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Private equity heavyweight pushing employee ownership | 60 Minutes

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Private equity executive Pete Stavros has emerged as an unlikely employee ownership advocate. He says giving the rank and file a stake in their companies is good for workers, and good for business.
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Опубликовано:

24 авг 2024

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Комментарии : 168

@NievesLarish 3 месяца назад

Private equity sounds like a mechanism that extracts the most amount of value from a business, and transfers that wealth to the few general partners.

@SirBenjamin-oq1wd 3 месяца назад

the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

@Manselus-mn1mn 3 месяца назад

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@Stephine-un5zs 3 месяца назад

impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now

@Manselus-mn1mn 3 месяца назад

Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.

@Stephine-un5zs 3 месяца назад

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

@daleharris6125 3 месяца назад

My company has been 100% employee owned for 10 years. It is a wonderful concept and works great.

@sirus312 3 месяца назад

This is an interesting concept. I’d suspect companies would do better under this model

@Toby-WanKenobi Месяц назад

I don’t think it’s an interesting concept. You put in the risk, yes, but how many hired at the proverbial top risk what all of the workers do? It should be the concept. If you invite workers to represent your company, they should be all what that company represents.

@spaceman081447 3 месяца назад

As was mentioned, 60 Minutes did a piece on employee ownership back in 1975. You can view it on YT. The piece was optimistically talking about closing the (much smaller) wealth gap with employee stock ownership plans (ESOPs). The question becomes why hasn't the concept of employee ownership spread throughout the economy in the half century since then?

@Jesus-kt5dc 3 месяца назад

That would force capitalist to admit that socialism works.

@theRealJohnWayneGacy 3 месяца назад

IF everyone owns a piece and nets after sale say a quarter million - then the now diluted concentrated ownership stakes earn say 2M instead of 20M or 200M.

@henrythegreatamerican8136 3 месяца назад

Yea, I was about to say this employee ownership model should have been pushed in the 1980s instead of trickle down. Now? It's a bit too late. There won't be many employees left when A.I. goes into full force.

@tgf7w7 3 месяца назад

Corporate/wealthy class greed, that's why. The short term loss of profit would be more than offset by future growth, but the wealthy class wants their money now.

@kikijewell2967 3 месяца назад

Power. Giving ownership of the company to the employees is giving up power.

@ChaosUnfold 3 месяца назад

This is how capitalism should work. Workers getting their fair share will alleviate any concerns of poor productivity. A productive worker is a happy one. But they can't be unless they're rich if not wealthy.

@vibeking888 3 месяца назад

The ESOP is hybrid capitalism/socialism economic model that I believe if we embraced more, would see more overall economic prosperity in America.

@Number6_ 3 месяца назад

Capitalism does not work! That has been proven. Beware capitalists pretending to socialize just to get their hands on the money and company. Evil is sneaky and will use good will to back door its capitalism in to any organization.

@jimsonjohnson3761 3 месяца назад

People like you just use the word capitalism with understanding what it is. Like a buzzword to sound cool and apply it to anything they think it encompasses.

@Number6_ 3 месяца назад

@@vibeking888 but socialism as in social economics must lead. The profit motive can not have a place. No one has a right to be rich at the expense of others.

@elahem6940 3 месяца назад

Almost like capitalism would work better if it wasn't capitalism and the workers held the means of production

@armastus1474 3 месяца назад

I remember when I worked for Amazon and they told me, "This is your company". Hahahaahah, then proceeds to layoff about 90% of our team without notice or apology. I no longer strive to work for American companies. I aim for companies in countries where Unions exist or that don't allow firing without good reason. Job security is key!

@opencase9903 3 месяца назад

It's called at will employment. Similarly, you can quit at any time.

@Toby-WanKenobi Месяц назад

True, but the more trust is lost then everyone ultimately loses.

@DileoFilms 3 месяца назад

I had the privilege of working for publix supermarkets for about 5 years and not only are they a fantastic company but they are employee owned. From the guys who scrub the toilets and bag the groceries on all the way up to the CEO I think everybody can take a little bit of pride when the ownership is set up that way.

