Economist Richard Wolff says that the recent upswing in stocks comes from profits made through concessions and cutbacks and that worse will come in the future. He says that workers have to get organized and fight for control of the companies. I thought this was a really great clip.
Category Archives: Capitalism
Writing in the San Francisco Chronicle, Antonia Juhasz, the director of the Chevron program at Global Exchange in San Francisco, shows how Richmond, California and the entire state of California have not benefitted from Chevron’s recent soaring profits (Richmond is the site of Chevron’s oldest oil refinery). Chevron’s profits have increased every year since 2002 “by an astounding 2,100 percent”. “By revenue,” points out Juhasz, “Chevron is the largest corporation in California, the second-largest U.S. oil corporation and the third-largest corporation in the nation.” There are only 36 countries on the planet that have GDPs larger than Chevron’s “$263 billion in 2008 revenues.” Read the rest of this entry »
Last Sunday (July 12, 2009), the New York Times reported on Goldman Sachs’ soaring profits (“For Goldman, a Swift Return to Lofty Profits”). Here’s a telling passage:
“The obsessive speculation has already begun, along with banter about how Goldman’s rapid return to minting money will be perceived by lawmakers and taxpayers who aided Goldman with a multibillion-dollar cushion last fall.
‘They exist, and others don’t, and taxpayers made it possible,’ said one industry consultant, who, like many people interviewed for this article, declined to be named for fear of jeopardizing business relationships.
Startling, too, is how much of its revenue Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions.“