I guess this would be Part Two of the on going saga of maintaining insanely high CEO pay while laying off the people that actually make the company work. (see Part One here)
``We must take the difficult but necessary step to reduce the number of people we have to run our operation,'' said United Airlines spokeswoman Megan McCarthy.
A play on words. They are not reducing the number of people running the operation (CEOs, COOs, CFOs) thereby reducing their combined salaries and benefits which cost the company over $100 million each year. They are reducing their capacity to serve. This will ultimately reduce their revenue more and so begins the downward spiral while the execs continue to draw absurd amounts of money from the shrinking revenue stream.
Why does anybody buy this?
Here's Bill Moyers on the subject:
Monday, June 23, 2008
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