@EternalDestiny48 3 месяца назад

That's awesome. Thanks for sharing some positive news

@Number6_ 3 месяца назад

How much more does the CEO get paid then the toilet cleaner? Do they share equally or is ceo making 20 times the cleaner's pay? Beware of wolf of wall street in sheep's skin.

@samuelskillern7365 3 месяца назад

He gives me hope.

@user-qr7ee2cp4y 3 месяца назад

I think it's too little, too late with kkr. This story is the rare exception, not the norm with them...

@thatguy00842 3 месяца назад

BTW- In practice he's not advocating for employee *ownership*, just an employee *share*. Typically~10% of the gains from any private equity turnaround go to the employees, 90% goes to equity holders. Essentially the workers are getting the (relatively large for them) crumbs while owners take the cake. Some will argue that this is major progress, but we should be clear who really benefits here. He's featured on a recent Freakonomics podcast about this that has a bit more balance and background.

@louismcbride5623 3 месяца назад

CEOs and executive VPs are the nobles and we are the serfs.😞

@JL-cw9sm 3 месяца назад

Great report. Good to see someone in PE world gets it you get more from your employees when they have skin in the game.

@paulgilliland2992 3 месяца назад

I was involved in an employee ownership company and retired in 2018 with almost six million dollars. It’s odd they didn’t talk about the tax code name . It’s either a partial or full ownership via an ESOP. The one they highlighted here isn’t that great .The company still has highly compensated bosses who are making 10 to 20 times the average worker is making. They have no say in operational decisions or health insurance plans . It’s a really good way for the ownership to cash out tax free as long as the money is reinvested in certain assets.

@everythingisfine9988 3 месяца назад

Sounds like you work today. Employee ownership-ish company. They said they were employee owned, but if you don't have any decision capacity in the company, do you really own it?

@richbryda 3 месяца назад

I agree this is NOT the best model of Employee Ownership. He didn't explain where that original "pool" of money given to each employee came from. And the idea of selling the company to make profit for the workers seems counter productive. In my expierence with an ESOP Company we gain shares every year based on a% of salary. ALL employees are on salary and recieve a dividend each year based on performance and the number of shares you have acquired. All employees have voting rights to elect a board of directors. You can maintain ownership of shares after retiring from the Co.

@paulgilliland2992 3 месяца назад

Bottom line is no unless you’re one the highly compensated employees you’re basically a worker who’s stock awards are pretty much based on how much money you earn. Fortunately I was a vice president of my division .

@paulgilliland2992 3 месяца назад

Your response is thoughtful and for the most part accurate. If you’re a public ESOP which most aren’t board of directors are usually not voted on by rank and file . At my company it was the least independent imaginable mostly made up of f former retired officers and very close business associates. We had 1 or 2 maximum outsiders at any given time.

@JNJ1014 3 месяца назад

@@everythingisfine9988Why, exactly, should an employee with zero experience in running a company have any say in the operations?

@carlettesouthern-robert2992 3 месяца назад

Excellent Reporting!

@hudsonfrank1121 3 месяца назад

I enjoyed this watch yet, this makes light of the situation for the whole economy. This is yet one company there are millions of multi billion corporations that do not give good salaries to employees. They're minimum wage pay check to pay check jobs and many have to have 2 pt jobs just to make ends meet.

@whizbang7130 3 месяца назад

Illegals will not help this situation as they will work for much less.

@keelay69 3 месяца назад

If you’re not getting raises within the 5 years before they sell, you’ll know it was a scam. Also, make sure you don’t quit before the payout because you don’t actually own anything once you’re not an employer

@Jack-rp6zy 3 месяца назад

My hope is that this ownership percentage doesn't become a substitute for actual wage growth

@keelay69 3 месяца назад

It will be a substitute. They are hoping to retain employees until the company is flipped, but watch closely as wages stagnate in the meantime.

@Haveuseenmyjetpack 2 месяца назад

Employees with ESOP owned companies are paid significantly more than their non-ESOP counterparts

@PurplePinkRed 3 месяца назад

Smart guy. I'm in Australia and a few of our bigger businesses here do the same thing.

@TennisTD 3 месяца назад

It’s more about keeping employees. The employees can’t sell shares they must stay

@richbryda 3 месяца назад

60 Minutes. Please investigate Employee Ownership further. There are several varitions for ESOPs. Your example is NOT one of the better ones. But thanks for getting the topic out once again in the public eye.

