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Thu Apr 9, 2020, 08:09 AM

Count me skeptical, but Mark Cuban says

coronavirus will end up improving capitalism with companies putting employees first

https://www.cnbc.com/2020/04/08/mark-cuban-says-coronavirus-will-end-up-improving-capitalism-with-companies-putting-employees-first.html

Capitalism will become more “compassionate” as a result of the coronavirus pandemic, billionaire entrepreneur Mark Cuban said Wednesday.

“I think capitalism is going to become a lot smarter and a lot more compassionate because of what we’re going through,” Cuban said on CNBC’s “Closing Bell.”

Cuban, owner of the NBA’s Dallas Mavericks, said he thinks executives will now recognize that they need to put employees first. The consequences of not doing so will be greater now than it was in the aftermath of the financial crisis, when social media was still in its nascent stage, Cuban said.

“It can’t just be about shareholders,” Cuban said. “In fact, you have to put employees ahead of shareholders.”

Shareholders will ultimately reward the companies that do so by awarding their stock a higher multiple, Cuban contended.

36 replies, 2566 views

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Arrow 36 replies Author Time Post
Reply Count me skeptical, but Mark Cuban says (Original post)
HAB911 Apr 2020 OP
DEbluedude Apr 2020 #1
Solomon Apr 2020 #2
brush Apr 2020 #31
mercuryblues Apr 2020 #3
unblock Apr 2020 #4
hatrack Apr 2020 #5
Boomerproud Apr 2020 #7
hatrack Apr 2020 #10
Windy City Charlie Apr 2020 #11
durablend Apr 10 #36
ConnorMarc Apr 2020 #21
Renew Deal Apr 2020 #6
WhiskeyGrinder Apr 2020 #8
Crabby Appleton Apr 2020 #9
safeinOhio Apr 2020 #12
Laelth Apr 2020 #13
SheltieLover Apr 2020 #14
Laelth Apr 2020 #19
SheltieLover Apr 2020 #22
Laelth Apr 10 #33
Phoenix61 Apr 2020 #15
Laelth Apr 2020 #16
Wounded Bear Apr 2020 #17
MissB Apr 2020 #18
Delphinus Apr 10 #34
Takket Apr 2020 #20
TeamPooka Apr 2020 #23
JCMach1 Apr 2020 #24
HarlanPepper Apr 2020 #25
Skittles Apr 2020 #26
Tribetime Apr 2020 #27
empedocles Apr 2020 #28
Caliman73 Apr 2020 #29
Laelth Apr 10 #35
CanonRay Apr 2020 #30
Baked Potato Apr 2020 #32

Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:20 AM

1. I've had this discussion with colleagues.

The problem I see is that to have compassion for employees one must have a heart. Most of the senior corporate level management that I've dealt with are not only heartless, they are soulless. Looking into their eyes is like looking into a deep dark chasm. It's literally all about Wall Street. Employees ARE nothing more than a number. I too, am a skeptic.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:22 AM

2. What he meant to say is that it SHOULD change

capitalism. Count me skeptical as well.

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Response to Solomon (Reply #2)

Thu Apr 9, 2020, 09:14 PM

31. Most corporate bosses and short-sighted a-holes looking no far forward than...

the next quarters' earnings report. If the had any sense they be all in for single-payer healthcare they would've have to fund and pay workers to keep keep track of. Years ago when the auto industry was teetering on the brink, it was reported that every car was $1500 more expensive because of employer sponsored healthcare.

Dumb. Just think how much more competitive American cars would be against Japanese and German cars if they didn't have that added on cost.

Now it's probably even more. Same with all other industries that export their wares.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:23 AM

3. That might be his vision

I see it more like a smoke cloud.

Take Verizon, they are laying off thousands of people. I forget the company name, but they are part of Spectrum, raising their starting pay to $20.00 an hour.

Not so sure about shareholders rewarding companies. Companies will be rewarded by their employees. They'll create a loyalty bond between the 2. When a company show they value employees, employees will value the company.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:29 AM

4. is that based on the 1918 pandemic being followed by, uh, the roaring '20s?

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:32 AM

5. Bullshit. They'll air a bunch of ads about how much they care . . .

And when the pandemic dies down, it'll be back to the same vandalism as before.

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Response to hatrack (Reply #5)

Thu Apr 9, 2020, 09:13 AM

7. I am getting so sick of those "We're here for you"

ads that run every 2 minutes.

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Response to Boomerproud (Reply #7)

Thu Apr 9, 2020, 09:21 AM

10. If there's one truly nimble American industry left, it's the bullshit industry . . .

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Response to Boomerproud (Reply #7)

Thu Apr 9, 2020, 09:28 AM

11. Agreed

Totally agree! And by the time the 30-second commercial is over I'm left saying, "you're saying you're here for us, but you didn't say how."

