Don't these guys care about their fellow citizens?
From here:
Pennsylvania Gov. Ed Rendell is calling on Sunoco officials to rescind their plan to cut 750 jobs.
Rendell says it's "unconscionable" for the oil company to be laying off workers when it made $776 million in profit last year. He made his argument in a letter sent Thursday to Sunoco's board of directors and later released publicly.
"Faced with two straight years of declining profits, declining stock market value and uncertain economic conditions ahead, we at Spexvet Inc. announce our intention to retain a bloated, redundant and inefficiently large salaried staff, in order to drive up retail prices for our consumers and further erode the value of Spexvet shares.. We also thank Pennsylvania governor Ed Rendell for his applause and approval!"
???
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maybe you missed theOriginally Posted by rinselberg
If Spexvet Inc. had made only half of that amount, I still wouldn't lay off anyone.made $776 million in profit last year
Dunno about these things (layoffs)..
http://invest-n-trade.blogspot.com/2...fires-750.htmlAfter losing $47 million in 2002, Sunoco saw its profits shoot to a peak of nearly $1 billion in 2005 and 2006. Its stock price rocketed from less than $20 per share in early 2003 to its peak of $96.21 three years later. Since then, annual profits have fallen for two straight years and the stock price has bounced around between $20 and $50 per share. Shortly after the market opened this morning, shares were down 89 cents (3 percent) to $28.22.
OH. MY. GOD!
We ONLY made $776 million in profit last year! Quick, let's screw some people who are just trying to make a living - after all, I don't want to give up my dream of owning my own island!
Pu-leeeez
Corporations are not charities. If you can make $20,000,000 profit with 5000 employees, and your competitor can make $20,000,000 with 4000 employees, you won't be competitive, and your shareholders, who you are under legal obligation to earn maximum profits, will tear you a new one, and no one will have any job security.
That attitude needs to change.
How?? Big companies don't think like socially responsible people.
PHILADELPHIA -- To assist in paying for its Science, Technology, Engineering and Mathematics Complex, Delaware County Community College received a $500,000 grant from the Sunoco Foundation.
Located in Marple, Pa., the complex will consist of a 105,000-square-foot building for natural sciences, engineering and mathematics, and a 32,000-square-foot building for the college's technical programs and training projects it undertakes for area businesses.
The college broke ground on the $50 million dollar project in March, which is slated for completion next year.
Under "The Sunoco Foundation Learning Center" banner, the Salvation Army Kroc Center will provide educational programming including after-school and enrichment programs to children and teens.
"Approximately 35 percent of North Philadelphia residents live below poverty level, and more than 67 percent are single parent homes. The Sunoco Foundation Learning Center will build a better economic future for North Philadelphia families bringing hope to a new generation of at-risk children," Mary Capetola, president of The Sunoco Foundation, told the newspaper.
This past February, Capetola traveled to San Diego to visit the nation’s first Salvation Army Kroc Center, which has transformed the neighborhood, according to the report. "Greater collaboration among all stakeholders -- corporations, private citizens and non-profit organizations will fully leverage the impact of our investment in the community," she told the Philadelphia Business Journal.
The Philadelphia Salvation Army Kroc Center is projected to bring $1.3 million in revenue to the Commonwealth of Pennsylvania through 2012. Philadelphia is one of 30 cities in the nation and eight on the East Coast to be a selected site for a Salvation Army Kroc Center. The North Philadelphia Center is expected to serve between 750 to 1,000 people per day, doubling the amount it currently services.
"The services provided by The Salvation Army are incredibly important, providing much needed support to some of the most vulnerable people in our community," Philadelphia’s Mayor Michael Nutter told the paper. "We are very grateful to The Sunoco Foundation for their generous gift of $1 million to this campaign that brings the Center closer to its goal of raising $30 million. I hope that other business leaders follow their example and support this important project which will benefit Philadelphians most in need of help and support."
Sponsorship and In-Kind Donations
Through outreach programs and partnerships designed to deliver measurable, positive results, we incorporate cash contributions and in-kind product donations to achieve maximum impact in our communities.
Energy Assistance
Sunoco continues to be at the forefront of energy assistance through our Delaware Valley Energy Assistance Programs.
Home Heating Oil Donations
Sunoco donates home heating oil to residents of the Delaware Valley who qualify for the Federal Low Income Home Energy Assistance Program (LIHEAP). The LIHEAP program is administered through existing social service agencies. When an agency determines an eligible recipient, assistance is provided by Sunoco Home Comfort Services.