@truckingmoney485 3 месяца назад

I would love for you to explain a better one . I’m a chi employee. Everything in this was true.

@richbryda 3 месяца назад

@@truckingmoney485 I posted a reply yesterday but looks like it was taken down perhaps because I mentioned the Co. I worked and retired from. In 1980 we purchased a family owned business with money from a "retirement plan" the family had set up and borrowed the balance. We gain shares based on a % of wages Everyone is on salary and nobody owned more that 4% . We all have voting rights based on # of shares. Twice a year the board approves a dividend from the profits that go into your account unless you want to take them in cash. Our Co. is considerd a "model ESOP my many in the ESOP community.

@tgf7w7 3 месяца назад

I've often thought of this concept, but never had the kind of money that Stavros has. This should work under just about all business models, and I hope the this movement takes root.

@Seanpfree 3 месяца назад

This is why I shop at Publix. They are employee owned. CEO's, investors, and elites greedily want to keep ALL wealth from profits to themselves. That's why every household today is a two-income household, young ppl aren't having kids, they will never own a home, and the middle class will disappear in a generation. All while CEOs, execs, and investors post record profits and have more wealth than any elite class in history. This has become DISGUSTING. Full time employees shouldn't be below the poverty line and depending upon welfare at the same time that execs take home record earnings.

@kolaking80 3 месяца назад

Private equity is a cancer of this country

@bicyclist2 3 месяца назад

This is the kind of thing I'd expect to hear from a socialist or Bernie Sanders. This is very cool. Too bad I can't find any businesses that do this near me. If I started a new business, or bought an existing one, this is exactly the way that I would organize it. Thank you.

@Gvous44 2 месяца назад

Everybody wins when companies bring everyone along.

@alexthompson9516 3 месяца назад

Not every worker is begging to own stock. Some will prefer to invest in a new home or put their money in a savings account.

@kenhunt5153 3 месяца назад

It is tough to throughly explore this topic in under 20 minutes. When you do a 10 minute search of this firm you begin to see there is more to it than what is presented here. When you ask questions and take the time to think...you get a much fuller understanding of what is going on.

@Onedon29 3 месяца назад

Amazing.

@WhiteCloud746 3 месяца назад

KKR is a good operator.

@user-rx4bl4ou5c 3 месяца назад

Doing well just for myself is nothing compared to doing well with others who share a common goal....To be a millionaire while watching others fight for scraps... What's the point of life if you are only in it for your own benefit?

@aceyage 3 месяца назад

This guy still makes to most money and works the least. It's just another sociopath who learned to say the right things.

@johnnynephrite6147 3 месяца назад

Its not a "wealth canyon" either. You need to think in terms of space-time and light years.

@stevenstrube5334 3 месяца назад

BEAUTIFUL!!!

@RAJohnson713 3 месяца назад

Love this!

@digiryde 3 месяца назад

This is part of what is missing in the US today. This is a part of what is needed to reduce some of the wealth gap inequity. If this gap is not reduced, things will only get worse.

@neckpower 3 месяца назад

Employee ownership -great idea. Too many CEOs are happy to sell the company or move abroad and cast aside the workers.

@vahangood5999 3 месяца назад

I am an immigrant and I see that on the individual level Americans have a very hard time of saving money. I go into stores sometimes and see people buying nice looking things that they do not necessarily need. And then they have the nerve to cry that "oh, we don't have any money left..." And want the Government to fix things. Now, any and every dollar that was unnecessarily spent could have been invested and return 5-10% on average. It does not feel much in the first few years but after 5-7 years you really feel it. I know this because I practice these good habits. Now, that being said, I think that there needs to be some Government regulation to ease income inequality. But it will need to be done intelligently and without hurry and emotion. Perhaps employee ownership is a model to aim for as well. Maybe tax structures can be amended to reward employee ownership and dividends instead of stock buybacks.

@tropics8407 3 месяца назад

Lately this ESOP is being dialed back. Seems some owners don’t see the value

@chairmanofthebored8684 3 месяца назад

That's because they don't want to share the wealth, and they also don't want to share the losses.

