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Notice #WhiteCollar job cuts in #Tech, #SV and #FANG at the same time profits in #tech and other sectors in the economy is experiencing high profits?
This article in the Guardian newspaper caught my eye November last year: “Major investor calls on #Google owner to ‘aggressively’ cut staff and pay”
“hedge fund of the billionaire Sir Christopher Hohn has written to Alphabet saying staff at the Google and YouTube parent are paid too much and its workforce should be drastically cut back.”
The high Priests of the economy have spoken, the market reacts. Tax Corporations till they beg!
#ChristopherHohn / #HedgeFunds / #WhiteCollar <https://theguardian.com/technology/2022/nov/15/major-investor-calls-on-google-owner-to-aggressively-cut-staff-and-pay>
“The billionaire hedge fund manager Sir Chris Hohn paid himself a record-breaking $690m (£574m) this year after his Children’s Investment (TCI) fund recorded a a surge in profits. … It equates to more than £1.5m a day.”
#ChristopherHohn / #HedgeFunds / #WhiteCollar
<https://theguardian.com/business/2022/nov/30/sir-chris-hohn-paid-himself-equivalent-of-over-15m-per-day-this-year>
The link between #philanthropy and #TaxAvoidance. Google it!
“The Children’s Investment Fund Foundation was established in 2002 by Chris Hohn and Jamie Cooper. The co-founders set out to improve the lives of children living in poverty in developing countries through strategies that have lasting impact. With a rigorous business-like approach to philanthropic funding, the foundation was focused on clear returns for children from the outset. The emphasis on data to measure impact has been widely adopted by other development funders.”
#ChristopherHohn / #HedgeFunds / #WhiteCollar <https://ciff.org/about-us/who-we-are/>
The feature of the current Corporation mass sackings is #WhiteCollar. Remember though:
“Layoff rates in these white-collar industries are still historically low, at 1% of total employment in November, according to the Labor Department, compared with 0.9% in February 2020”
There is a shortage of #BlueCollar workers due to demands in #manufacturing, leisure, #hospitality and #retail. (US bias)
“Even so, many blue-collar workers might fare better than they did in previous downturns.”
White collar workers, still think Unions are a stupid idea?
#WSJ / #SarahChaneyCambon / #professionals / #recession <https://wsj.com/articles/as-white-collar-layoffs-rise-blue-collar-resilience-faces-test-in-2023-11673132989>
♬ 
@peterrenshaw@ioc.exchange“The obscenity of the system is made possible by the dramatically diminished bargaining power of #labour. Weak labour is #CheapLabour. More lucratively, the world’s #workers can increasingly be mobilised according to #employers’ precise needs, so not a penny is wasted. The purpose is to transform the #HumanWorker into a machine that can be switched off when not in use (although at least machines are tended with maintenance). In 2020, #Amazon’s UK sales soared by half to £19.4bn. In 2021, an investigation in Britain found that the company was bypassing its own #employment #standards by hiring thousands of zero-hours workers through #agencies.” — #NesrineMalik
Zero-hour workers.
#corporate / #economics <https://www.theguardian.com/commentisfree/2023/jan/23/system-rigged-inequality-pandemic-despair-super-rich>