Can you believe this? (HT: Jeff Bliss):
largest retailer, plans to award $2 billion this year to U.S.
hourly workers in bonuses, profit sharing, discounts and 401(k)
and stock-plan contributions after sales jumped in the recession.
Payments to employees include $933.6 million in bonuses
today, spokeswoman Daphne Davis Moore said by phone. Workers will
also get $788.8 million in profit sharing and 401(k)
contributions this year, Chief Executive Officer Mike Duke told
workers in a memo.
Wal-Mart recorded its biggest sales ever in the fourth
quarter, boosting revenue in the year through January by 7.2
percent to $401.2 billion. U.S. comparable-store sales jumped 3.3
percent last year as the Bentonville, Arkansas-based retailer
sold more groceries, $4 medicines and flat-panel televisions to
consumers pinched by the recession.
Don't they know there's a recession going on? How dare they award their employees for doing a good job? They should all give a bunch of the money back to the government. What? The bonuses aren't being funded by taxpayers? How yes, I remember. This is how capitalism once worked. Successful companies rewarded their employees and lousy companies disappeared.