@xtaski1 2 месяца назад

Why not unionize and negotiate bigger stock options?

@mcduvall2000 3 месяца назад

We need more executives like him! I am not against Leo's making a lot, but they make waaaay too much and the regular guys make waaaay to little

@BradKwfc 3 месяца назад

Very cool

@bouncehouseofficial 3 месяца назад

The Tesla worker-shareholder model comes to fruition.

@user-qr7ee2cp4y 3 месяца назад

Kkr didn't mention private ownership at all when they bought my company in the mid 2000's... I'd fact check how often this really happens with them.

@jemiez9383 3 месяца назад

The host seems very skeptical with Pete After all,this is a damn private equity firm. Their main objective is profit,money,profit and again,money. Sure,employee ownership is good but seems like there's few catches in the contract for it. Private equity wont ever offer it with no string attached.

@richardboreiko 3 месяца назад

What ever happened to Saturn, the employee owned car company?

@golfinguru11 3 месяца назад

Read the book Barbarians at the Gate. It’s describes KKR’s nefarious tactics in taking over RJR Nabisco. I wouldn’t trust this guy as far as I could throw him.

@javiertorres9114 3 месяца назад

I’m still skeptical

@latneyblunk3643 3 месяца назад

Socializing the workforce to get all the benefits of bullying, harassment, snitching and cannibalism of the acquisition with none of the economic consequences. You can see him almost smile every time you ask a question that has nothing to do with the real concern here.

@abcdefghi9 3 месяца назад

CEO salary should be no more that 5- 10x of the combined average salary of all the employees. Nothing more.

@ri3sch 3 месяца назад

This is hilarious. They say it’s not socialist for employees to own the company that they work at. I don’t think they know what socialism is. So either the employees own the assets of the business and have say as to how the business is run or they don’t

@golfinguru11 3 месяца назад

They don’t. This isn’t really any different than tech companies who pay employees in stock options. It’s tax-advantaged for KKR and, because the $ is coming from the sale of the company, they aren’t even the ones funding it.

@AverageJoeDividends 3 дня назад

Employees do NOT have ownership of a company in a socialist government. The GOVERNMENT has the ownership. I'd rather see these programs or stock ownership programs over a government program any day.

@bonniesternberg4401 3 месяца назад

It’s a beautiful concept ! Happy employees are highly productive. They actually make the profits happen. May this movement wave thru our culture !!!

@Here4TheHeckOfIt 3 месяца назад

I can see this working for companies that produce products like the company featured in this story. Definitely not the service industry - not healthcare, not veterinary medicine, not assisted living, not construction. I can see these companies and their employees, under private equity, recommending expensive services that aren't needed, or even false diagnoses, just to boost profit margins. I can see them using faulty building materials in a home, or recommending deceptive investment tools. While some hardcore capitalists aren't intentionally evil, they sure do have blinders on that can lead to evil.

@PaulADAigle 3 месяца назад

I love the concept. Too bad greed gets in the way of making it commonplace.

@davidsamuelson2089 3 месяца назад

The issue is there is only one of those guys for literally every hedge fund operator. And even then these folks simply got lucky. A needle in a haystack. 99.9% of hedgers would’ve laid off everyone, foistered the debt of the company thereby crippling its ability to function & bankrupt them then sold the husk. That’s the truth.

@ZMAN_420 3 месяца назад

The wealth gap is SICKENING In our country 🇺🇲. We're suppose too be the #1 best country? Wealthy people just can't settle making a 100 to 1,000 times the regular employee.

@oneone9884 3 месяца назад

The misunderstanding of statistics

@SullyAfgarshe 3 месяца назад

If this helps people move closer to being able to afford a decent life in America then I am all for it…we need larger and larger companies doing this but that requires less and less billionaires

@chai_cha 3 месяца назад

This all sounds good until the down time comes and companies start losing money. Many people could only get by with a steady paycheck.

@ThatHz- 3 месяца назад

1 CEO vs an entire staff… numbers are not the same

@tommclain8893 3 месяца назад

Needs to be more prominent

@Apollo1038 3 месяца назад

Does an ESPP count?

@gremlinweekend 3 месяца назад

Yea, but what about the new employees, how does the equation hold up?

