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RBReich's profile
Robert Reich
Robert Reich
Robert Reich
Verified account
@RBReich

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Robert ReichVerified account

@RBReich

Berkeley prof, former Sec. of Labor. Co-Founder @InequalityMedia. Movies "Saving Capitalism" and "Inequality for All" on Netflix. Latest Book: "The Common Good"

Berkeley, CA
inequalitymedia.org
Joined May 2010

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    Robert Reich‏Verified account @RBReich 16 Dec 2018

    Robert Reich Retweeted CBS News

    Let me get this straight: Sears has $25 million laying around to pay out executives who ran the company into the ground, but doesn't have any money to give the thousands of workers they laid off severance pay?https://twitter.com/CBSNews/status/1074116905382936576 …

    Robert Reich added,

    CBS NewsVerified account @CBSNews
    Sears bankruptcy court OKs $25 million in bonuses for top execs https://cbsn.ws/2SNYLnm  pic.twitter.com/cOrGpVimMH
    2:30 pm - 16 Dec 2018
    • 33,045 Retweets
    • 78,404 Likes
    • Paula Gallagher Clive Changeman Marcia Hyatt ✨MiLeNa✨ nida☼ Julio. Holding all elected officials accountable Summer Whitford Janet Wilson barb
    3,823 replies . 33,045 retweets 78,404 likes
      1. New conversation
      2. Dave Matthews‏ @DaveMatthews70 17 Dec 2018
        Replying to @RBReich

        My question in each of these cases is why do the courts allow any of these companies to hold onto piles of money and then funnel it to CEOs INSTEAD of forcing them to pay all the low end employees FIRST! After all, they were the ones on the front lines day to day working hard!

        8 replies . 15 retweets 87 likes
      3. Damothedevo‏ @Damothedevo 17 Dec 2018
        Replying to @DaveMatthews70 @RBReich

        They probably pay the courts first too.

        3 replies . 1 retweet 20 likes
      4. FriedGecko‏ @XabbuMan 19 Dec 2018
        Replying to @Damothedevo @DaveMatthews70 @RBReich

        Usually, the bonuses are contractually obligated to the executives for meeting financial benchmarks that aren't tired to the long term success of the company. Severance is typically not contractually obligated. The problem here is a system that prioritizes short term gains.

        4 replies . 3 retweets 17 likes
      5. Damothedevo‏ @Damothedevo 19 Dec 2018
        Replying to @XabbuMan @DaveMatthews70 @RBReich

        But employees contracts, leave pay and any salary owed, seems to be completely wiped out with the simple word, "bankrupt".

        1 reply . 1 retweet 2 likes
      6. FriedGecko‏ @XabbuMan 19 Dec 2018
        Replying to @Damothedevo @DaveMatthews70 @RBReich

        As far as I can tell, employees were paid the salaries/wages they were owed. They just weren't paid severance. Most employees contracts explicitly state that they can be terminated any time for any reason without severance. This is something that laborer laws could...

        1 reply . 1 retweet 3 likes
      7. FriedGecko‏ @XabbuMan 19 Dec 2018
        Replying to @XabbuMan @Damothedevo and

        ... change but then people keep voting for Republicans who fundamentally don't believe in regulation. Unions could change it to but hey that's socialism. 🙃

        1 reply . 1 retweet 7 likes
      8. Not a Bot or a Troll #DNCFraudLawsuit‏ @kbhm1850 21 Dec 2018
        Replying to @XabbuMan @Damothedevo and

        Unions have been decimated by said Republicans starting with St. Reagan. This was done because back in the day the unions were the Democrats most strongest ardent supporters/donors. Without their strong support they have had to run to health insurance, drug, & dirty energy, etc.

        0 replies . 1 retweet 4 likes
      9. End of conversation
      1. New conversation
      2. The Polunatic‏ @Polunatic 17 Dec 2018
        Replying to @RBReich @hitaskunk

        The 1% never lose.

        2 replies . 0 retweets 43 likes
      3. Jonathon Schwendler‏ @SchwenShady 18 Dec 2018
        Replying to @Polunatic @RBReich @hitaskunk

        When you make the rules, it's hard to lose the game.

