CFO steals $95,000 from employee vacation benefits at Wet Seal clothing company

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.

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  • OnlineRefugee

    As a lawyer who since 1992 has pursued employers for cheating and stealing employee wages and benefits, this is NOT surprising. A common MO is for company executives (whom know they are closing down) will LOOT the company beforehand, so when the doors physically close they have figuratively crammed stolen cash (aka YOUR money) down their soiled filthy underwear and run out the side door.

    Based in California I have a way to go after these people, but unfortunately, the laws may differ for employees whom have been robbed elsewhere in the nation. Moreover, even here in California ripped-off employees cannot find lawyers to handle the cases. The lawyers want the easy cases, that will settle without them doing a whole lot of work. (When company execs loot the company, those wage cases require effort and expertise to prevail.)

    I just heard of this on the news. I suggest former employees contact competent counsel in your area, a lawyer who specializes in wage claims. Depending on your state’s laws there’s ways to nail these guys.

    Good luck. MM