@fauxbro1983 3 месяца назад

Gonna go enron. Do employee ownders get daily reports on the company financial disclosures

@everythingisfine9988 3 месяца назад

If not daily, definitely monthly should be accessible to all employees.

@superkunk2 3 месяца назад

It’s not that long

@traveling.down.the.road56 3 месяца назад

Employees should always control 51 percent of their company stock. It should be a law that makes it illegal to sell a controlling stake in any company to an outside investor, so the investors can never force decisions that are not in the best interest of the company employees. Stock holders and CEO’s should not be able to ruin a company and then move on to the next victim company after stealing all of the hard earned equity that the employees have built up.

@AcctistaZ 3 месяца назад

Skin in the game is the way.

@jaygold4467 3 месяца назад

Huuuuuge wealth inequality in the U.S. We need a National Wealth Tax with redistribution for all.

@josh-cc9oy 3 месяца назад

Why does gaining market share negate pe from helping too much of the rich? WTF

@janklaas6885 3 месяца назад

📍9:14

@Praisethesunson 3 месяца назад

Lol if we were plundering than how could we keep being able to plunder. That clown just doesn't care.

@marshalllapenta7656 3 месяца назад

This guy might be on to something.... Who has read his research paper? Wonder if the turnover rate is lower?

@testingtesting8785 3 месяца назад

Good luck trying to decipher employee ownership structure buried in fine prints.

@waveoglesby2920 13 дней назад

Taxes eat away at almost 50% of what you get. If most companies did this the employees would vote republican.

@waylonrust6787 3 месяца назад

Even though they 10x the return the workers only made a 0.5x-6.5x return. Real champions of the greater good

@AaronRClark 3 месяца назад

zzzzz start your own business then

@mike48084 3 месяца назад

A lot of tech companies and startups already do this, as types of stock options. Also, more traditional companies have bonus plans based on the financial performance of the company. Not sure what is so special here

@Finny869 3 месяца назад

Because it is a private equity firm, buying a company that is not employee owned. They then switch it over to employee owned, this will always bring up quality and quantity. Then some other company recognizes that this company is now very profitable, it gets bought up. The employees get huge payouts linked to tenure. The private equity firm gets a very large return on their initial investment. All of this will bring up a new middle to upper middle class out of lower class jobs.

@sekousekou8838 3 месяца назад

You are right it is not a new concept , but look the smiling face of the couple. They work at factory and get a chance to earn it from their investment because a company has shown them a way.

@mike48084 3 месяца назад

⁠@@sekousekou8838If the whole point of this news piece is a couple is happy bc they got a bunch of money from their company, it is a very superficial story. I think the real difference is the way the private equity company sold the fact that the workers now own a part of the company to the workers. It is one thing to mention it in some news note article that no one ever reads, but it is a totally different thing to announce like results to a lottery. Personally, I find it overly materialistic and off putting the way the announced the results, but maybe the lower class like it

@igorschmidlapp6987 3 месяца назад

Back when they were KKR, it was a much different story...

@kennethbennett4618 3 месяца назад

Workers profiting from the shares of the means of production, there’s nothing wrong with a little socialism.

@GudasWorld 3 месяца назад

Make the employees the 100% owner, loans backed by the government.

@AcctistaZ 3 месяца назад

Turns out, putting all your equity offering on CEOs (one person) wasn’t that bright of an idea. Lol. Turns out they will just milk the company for fast money. Lol.

@felixcat4346 3 месяца назад

Why are they all dressed in black jackets?

@dontuwumyowo 3 месяца назад

Well dude Private Equity does plunder, on the backs of the working class. Whether or not they cut jobs they make progress at the expense of the poor.

@mattharrison2330 3 месяца назад

I don't trust it

@user-iz6mb1sv9k 3 месяца назад

Said ' Shameless of those who is saying we are the currency owner has no problem at all but so many years goes in same situations conditions is going to worst to worst day by day even those has no plan how to manage basic right's of humanity's since beginning Experiment of each others' 😁

@andrewlignell3774 3 месяца назад

Commies!

