What does it say when corporate executives are scared of their own employees and shareholders?
U.S. companies are being advised to batten down the hatches for their annual meetings this year amid rising anger among investors and the public over bonuses, bailouts, layoffs and slumping share prices.
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Protests were organized for Thursday outside offices of American International Group, Goldman Sachs, Wells Fargo and Bank of America across the country.AIG employees have been getting death threats since a national furor erupted this week about more than $160 million in bonuses the troubled insurer recently paid.
Companies have been advised to contact local police departments to warn officers ahead of time about possible trouble at their annual meetings. Security and legal staff are being assigned to eject disruptive shareholders from meetings if necessary.
The extra security steps show how companies have become the focus of widespread anger as the recession has deepened and unemployment surged. In addition to disgruntled shareholders, former employees and protestors against executive compensation could also pose problems.
Suddenly mainstream America doesn't look like capitalists anymore. Could we see a return of class consciousness?
not surprised
I'm kind of like, "why did it take this long" but I suspect we might see people in the streets.
These same TARP recipients are raising interest rates on credit cards to 30%. I have great credit and I just received a "notice" from one of my cards so they are clearly just going for the squeeze.
I think people have had enough of this continual squeeze them yet "do whatever a corporation wants".
Shareholder Meeting Locations Can Be Changed to Avoid
easy access for shareholders. I've seen this happen with companies trying to avoid union members attending their meetings during union contract negotiations. Companies will select a town not easily accessible via air or highway. Shareholder meeting location was selected 7-12 months ago, changing location will cost a great deal of additional money. So companies have a choice, face the music or run away.
I hope we see a return of class conciousness
But somehow, I seem to think that class consciousness in America is restricted to a one way street: only rich people are allowed to be class conscious.
At least Mexico is giving us a gift- we need that food that we would have sent down there for our food banks.
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Moral hazards would not exist in a system designed to eliminate fraud.
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Maximum jobs, not maximum profits.