Greed?

[tigergirl]

I am new to this site. I've been watching for awhile and came accross this article today on the internet from the Memphis Business Journal... I think it says it all...

FedEx Corp. released plans this week to improve profitability by $1.7 billion over the next three years, and investors and analysts have universally applauded the news. Well, almost.
Forbes columnist Agustino Fontevecchia writes that FedEx, along with other companies, has managed to perform well throughout the weak recovery by reducing worker hours. Fontevecchia stopped short of calling FedEx greedy but makes the point that FedEx will become more profitable in spite of a slowing global recovery by trimming its payroll
"FedEx’s plan shows how the private sector has managed to keep earnings growing despite elevated unemployment. Focusing on FedEx Express and FedEx services, (Founder, CEO and President Fred) Smith and his team will create cost reductions by cutting back on worker hours and replacing equipment to achieve fuel efficiency," Fontevecchia writes.
By trimming the fat, big companies like FedEx have managed to improve their profits while sitting on record cash, according to Fontevecchia. He cites a Moody's statistic that showed non-financials held $1.24 trillion in cash at the end of last year, up 3 percent from 2010’s record $1.2 trillion.
"Instead of focusing on creating jobs, companies have deleveraged and focused on profitability."

 

[MrFedEx]

I am new to this site. I've been watching for awhile and came accross this article today on the internet from the Memphis Business Journal... I think it says it all...

FedEx Corp. released plans this week to improve profitability by $1.7 billion over the next three years, and investors and analysts have universally applauded the news. Well, almost.
Forbes columnist Agustino Fontevecchia writes that FedEx, along with other companies, has managed to perform well throughout the weak recovery by reducing worker hours. Fontevecchia stopped short of calling FedEx greedy but makes the point that FedEx will become more profitable in spite of a slowing global recovery by trimming its payroll
"FedEx’s plan shows how the private sector has managed to keep earnings growing despite elevated unemployment. Focusing on FedEx Express and FedEx services, (Founder, CEO and President Fred) Smith and his team will create cost reductions by cutting back on worker hours and replacing equipment to achieve fuel efficiency," Fontevecchia writes.
By trimming the fat, big companies like FedEx have managed to improve their profits while sitting on record cash, according to Fontevecchia. He cites a Moody's statistic that showed non-financials held $1.24 trillion in cash at the end of last year, up 3 percent from 2010’s record $1.2 trillion.
"Instead of focusing on creating jobs, companies have deleveraged and focused on profitability."

This is all a big game to increase profits at an already extremely profitable corporation. In other words, a scam. FedEx knows it can get more profit from a Ground package than an Express package due to the fact that they pay low wages and offer no benefits to Ground drivers. Therefore, Fedex enjoys a tremendous cost advantage over UPS.

Fred S is leveraging his Express employees by turning them upside-down and shaking cash out of their pockets. He has cut benefits, slashed hours, and raised insurance premiums and deductibles.

 

[thedownhillEXPRESS]

This is why the economy sucks and the middle class is getting killed.
Corporations(like FedEx), are, instead of giving better raises and improving worker benefits, just sitting on cash and trying to funnel more wealth to the investor class by showing how much they are willing to take away from their workers, and how best to further oppress them.
No sh** the economy sucks, we have NO MONEY!!!!

It seems like a game to them, see how low you can drive wages and morale.

I hope they burn in hell for making life so miserable for so many people all for greed.

 

[TUT]

Tigergirl that is my stance, this is a world/U.S. issue and not so much a Fedex one, you can't fix Fedex for the employee until there is a paradigm change to how the employer/employee rules and relations go for the country. To vote business/republican right now (even if you really like their over ideals, I actually do by definition) is just accelerating it more in their favor. Some want to say there is too much regulation, to me if "they" had their way they would accelerate their abuse on employees, thus we actually need more regulation/reform to protect the middle-working class. Learning from History will once again fail big time. The fix doesn't start until there are laws forcing companies that out-sourced to start bring jobs back (small %'s at a time) or get out of America. Because the current trajectory isn't going to work long-term. Now I also have part of me that holds the conspiracy theory that Owners are Whiners to (corporate welfare is out of control just as much as civilian welfare) and as we know these companies are sitting on record $$$, but they don't want to use it until their GUYS are in office. Then they will again spend and make their GUYS look good in an artificial way, a "do it my way or I'm taking my ball home with me" kind of way. I hate gridlock above all else. We go nowhere as a country, which is poison.

That said, you have to prepare for today. Even if you don't have cash, you need to figure out how to save some and start investing yourself. It's become more apparent each day that a Job is part of your income and investing is the other, to LIVE! Currently I'm setup where my job is my income and my investment are my retirement. I plan on this spring adding Investments as part of my income. I know we want to believe our jobs should be enough to pay the bills, but dammit if we don't have to acknowledge the true realities around us. Wonder who these people are with these huge houses and multiple big cars etc... They must be doing ok investing day to day.

Once you become successful, chances are you fall inline, love WS, easy money, you are assimilated. You get something in return for contributing very little. And you won't care or worry about the poor middle class, because...hey they are lazy, they could have been trading all along as well. And their just stupid for not seeing the obvious. I think it's easier to worry for the poor when you are poor. But once you get the taste of the good life, you quickly forget about that and assume everyone should be doing what you do. Just sayin.

 

[TUT]

This is why the economy sucks and the middle class is getting killed.
Corporations(like FedEx), are, instead of giving better raises and improving worker benefits, just sitting on cash and trying to funnel more wealth to the investor class by showing how much they are willing to take away from their workers, and how best to further oppress them.
No sh** the economy sucks, we have NO MONEY!!!!

It seems like a game to them, see how low you can drive wages and morale.

I hope they burn in hell for making life so miserable for so many people all for greed.

I can't agree more. With the money Fedex has it could be making it's rank and file feel great about themselves and company. But from what I read not only are they not seeing it monetarily, their beni's are being reduced. EXTREMELY SAD. And your company was not always like that, even though the Chairman has been there day one. Why has he changed so much? What really happened to change his outlook towards his soldiers? But I try to look at how this happens, because there is always a logical series of steps that get you to your point today. Many board-members of large corporations are on each others boards, that is why they seem to have read the same management books, because almost all are the same today. For example, once the commercial airline business started getting out of pensions, that opened the flood gate for any corporation to try to get out of billions promised. The rest just follow, it's almost as if they have to, otherwise they won't be able to compete. Where is the gov't in this? Why isn't civilian welfare every considered "National Security problems?".