leveraged buyouts, hostile takeovers, greenmail and the like.
"Lots of money could be made that way -- for a small number of individuals. But it doesn't produce 'wealth.' "
Not for the workers, anyway.
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