Fuel Assistance
Safe and vital communities are the key to thriving neighborhoods and a healthy business environment. To help ensure our communities remain strong, Sunoco partners with local organizations to provide assistance to those most in need. Sunoco has given over one million dollars worth of fuel through in-kind and cash donations to local agencies such as Philabundance and the American Red Cross.
Sponsorships
Sunoco is proud to be associated with many respected and enduring organizations and events. Through our sponsorships, Sunoco is able to connect with our employees, customers and the community in new and relevant ways.
Sunoco Welcome America
Sunoco has been the lead sponsor of Philadelphia’s Sunoco Welcome America for 15 years. The week-long celebration leading up to the July 4th holiday attracts nearly three million people and features a wide variety of events open to the public, including lunchtime concerts, free movie nights, multicultural festivals throughout the city and a citywide "Taste of Philadelphia" dining event. The festivities culminate with the Fourth of July parade, fireworks and concert.
Executive Leadership Council
Sunoco is a member company of the Executive Leadership Council, an organization dedicated to providing African American executives of Fortune 500 companies with a network and leadership forum, as well as sponsoring development training, symposiums and mentoring programs to support minority success at all levels of corporate leadership.
Pennsylvania Governor’s Conference for Women
Now in its fifth year, the Pennsylvania Governor’s Conference for Women is a nonprofit, non-partisan, one-day event for Pennsylvania women to connect, learn practical and professional strategies from nationally recognized experts, and network with peers.
City Year
Sunoco sponsors the City Year Team at South Philadelphia High School. Throughout the school year, the team provides academic support in 16 classrooms, serving approximately 120 students daily. The team also provides one-on-one and small group tutoring, mentoring, job interviewing skills, college and career fairs, and help with SAT preparation and financial aid applications. In 2008, the Sunoco City Year Team was recognized by the School District of Philadelphia for outstanding collaboration and impact.
Catalyst
For more than 12 years, Sunoco has been an active member company in Catalyst, the leading nonprofit corporate membership research and advisory organization working globally to build inclusive environments and expand opportunities for women in business.
I have always been critical of companies that lay off workers or move off shore to grow profits. However, it is one thing to protect a loss or profits, and if the company is inefficient in the way that it has too many workers.
I also believe that these are long term bad business decisions, because usually the people who get laid off are those who are on the customer service side. Long term, going to poor customer service can destroy a company.
How? They need to start thinking like socially responsible people.:bbg:
That's all great stuff, but, IMHO, it doesn't make it OK for them to destroy the livelihood of a worker who helped generate the income that allowed them to be so philanthropic. Let's say that they funded a program that employed 756 people, and now they're laying off 756 people. What have they really accomplished? Wasn't the philanthropy merely marketing, paid for by the lost salaries of the laid off workers?
Yeah screw the big corporations!!!! Screw them all!! Who needs 'em? Screw 'em all, so we can all work for the government, which is able to pay their employees by taxing all the folks on welfare!
That's all great stuff, but, IMHO, it doesn't make it OK for them to destroy the livelihood of a worker who helped generate the income that allowed them to be so philanthropic. Let's say that they funded a program that employed 756 people, and now they're laying off 756 people. What have they really accomplished? Wasn't the philanthropy merely marketing, paid for by the lost salaries of the laid off workers?
What? People on welfare aren't paying taxes? Then we'll get the tax money from the employees of...oh yeah, they work for large companies also.
Well, we'll just get the taxes from the small business owners. Oh, that's right, we're in the process of screwing them (as usual) w/ higher taxes to the point they won't worry about having employees any more.
And this quote takes the cake for the "Spoken Like Someone That's Totally Clueless Award": "Wasn't the philanthropy merely marketing, paid for by the lost salaries of the laid off workers? Now that makes A LOT of sense!
I hope that if you are ever the recipient of such philanthropy, that the source reconsiders the gift, and instead buy a billboard.
Ophthalmic Optician, Society to Advance Opticianry
I'm sorry that you don't have the intellectual ability to understand what I wrote. I'll try using smaller words. Sunoco made lots of maoney last year. They are still making lots of money this year. If they don't lay off those employees, they'll still make lots of money this year, just not as much. But still lots more than most of us will. So maybe they can make less money this year, so that the employees can stay employed, and they won't have to be supported by taxes or charity, they might be able to continue to purchase things, fueling economic growth. You know, good things like that. Is that more clear, John?
Don't understand? I guess you are the current holder of the "Spoken Like Someone That's Totally Clueless Award".
Counterpoint: Sunoco might not make any money during 2009 or hardly any money, unless they implement the layoffs that they just announced.
