The man who sacrificed workers to shareholders
The Origins of Trumpism, Part 10
Friends,
For most corporations, the largest single cost is payrolls. Hence the now-accepted formula for raising stock prices: Increase profits by cutting payrolls, then use the increased profits to buy back shares of stock.
No one in the last four decades exemplified this formula more than Albert Dunlap. Dunlap is no longer well known,…
