It’s not aberrant behavior, it’s how you get ahead in business. This week, the chain clothing store “Wet Seal” surprised employees by shutting its doors immediately, after indicating to employees that such a move would not happen. This, according to signage left in the windows of these stores, left many with unpaid vacation and paid time off hours.
In an economic world where there are no consequences for senior managers and executives, of course this is going to be the case, where they can betray employees for their own financial benefit.
During the implosion over this last year, the Chief Financial Officer had his salary bumped by $95,000 when the company acknowledged it was already in freefall.
But that’s not fair! You may say that the CFO’s salary increase had nothing to do with the benefits lost by employees, and this is exactly the problem, this shell game of wealth destruction while top executives find ways to pay themselves.
And the business managers and executives get to just cross the street and draw additional six-figure salaries without any obligation or consequence to their employees. Let’s not forget that such vulture capitalism is celebrated enough in our society that the wealth obtained through such activity can launch a person to the Oval Office itself.
In today’s world, with value and resources becoming increasingly scarce, it is destruction, it is liquidation, it is the dismantling of value and productivity that our corporate masterminds cherish, and until government regulation holds them accountable to the American people, it is away from the American people that value and wealth will flow.