@Change6030 3 месяца назад

Who is worse is the people that were forced to build the pyramids or now the civilization we live in now the people do the same thing but in the compassion way to the poor people you figure it out all species is the worst in the universe 🇺🇸⚖️👈🤔

@Alpharizzchad 3 месяца назад

Tell that crap to the mindless generation. Pvt Equity companies see the writing on the wall. And are cashing out. They are taking the last boat out. His own words give the people part of the company. Then it will close. And the people are stuck with out a job. Remember 1980. Same thing. They get rich and the workers are left holding the bag. And the taxes 😅

@judigemini178 3 месяца назад

Yup A.I is about to decimate majority of jobs & shut down so many such companies by the end of this or the next decade. These opportunistic guys in PE understand this & are gonna make a fortune, it's actually brilliant, if not completely sociopathic.

@josh-cc9oy 3 месяца назад

Evangelist, because it sounds nice, but what has he done with his power? Bah.

@PuissantPeacock 3 месяца назад

Psst! For all those "winners", there are families, communities, and even nations that are the "losers". I'm not impressed.

@manuvns 3 месяца назад

Sure but no employee will get rich 😂

@humanparaquat69 3 месяца назад

So… socialism/communism?

@Change6030 3 месяца назад

This will never change human beings will come worse somebody will come along a little smarter a little worse because I will hold species is like that figure it out 👉🧠👈🤔

@AN7HON7 3 месяца назад

Modern day slavery

@someoneelse6934 3 месяца назад

Dude, it’s over your head. Don’t even try.

@kikijewell2967 3 месяца назад

Pete Stavros: "this is not socialism." Socialism: "workers owning the means of production."

@teebone2157 3 месяца назад

Government owned is socialism, worked owned is Marxism, a small few chosen owned is capitalism

@ismaelibrahem1015 3 месяца назад

This PE as others tries to make a company profitable and marketable to other investors. The PE can sell a company to make more profits to its investors. Thus, the PE can use any form or a tool possible to increase profits of a lousy company. So, in this case the PE believes that employee's ownership is the best way for making the company very profitable. Employee's ownership is different from workers ownership because employees may capitalists, managers, and the like. Essentially, a company has to make high profits to survive. Otherwise, the unprofitable company or the unit will die.

@davidlin5759 3 месяца назад

Would love to see a part 2 story about the new owners @thenucorchannel @60minutes

@andybaldman 3 месяца назад

Yes. Instead of bailing out banks with handouts.

@RS_pl 3 месяца назад

How much of total ownership goes to employees? Kkr worst experience to work with. They will squeeze you anyway

@pierceparker 3 месяца назад

This sounds all good, but it looks like socialism by another name to me.

@alexlopez5800 3 месяца назад

Employees aren't business execs nor have the training or knowledge of what's being told to them in business jargon terms. Horrible Idea, the guy obviously has no idea about unionization.

@VegetaThoughts 3 месяца назад

In the reporting - they say employees will have input in day to day operations which makes alot of sense. FYI - CEO's are usually not charged with that task. It makes alot of sense. You want to keep employees and this may be a way to do it. It's a win - win.

@alexlopez5800 3 месяца назад

@@VegetaThoughts But they're being sold a pipe dream. The company will stay with the money and they'll not be paid. Read the contract word for word. Private equity for you

@andybaldman 3 месяца назад

The employees know more about how the business works than the CEOs. The only difference is they lack POWER. Because the CEO’s hoard it all.

@rahaki5445 3 месяца назад

This is a variation of 'Marxism'. I'm a Millennial and would love to try something other than Western capitalism. I just don't think Boomers, Wall St., The Elites and Greedy FED would love this idea all that much.

@charliesschroedinger 3 месяца назад

Tell ya what... when I've got a billion dollars sitting in a bank...? I'll be interested in "employee ownership" too. 🙄 Disingenuous to the core. But nice attempt. 👌 😉

@codegeek-il5fm 3 месяца назад

How so ? There are many billionaires who couldn't care less about employee ownership. Not saying he is a saint but if he is doing something that helps employees, why do you care about the reasons ?

@charliesschroedinger 3 месяца назад

@@codegeek-il5fm Never said anything about his reasons. Was simply stating the point of the piece was disingenuous. Not the man himself. The story about him and the reasons for doing it. But I very much appreciate your take on my comment. Thank you 😊