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Obscene bonuses

Tweet [1]

Can you believe this [2]? (HT: Jeff Bliss):

Wal-Mart Stores Inc. [3], the world’s
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 [4] said by phone. Workers will
also get $788.8 million in profit sharing and 401(k)
contributions this year, Chief Executive Officer Mike Duke [5] told
workers [3] in a memo.

Wal-Mart recorded its biggest sales [3] 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.

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