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this post was submitted on 10 Jan 2024
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This legal responsibility to shareholder profits sure is shitting on everything else. We should change that.
people really shouldn't get to gamble on companies and people's livelihoods
That's just an excuse companies make when they never had the intention of doing the right thing.
The fiduciary responsibility standard is there to protect people’s retirement which is all in the market. It sucks that people are losing are being laid off but I don’t think changing the standard would give these people their jobs back.
You should not be entitled to protection when you engage in gambling knowingly and with your own volition. These protections certainly should not come at the cost of someone’s job, the thing people do to follow the rules and contribute to society.
These people would lose their jobs regardless because twitch is not profitable.
Edit: Investments are made in good faith, and having law backing that and recourse for those wronged is important. Like it or not the millions of people with their money in the market outweighs the temporary bummer that is a few hundred losing their jobs. It might be popular to think that the people being hurt are sleazy venture capitalists but it’s the workers who rely on their 401k to be able to live when they retire or the parents who are trying to save for their child’s education that get hurt.
A few hundred losing their jobs is kinda misrepresenting the situation isn't it. If you keep seeing each company by itself in terms of firings but then group the market as a whole in terms of people with money in the market.
It's either a few thousand with money in the company vs the people fired from that company... Or the market vs all people fired in the market during these waves.
Plus.. when you are one of the fired people the impact can be deeply impactful, in the US even as far as having no health insurance. While less profit does not have such an impact.
I was mostly just trying to get my point across in a hastily written comment. But you are absolutely right that I should have considered the layoffs market wide when talking about the impact they have have market wide.
And I hate to lessen the human impact that the layoffs have, especially when COBRA is a joke and people rely on their employers 401k match and such to have a decent living in retirement. I’m not endorsing our current system, I don’t like any more than the rest of us. I just think we need to solve the problems of people’s QOL in retirement being tied to the market and things like healthcare being dependent on one’s employment before we worry about companies being run to make as much money as possible
A reasonable response with worries we also share. Thanks for that.
I'm from Europe and don't understand why this should not just be resolved with taxes on the companies.
The record profits of the companies are in my vision because the company does not have to do anything for the healthcare and pensions. So if the company does not have to care for it, but society requires it, this is where the government needs to act. Tax the companies and arrange healthcare and retirement stipends. This solves one issue by solving the other, allowing the company to keep doing what it's doing without having to think about healthcare.. that has been resolved.
Individuals then have retirement benefits and can use private retirement insurance to supplement this.
Holy shit you’re so adorable.
Instead it just makes an entire generation who never gets to retire.
The easiest way to protect retired people is to make sure there are no retired people to protect (taps head)