As Southwest CEO Bob Jordan pretends to apologize—remember—SW got a $7B federal bailout, spent $5.6B of that on Stock Buybacks, gave their CEO a raise to $9.1M, & forced frontline workers into 16 hour shifts under threat of termination—while spending $0 updating SW software😳
Southwest’s debacle isn’t an accident. It’s the predictable result of billionaire & corporate corruption & greed—& thousands of workers & travelers are paying the price.
In a just world SW execs will face criminal charges.
@QasimRashid I think there's some sort of economic torment nexus at the intersection of Goodhart's Law, the idea of the primacy of "shareholder value", and Sinclair's observation that "It is difficult to get a man to understand something when his salary depends on his not understanding it."
That being, the moment an company's executive strata reward metrics are established by shareholder value, the company is going to turn out like Southwest did.
@QasimRashid So again, I don't think "corruption" in the classic sense is what's at play here - it's a corruption of institutional metrics and goals, not of people, of treating money, as delivered to investors, as the measure of success. It's the willful blindness of a management strata that's well-rewarded for that blindness.
Jack Welch was right when he said that shareholder value is the dumbest idea in the world.
Qasim Rashid, Esq.
mhoye