One of my co-worker"s wife worked for a Red McCombs Dealership for 20 years.. Well the dealership is on hardtimes now so instead of laying people off so they could just file easily for unemployment, McCombs cuts everyones hours way down to like 16 hours a week. Yeah they can quit and file but they will have to jump through hoops. Thanks Red for showing so much courage.. Red, you can't take it with you. BTW, I knew 20 years ago the auto industry was built on an unsustainable business model. I worked for a man who had a share in a dealership and told him so. He had dollar signs in his eyes.
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Red McCombs major shareholder ClearChannel
- Thread starter Leebo65
- Start date
So... you're upset that Red McCombs (a private businessman) is trying to turn a profit? How is this related to radio or the broadcasting industry?
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Could be a very dumb ?, but are these individuals that are now down to 16 hours still getting benefits like insurance? Or have they been officially demoted to part time..or were they always part timers? Most folks would be concerned about the benefits. If you were a part timer you didn't have them anyway. As the Drunken Easterbunny wrote you can't fault McCombs for attempting to stay afloat. Also the phrase, "a job is better than no job" springs to mind. Who wants an unemployment check. I'd take a pay check any day.
Drunken_Easterbunny said:
There is more to business than turning a profit. Try watching the movie "Its A Wonderful Life".. There is more to life than chasing the almighty dollar. Red McCombs could have stepped in and stopped the cost cutting at ClearChannel. He has the money to weather the storm.
Maybe you should read Mr. McCombs biography if you find yourself questioning the value of his lifetime accomplishments? I read it. He struck me to be someone who places a great deal of value on hard work. If there's not enough work to be done, it's no surprise after reading the book that he wouldn't pay people to sit around.Leebo65 said:
Leebo65 said:
I don't think Mr. McCombs has much left of his investment in Clear following the buyout... in any cas, his position in the company was quite reduced over the years as Clear used equity exchanges to expand... was certainly not a majority shareholder or even a large on in the last decade.
A person with a couple of percent of the shares, in most cases (save special classes of super voting shares, for example) has no ability to either "step in" or to change the pay scales and such that management has established.
In this economy, the people who had the most have lost the most. For example, if a car dealership had a 15% profit margin, and sales are off 50%, what kind of margin do you think they have now? While they simply order fewer cars, the fixed expenses like taxes, utiliites, insurance, etc., do no go down at all.
Before blaming a person who is in no position to do anything about what is going on in radio, try to understand the economy and what a shareholder can and can not do.
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