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Response to Windy City Charlie (Reply #11)

Fri Apr 10, 2020, 09:31 AM

36. "Well we're here to take your money"

"Isn't that enough?"

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Response to hatrack (Reply #5)

Thu Apr 9, 2020, 07:26 PM

21. Basically...

 

To think otherwise would be wishful thinking. And that's putting it nicely.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:58 AM

6. He's right, but it will only last until companies are under pressure to lower costs again.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 09:15 AM

8. LMAOOOOOOOOOOOO

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 09:19 AM

9. I share my skepticism- bigly

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 09:41 AM

12. Not until all of those share holders

are the workers.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 09:55 AM

13. The law would have to change.

Companies and corporations have binding, state charters and a whole body of law that says the Board of Directors, the CEO, the CFO, and all of management MUST serve the interests of shareholders. Employees are but a means to an end. Unless corporate law changes, this dynamic will not change.

-Laelth

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Response to Laelth (Reply #13)

Thu Apr 9, 2020, 10:19 AM

14. Dems must get rid of corporate personhood

Last edited Thu Apr 9, 2020, 08:29 PM - Edit history (1)

Corporations only see bottom line & employees aren't valued as sentient beings. They are like kleenex in a box. Single use and throw away for a new one. We call it the kleenex theory.

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Response to SheltieLover (Reply #14)

Thu Apr 9, 2020, 07:13 PM

19. I would like to see that happen.

It will take a liberal Supreme Court to do it.

Even that needed reform, however, would not change fundamental corporate law. Companies are legally bound to act in the interests of their shareholders, not their employees.

-Laelth

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Response to Laelth (Reply #19)

Thu Apr 9, 2020, 07:26 PM

22. That is repulsive!

Thx for sharing that!

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Response to SheltieLover (Reply #22)

Fri Apr 10, 2020, 09:19 AM

33. Back in the day ...

... when the English common law first ALLOWED corporate entities under Queen Elizabeth I, they were royal charters that the monarch would grant ONLY IF that company or corporation served the public interest. These days it’s merely assumed that making profit, however you can, serves the public interest. It’s not true, of course, but that IS the guiding principle of the law in regards to corporate entities these days.

-Laelth

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Response to Laelth (Reply #13)

Thu Apr 9, 2020, 11:02 AM

15. That's not true. The board is elected

by the stockholders. If the stockholders don’t like what the board is doing, they fire them and elect someone else.

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Response to Phoenix61 (Reply #15)

Thu Apr 9, 2020, 11:14 AM

16. Both statements you made in the previous post are true.

Neither statement invalidates my point that the fundamental, legal purpose of a corporate entity is to serve the interests of its stockholders.

-Laelth

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 11:16 AM

17. Capitalistic woo...nt

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 11:23 AM

18. NPR On Point's podcast had a deeper discussion

With him on the topic. It’s 48 minutes long, and worth it to listen to before dissing him completely.

He talked about how companies act now will be important later. How they treat their employees will be part of how well the company moves forward after this. He says that if an employee is paid so little that they need government assistance, then it’s a failing of the company. He said $15/hr is a minimum.

It’s 48 mins long; I can’t possibly capture all of the content here.

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Response to MissB (Reply #18)

Fri Apr 10, 2020, 09:23 AM

34. Thanks -

I'll check it out.

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 07:17 PM

20. not a chance in hell. if that were true unemployment wouldn't be exploding right now

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 07:28 PM

23. I see the opposite happening. Less compassionate capitalism, if that's possible, will be the new

normal

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 07:29 PM

24. Yeah, right...

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 07:49 PM

25. There's literally zero chance this happens.

 

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 07:50 PM

26. not as long as republicans still exist

no indeed

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:04 PM

27. Action speaks louder than words

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:07 PM

28. 'Can't be just about shareholders' - or executives with stock options!

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 08:14 PM

29. Capitalism never becomes compassionate unless forced.

This is what happens with rich people. They lose touch with the reality shared by the majority because they do not have to live in it. Just like the message from Geffen aboard his yacht or statements from Gwyneth Paltrow, they are free to make those assumptions because they don't experience the cruelties of Capitalism.

Capitalism, unless sufficiently restrained will ALWAYS grind people up and move toward the concentration of wealth into fewer and fewer hands.

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Response to Caliman73 (Reply #29)

Fri Apr 10, 2020, 09:25 AM

35. +1

This is why I am a liberal. Liberalism seeks to preserve capitalism by preventing its greatest excesses. Liberal politics seek to spead the wealth such that we all benefit from capitalism—not just a few oligarchs.

-Laelth

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 09:05 PM

30. It happened after the plague

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Response to HAB911 (Original post)

Thu Apr 9, 2020, 09:28 PM

32. What a crock!

Run that by your billionaire buddies...

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