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“[Kevin Klowden, chief global strategist at the Milken Institute] explained that the work stoppage will impact other businesses besides production, including restaurants, catering companies, trucking agencies, and dry cleaning businesses, among many others. ‘The main thing we’re really factoring into it is the lost wages,’ Klowden told Yahoo Finance Live”
Got to sow that discontent for the strikers among other workers. As if the Hollywood business execs give 2 shits.
Also checked up about this Milken Institute and of course it’s some scumbag think tank. The opening paragraph on their Wikipedia page is great and totally makes them seem like a reputable and unbiased source.
“The institute was founded in 1991 by Michael Milken, a former Drexel Burnham Lambert banker who gained notoriety for significant financial success as a pioneer of “junk bonds” as well as his subsequent felony conviction and prison sentence for U.S. securities law violations.”
“The institute was founded in 1991 by Michael Milken, a former Drexel Burnham Lambert banker who gained notoriety for significant financial success as a pioneer of “junk bonds” as well as his subsequent felony conviction and prison sentence for U.S. securities law violations.”
Sounds like a grifter.
He’s seems like one of those shady ass business types that will run a company into the ground while trying to maximize his personal earnings before he skips town on a solid gold private jet.
Looking at the numbers given on Wikipedia is ludicrous.
“Milken’s compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $1 billion over a four-year period, a record for U.S. income at that time.”
That’s already nuts but then you look at the company’s financials and its even more insane.
Revenue: US$4.8 billion (1968)
Net Income: US$545.5 million (1968)
The guy was syphoning off a whole fifth of the company’s entire revenue for the last years of its existence before it went bankrupt.
You’re doing a terrible job on selling them as a grifter. They sound a lot like those 80s sociopathic investment bankers that buy companies and then gut the company and destroy lives to make more money.
At least a grifter has to work to get the grift going.
I was thinking he was more of a Jack Welch more than a typical grifter really
If only people could be satisfied with MoreThanEnoughMoney, rather than needing LudicrousMoney.
Some of these people are reaching PlaidMoney, and it’s just not right.
STOP THIS ECONOMY, I ORDER YOU!
I don’t mind companies wanting to make money. I don’t even mind when companies want to make lots of money. What I do mind is when companies can only be satisfied with making All of the Money, Forever, and not caring what they destroy or who they hurt (or even kill) in the process. Whatever it takes to make Line Go Up.
Wow, great job with the pro-company/anti-worker framing there Yahoo finance. This is the fault of greedy corporations, not workers demanding a fair share.
They are owned by a media company with film studios.
How safe you to demand better conditions? Shame on you!!🐷
How do you get that from the article?
I’ve got an idea for the studios: come to the table and negotiate in good faith. Show some respect. Nahh never mind, that’s absurd.
Incorrect. Hollywood bigwig blowhards who routinely cheat on their accounting and taxes like it’s breathing and treat the people who actually create the products like an underclass of garbage … that’s who cost the economy $5b.
But also the strikes and lost wages though.
If they actually cared about the economy, then give the actors and writers what they want and the strike ends, and we can all get a move-on with things.
That’s the point of the strike, and the solution is right there in front of the studios.
Isn’t this just a propaganda piece?
Yes it is. What exactly is the strike costing the economy? Actors and writers opting to forego their own wages in the interest of the collectively not being robbed by the members of the 1% and the mega corporations they run are not stealing money from people. The only thing the strike is doing is lowering the profit margins and short term value of the companies that only got said value by hoarding the wealth generated from the IP and likenesses of the people on strike.
“the economy” is just rich people. No one gives a fuck about “the economy”, we care about fair wages. Shut up you rich jerks and just pay people enough to fucking survive.
Yeah pretty sure the actors and stuff out of work only make a drop of that
That’s why they ended pensions and have, and are continuing to push all retirement into Wallstreet. That way the average person is chained to “the economy”, because otherwise you’re completely correct.
These studios ironically would be saving more money if they agreed to the unions’ terms.
That’s the case with most businesses. Investing in your human resources always nets a positive ROI, but corpos can only see one quarter at a time.
I would love to see an experiment where they gave a company a tax incentive if they issued special shares that can only be sold in a life changing emergency that required the funds, or if at least 9 months passes.
I am not sure if it would make a big difference, but I would be fascinated to see if it created any management changes.
Although what I would really love to see is a tax incentive who paid there workers supplementally in shares. Basically you get paid a percent based off what your salary would be, and there is always a minimum and even if revenues fall you still make that minimum. Employee shares would always get preferential voting rights and if the company makes certain metrics they are forced to pay a sizeable percent of the dividends as a bonus to employees. Yes it leans a bit towards socialism, but I think if even a lowely cashier knew that their impact to the company would be directly reflected in their check they would try harder. It’s a win/win for the company and employees, only Wallstreet loses something.
Any chance a co-op studio could replace or compete with the big studios? I’m sure the biggest hurdle would be raising enough capital but it would be nice to see the actual actors and film crews taking ownership.
To make cgi filled Marvel movies?
No way.
But we don’t need that. There’s no real reason movies have to cost hundreds of millions of dollars to be entertaining.
Take Clerks for example
5 more marvel films and there will be THIRTY SEVEN?!
I could live without more marvel movies but they’re still going to be made. It would be nice if the people making the films actually owned them.
My point was those movies can be made for much less and be just as entertaining…
And those could be funded by a co-op
I don’t even think the Marvel movies are entertaining.
Much like Star Wars I think there’s a few good ones and the rest just ride the wave.
United Artists was originally conceived with this concept, but like some credit unions and co-ops it got corrupted over time.
Why don’t they create their own co-op studio with blackjack and hookers? Their combined talent should be able to, right?
It is not the strikes that cost the US economy money, it is the greed of absurdly overpaid executives who want to wring every cent of profits out of workers.
Good, I hope it’s 10x that when it’s all said and done.
Aww, fewer super hero movies for y’all.
Yeah.
I’m a big part of the super hero movie problem - I even (eventually) watched and enjoyed “Fant4stic”.
But I can do without super hero movies if that’s what it takes to make sure the money I’m paying is reaching the people doing the work.
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