U.S. Corps Cut Dividends And Employees While Dumping Billions Into Race-Hustling Groups

[Kamaji]

U.S. Corporations Cut Dividends And Employees While Dumping Billions Into Race-Hustling Groups

In tracking BLM contributions, we found many companies prioritizing ‘racial justice’ to the detriment of shareholders and employees.

BY: CLAREMONT INSTITUTE CENTER FOR THE AMERICAN WAY OF LIFE
APRIL 12, 2023

Most Americans will remember the first few years of the 2020s for the pandemic, the lockdowns, the layoffs, and the Black Lives Matter (BLM)-fueled riots. Shareholders will also remember them as a tempestuous time for the market. Many companies announced mass layoffs and cuts to dividends and share buyback programs. For example, Disney’s last dividend date was Dec. 12, 2019.

But shockingly, as we’ve shown in our BLM Funding Database, companies contributed or pledged more than $83 billion to the BLM movement and related causes following the death of George Floyd.

In fact, according to a study by McKinsey and Company, our figure is conservative, and companies actually committed more than $340 billion to these causes. As a point of reference, $340 billion is 83 percent of the $411 billion the World Bank estimates is needed to reconstruct Ukraine. It is also greater than the GDPs of 51 African countries.

Our database tracking contributions and pledges to the BLM movement and related causes is replete with companies prioritizing “racial justice” to the detriment of shareholders and employees.

Take, for example, AT&T, the Texas-based telecommunications giant, which in 2021 made headlines for its racist, anti-white so-called “diversity, equity, and inclusion” programs.

In June 2020, at the height of the pandemic and riots, AT&T laid off 3,400 employees and shut down more than 250 of its retail stores. And in 2022, AT&T cut its quarterly dividend from $0.52 per share to $0.2775 per share to redirect cash flows toward righting its stretched balance sheet and revitalizing its stagnant legacy businesses.

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While shareholders were understandably frustrated by the news, they should be furious to learn that all the while AT&T committed more than $3.1 billion toward racial justice.

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Source:  https://thefederalist.com/2023/04/12/u-s-corporations-cut-dividends-and-employees-while-dumping-billions-into-race-hustling-groups/

[jafo2010]

To do this, I consider it criminal.  The board members should all be indicted for fraud, robbery, and you name the felony.  Same for every board member squandering billions on such a corrupt organization.

[catfish1957]

To do this, I consider it criminal.  The board members should all be indicted for fraud, robbery, and you name the felony.  Same for every board member squandering billions on such a corrupt organization.

Sadly, not criminal, but are activities that should be discussed and adjusted via proxy voting annually.  But ....  since Hedge Funders like Black Rock and their in their ilk hold such a stranglehold on the corporate elections, the fix pretty is pretty much in.

At some point companies that perpetuate bad behavior like this implode on their own bad decisons.  In the case of "T",  A T & T, their market cap is at the same level as it was in 1995.  They suck, and honestly is a company that is slowly dying.