        1 reply . 2 retweets 37 likes
      4. 🅼🆈 ℕᎯℳℰ  🅰 ℬᎾℛᎯᏆ  😝‏ @Infantryski7 19 Dec 2018
        Replying to @SchwenShady @Polunatic and

        Yep.. so if giving free money to the rich (taxcuts) is suppose to make poor ppl better off and strengthen the economy (which it dont) Than why not eliminate the middle man (rich ppl) and just give the money to the poor it’ll surely strengthen the economy

        1 reply . 0 retweets 3 likes
      5. Jonathon Schwendler‏ @SchwenShady 19 Dec 2018
        Replying to @Infantryski7 @Polunatic and

        Because too many people THINK they'll be the rich getting the tax cuts one day, and poor people don't have enough money to pay the politicians. Also, politicians are almost always the rich benefitting directly from tax policy.

        1 reply . 0 retweets 3 likes
      6. 🅼🆈 ℕᎯℳℰ  🅰 ℬᎾℛᎯᏆ  😝‏ @Infantryski7 19 Dec 2018
        Replying to @SchwenShady @Polunatic and

        Yep.. as u previously stated .. we elect ppl to work for us, and they end up working for special interest groups who pay them off to pass laws that benefit them.. its an endless circle of unfair distribution of wealth and “lil guy” gets screwed🤷🏻‍♂️

        1 reply . 1 retweet 2 likes
      7. Jonathon Schwendler‏ @SchwenShady 19 Dec 2018
        Replying to @Infantryski7 @Polunatic and

        We need people to take @Ocasio2018 as an example. Run face first into opposition of a political machine and kick their ass. Real people running to help the 99% because the 1% don't need help. Genuine human empathy will always, eventually win. Unrig the game. Write new rules.

        1 reply . 2 retweets 4 likes
      8. 🅼🆈 ℕᎯℳℰ  🅰 ℬᎾℛᎯᏆ  😝‏ @Infantryski7 19 Dec 2018
        Replying to @SchwenShady @Polunatic and

        Agreed..

        0 replies . 0 retweets 1 like
      9. End of conversation
      1. New conversation
      2. Sean Maguire‏Verified account @sean_m_maguire 17 Dec 2018
        Replying to @RBReich @RealKevinConroy

        Corporate America. Give us a chance and we’ll shit all over you.

        4 replies . 7 retweets 140 likes
      3. 1 more reply
      1. New conversation
      2. Reid Dalton‏ @wreiddalton 17 Dec 2018
        Replying to @RBReich @roddreher

        The Court needs those execs to stay in place to see the company is reorganized or wound down according to the Court's orders. Administrative costs are paid before creditors. Other employees that stay on get paid wages for their new hours, but not retention incentive.

        4 replies . 1 retweet 9 likes
      3. Charles Featherstone‏ @Feathersongs 17 Dec 2018
        Replying to @wreiddalton @RBReich @roddreher

        But you can see how unseemly this sort of thing is. Workers get screwed, managers get rewarded for failure. THIS is one reason why we are where we are politically.

        2 replies . 1 retweet 8 likes
      4. Reid Dalton‏ @wreiddalton 17 Dec 2018
        Replying to @Feathersongs @RBReich @roddreher

        It's a question of the publicity it is given. The Bankruptcy Code has been the same since 1978. The emphasis is on allowing businesses to reorganize for the future over past indebtedness. Even secured creditors can wind up getting "crammed down".

        1 reply . 0 retweets 4 likes
      5. Charles Featherstone‏ @Feathersongs 17 Dec 2018
        Replying to @wreiddalton @RBReich @roddreher

        I understand that. There’s just something ugly about paying “bonuses” to execs of failed companies, even if it is to wind the company down.

        1 reply . 0 retweets 6 likes
      6. Reid Dalton‏ @wreiddalton 17 Dec 2018
        Replying to @Feathersongs @RBReich @roddreher

        That's very true. Workers' benefits should be paid for as they accrue and set aside in trust, beyond the reach of a Debtor in bankruptcy or its creditors.

        0 replies . 0 retweets 3 likes
      7. End of conversation

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