2. GE promised its CEO a huge bonus if stock hit $19. It didn't

So GE re-did contract so the bonus kicks in at $10/share

The CEO cut 20% of aviation staff to increase profits and raise the stock to $10

His bonus: $47M. If it goes up again he gets $270M https://www.ft.com/content/c84bde4b-9766-4163-8606-6a29653e1822
3. JCPenney
April: furloughed 85,000 employees
May 10: Gave CEO $4.5 million bonus on top of $17 million/year in pay
May 15: went bankrupt
Oct: laid off 15,000 people
Dec: closed 150 stores
Now: CEO left with $4.5M bonus after stock fell 88% in her 2 years https://www.cnn.com/2020/12/30/investing/jcpenney-ceo-jill-soltau/index.html
5. On Jan. 6, when the mob stormed the Capitol, the stock market went up 250 points to a new record, handing the richest 1% an extra $300 billion.

Also that day, a new report showed employment dropped for the first time since April and a then-record 3,900 people died of covid.
6. Albertsons, America's 2nd-largest grocery chain:
*Profit is up 256% in pandemic
*Stock at record high
*Owned by private equity
*CEO made $29M last year
*Fired all California non-union drivers to replace them with gig workers with no benefits/min wage https://knock-la.com/vons-fires-delivery-drivers-prop-22-e899ee24ffd0
7. The stock market for the 500 biggest companies ended the year up 15%, among the biggest gains ever.

Also in that span, those companies lad off a record number of people, and wait times for food banks hit a record high.
8. As part of the first stimulus, the Fed pumped about $3 trillion into the stock market, which helped it soar to record highs. At the same time, a record 30% of small businesses failed and unemployment tripled.
9. Since 2009, the stock market is up 233%.

Since 2009, the federal minimum wage is up 0%.
13. In the pandemic, total stock value has grown by $16.6 trillion.

$8.3 trillion of that went to the richest 1%, and they pay a lower tax rate than those who are unemployed and need help.
14. Salesforce

In the last five years, Salesforce has bought 27 companies for tens of billions of dollars.

It just bought Slack for $27.7 billion.

Its stock is at record high, up 23% in the past year after revenue surged 29%.

And it just laid off 1,000 people.
16. On one day in November:
*The stock market hit 30,000 for the first time
*Elon Musk became first person to gain $100 billion in a year
*A Census report revealed 6 million people face imminent eviction
17. Uber + Lyft spent $200 million on November election ads to convince Californians they shouldn't pay drivers minimum wage or benefits.

In the two weeks after it passed, Uber stock went up 39% and Lyft stock soared 52%.

In return, all drivers were denied basic benefits.
22. 84% of stock market value is owned by richest 10%

"but what about 401(k)s"

Half of Americans don't have one
The average 401(k) balance has *declined* $5,000 in 6 years after inflation, because employers put in less & people can't afford contributions https://www.washingtonpost.com/business/2020/10/27/401k-retirement-stocks-trump/
26. 1948-1979
Worker productivity: up 108%
Stock market: up 603%
Worker pay: up 93%

Since then
Worker productivity: up 70%
Stock market: up 2,200%
Worker pay: up 12%

Corporations and workers used to get richer together. Now companies just keep the money https://www.nytimes.com/2020/09/10/business/dealbook/milton-friedman-inequality.html
32. Where proceeds from stock buybacks + dividends went over the last 15 years:
White people: $13 trillion
Black people: $0.18 trillion
Hispanic people: $0.21 trillion

When we talk about the systemic racial wealth gap, this is a pretty good place to start.
41. These examples are just the tip of the iceberg - this thread could go on forever. The truth is that the system is rigged for the rich and against regular people, and the stock market plays a vital role in that.

And I'm a millionaire CEO saying that.
If this thread is upsetting and you want to do something small that can make a difference, sign here to show your support for a billionaire wealth tax in washington state. We have to start somewhere, so why not here: http://chng.it/pCBwX8WW 
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