That would hurt everyone who has invested in Sunoco stock, including many retirees and people who are approaching retirement.
Under a free market, Sunoco's objective is to maximize its profits. The free market should eventually provide other jobs at other companies for the ones who are being laid off.
That's "the view from here"..
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Oh, Now I get it!
I get it. Just like the auto manufacturers. If they have union employees, they still make money, just not as much...
until they figure out that they've got too many emplyees being overpayed, and then they can beg for a bailout, which your grandchildren, and their children can spend the rest of their lives paying off.
At least they won't lay anyone off until they go bankrupt!:cheers:
Now there's a plan!
Thanks for setting me straight. I'll keep the "Clueless Person of the Year Award" on my mantle, because I obviously don't understand how a business is supposed to be run.;)
Ophthalmic Optician, Society to Advance Opticianry
Why do you support what Sunoco does to maximize its profit, but you have issues with Walmart and Marchon/VSP?If WalMart is the only place to get it, then I don't need it...
(VSP=Marchon)
VSP does not support opticianry.
Why do you support what Sunoco does to maximize its profit, but you have issues with Walmart and Marchon/VSP?
I believe in a free market economy. I do not believe it is the government's place to take all the incentives away from companies, in terms of profits.
The government is trying to, and for the most part, is succeeding in demonizing wealth, and it is not healty for the economy of our country.
I think Machon was a great company. They lost favor with me when they became VSP, a company that refuses to deal with opticians.
WalMart? I don't like them. The reasons are too many to go into here. If you expect Sunoco to retain a bloated workforce, they could probably do it by taking a page out of WM's book, cutting hours of everyone to just below full time, and cutting out their healthcare benefiits.
Ophthalmic Optician, Society to Advance Opticianry
I don't think "the government", whatever that is, is demonizing wealth. I, personally, believe that there is too wide a margin between the wealthy and the middle class in the U.S., and I beleive that it is a situation that is not healthy for our country.
So you don't like a company for doing what they think will maximize their ability to make a profit? Hmmm... sounds like a double standard.
Or the executives could be less greedy.
I have no problem with any company doing whatever they want to maximize their profits. That doesn't mean I have to like the company does it?:hammer:
Obviously, the reason I don't like them is a personal one because it affects my ability to maximize profits.
There are many companies that I don't like, nor agree with, but I respect their ability to maximize their potential to grow and make as much profit as they can; unlike you and others that think you must put a limit on how much profit a company can make, how much of it they can keep, and keep it all in relationship to how much others earn or don't earn.
Too much class envy for me...
Ophthalmic Optician, Society to Advance Opticianry
Not at all. They can make all they want, and keep it all. They just should distribute it within the company more fairly. That's the right thing to do. The executives should not make millions while the workers make a pittence, or worse, get laid off.
Again, you misunderstood.
If Sunoco's executives are really "too greedy" for the good of the company (which is to maximize its profits), it will show up when Sunoco tries to bring products to market and either cannot produce or cannot produce efficiently enough to bring products to market at competitive prices. Consumers will be driven by free market forces to seek comparable products from Sunoco's competitors (Chevron; Exxon; etc.). Sunoco's profits will diminish or turn to losses, and that creates the checks and balances that either keep the executive salaries fair or forces excess salaries to be curtailed when the s*** hits the fan for Sunoco on Wall Street.
Let the free market reign!
It's this philosophy that has caused our current "economic crisis". If workers were given more of the profit, they would have been able to pay their mortgages, so financial institutions would not have been on the verge of collapsing, and so on.
Out with the old mindset, in with the new!
Without regulation and a middle class with buying power, we've gotten Love Canal and our current crisis.
No, there is no misunderstanding. You believe:" They can make all they want, and keep it all. They just should distribute it within the company more fairly.".
So you want to be the "Fair Police", and redistribute the wealth to where you think it belongs.
Give everyone in the company $30k and call it a day. Then ask one of them to run the company, maybe work 70 hours a week, and travel all over the world away from their families.
Hey it worked for communism! (Oh that's right, it didn't, but then again, you're still trying.
(BTW, what does "keep it all" mean if you're going to redistribute it?:hammer:)
Ophthalmic Optician, Society to Advance Opticianry
No, I don't want to be the "Fair Police". I want everyone involved to do the ethically right thing, especially the typically-conservative-repubican-executive types who profess to be morally superior yet screw the good folks who earn them their money.
Some of those who make $100K less than the executives put in 70 hour work weeks. What reality are you in?
Silly comment.
What is the company, if it is not the people who work for it?
It's also the consumers and the investors.
in a capitalist system, the investors are at the top of the food chain.
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