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We don't have the money
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this post was submitted on 16 Sep 2023
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Antiwork
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A community for those who want to end work, are curious about ending work, want to get the most out of a work-free life, want more information on anti-work ideas and want personal help with their own jobs/work-related struggles.
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Essential Reads
Start here! These are probably the most talked-about essays on the topic.
- The Abolition of Work by Bob Black (1985) | listen
- On the Phenomenon of Bullshit Jobs by David Graeber (2013) | listen
- In Praise of Idleness by Bertrand Russell (1932) | listen
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Take all the stock held by those outside of the company and give it all to the workers. Problem solved. None of the CEO pay was touched; workers are invested in their own company; all are much wealthier without lising any value.
Seizing all the stock held by outside people would tank the value of the stock and company if it was legal which it isn't.
Stocks have value that increases or decreases because outside people can trade them. If you own a share of a business that you cannot sell then it will not provide you any value unless the company sells otherwise you just have a piece of paper stating you own a piece of that company which has no worth. .
So what you're telling me is that stocks have no relation to the value of the company, it's production, or market share.
Not entirely as if you sold the company then you would receive a share of the profits as you are part owner so it does in a sense represent the value of a company but not really and only if sold. In your example they cannot sell so those specific shares wouod yave no value making getting investment difficult.
If shares cant be sold then why are CEOs getting paid in stocks while claiming to only be paid $1/year? Are you saying that they.literally only work for a dollar? How is their house payment made? Yacht payment? Car payment? Children's education? Can we get all that for $1 also?
Shares right now can be sold, but if you stole all the stock from outside sources and gave it to the workers no one would purchase that stock ever again as there would be no reason to think you would not steal again.
In CEO's cases if they get paid $1 they either take loans against the value of the stock that they can later move or the business provides them a series of allowances and an expense account. It is usually the latter where the business gives them a home and a credit card that covers everything.
So, again, that sounds to me like stocks have no actual value and arent at all related to the health of the company.
As for "stealing", that's the risk an investor takes, isnt it? The company buys them back and redistributes it. Same stock, same value. Maybe the employee sells theirs again to buy a house or pay some bills. You're making the hedge funder's argument (which is a vile and corrupt fake industry that shouldn't exist)
Stocks have value but part of it is speculative.
If the company bought back the shares that could destroy most companies as it is almost impossible to have enough cash reserves to cover the value of your company. You can't get loans for it because you would have to give up stock as collateral which would defeat the purpose of the buyback.
If the stock is bought back then those shares will have lost value as the company has less cash in reserve and is clearly worth less than it was before.
If the shares can only be held by employees they would have no real value. getting a job at that company would likely be very expensive as you would have to buy in and there would be little incentive to do so.
Basically your idea won't work IRL in any form and would likely destroy the company really quickly. Is it safe to presume you have no formal education in economics because this is intro level stuff.
I understand your point. I also understand that that if all the money made goes to profits and shareholders and none to workers then capitalism has lied about it's claims. Workers get paid first; shareholders second.
Capitalism doesn't make claims in those regards though.
Workers do get paid first in most cases as I got paid when a business I worked for was forced to sell (liquor store that flagrantly violated laws). The people who lost out were the owners who could not sell the business, its stock of booze, or its license.
Are you telling me that you were regularly given cost of living raises as the company raked in millions in profits per year far beyond their employee expense would otherwise be, or are you telling me that you got your last paycheck when the business folded?
Why are you presuming they were making tremendous amounts of money on the order of millions after payroll? I mentioned it was a liquor store. The owner made a few hundred grand and paid people well. We all got two weeks severance in addition to our checks. He was an asshole but he paid well and did not fuck around on that point.
Because the thread is about automakers making their highest profits and not your anecdote about a badly run liquor shack
Why couldnt they be sold?