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Forum Post: Verizon is the posterchild for corporate greed

Posted 6 years ago on Jan. 7, 2012, 4:03 p.m. EST by myows (133)
This content is user submitted and not an official statement

Verizon is a healthy, profitable company. They make billions in profit every quarter. They paid no federal income taxes the past 2 years and somehow even got a tax refund. They also took 1.5 billion $ in bailout money from us taxpayers even though the CEO stated that they did not need any bailout money.The top 5 executives made a quarter of a billion dollars over the last 4 years. So, how do they repay this country and their workers ? By trying to take away the union workers pensions, healthcare plans and most importantly by moving as many American jobs as they can overseas! How does this help America's economic recovery ? Who are the politicians that allow this? Oh ,and the CEO makes the same amount of money as 300 average employees but I'm not supposed to mention this little fact because if I do then Rush Limbaugh says I'm engaging in class warfare. This corporation has no allegiance to this country, only to the stock price. The media does not report this because they are afraid to lose ad revenue. There has got to be a middle ground between corporate profits and maintaining a viable middle class in this country.



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[-] 3 points by wordworlock (18) 6 years ago

Thanks for a well written and comprehensive post.

What can we do about it? How do we inform the distracted public?

[-] 2 points by FrogWithWings (1367) 6 years ago

Everyone knows, intuitively at least, that verizon buys DC and pays their execs riches beyond reason while charging consumers more than any other carrier in the US.

Publicly owned businesses are greed machines which compromise the morals of many weak people, including those of the 99%'s majority, and to the tune of over 9 trillion dollars.

[-] 2 points by JoeTheFarmer (2654) 6 years ago

This is one I have to agree with. Verizon is a truly bad apple.

Verizon is notorious for ripping off customers and the government as well. They have a shady practice of renewing "2 year contracts" without their customers knowledge. They also slip in "below the line" fees for customers that are not looking closely.

They had to pay $93 million for over billing the federal government.

They actually settled with the workers and they held on to their benefits thanks to the CWA.

As for the bail outs, Many companies thought they would not need the loans later found that the credit crunch caused by the housing market crisis dried up other funding sources. They had to pay the money back with fees and interest within 90 days.

[-] 2 points by myows (133) 6 years ago

Farmer, I have to correct you regarding the part about the company settling with the workers, this is NOT TRUE. The workers went back under the existing contract rules so that the union and company could work out a new agreement but as of today 1/8/12 it would appear that the company is holding the line regarding major givebacks such as ---taking away workers pensions, giving them an inferior healthcare plan with astronomical deductibles, and the company also wants to be able to send as many American jobs overseas as it feels like! This is a company that is in no financial difficulty that also enjoyed paying NO federal income taxes the past few years! This corporation has Washington bought and paid for and the union can hardly even get their side of the story out to the complacent media.

[-] 1 points by JoeTheFarmer (2654) 6 years ago

It is my understanding that they are working under the same contract with the same benefits that they had before this started. If I am wrong please show me.

I agree that Verizon is one of the worst companies and I left them over 10 years ago.

As far a sending jobs over seas there is nothing we can do about that. We do not control the planet. A company can employ people wherever they want.

[-] 2 points by ZenDogTroll (13032) from South Burlington, VT 6 years ago

that's part of my platform - making the entire telecommunications industry a public entity.

that'll solve that little issue right there.

[-] 4 points by FrogWithWings (1367) 6 years ago

Why not effectively abolish publicly owned corporations, the stock market and other casino type wealth extraction mechanisms by DISAVOWING them and offering them, or those who chose to participate in those practices, a big fat NOTHING?

Yep, you're on your own if you can't control your greed and gambling compulsions.

I've watched too many privately owned companies go straight to hell once they sold out to shareholders and corporate greed.

[-] 1 points by bill1102inf2 (357) 6 years ago

That is an absolute must happen.

[-] 1 points by JoeTheFarmer (2654) 6 years ago

This will not solve any issue.

The Verizon workers actually have better pay and benefits than federal government workers. If the government took over telecommunications the industry would start losing money.

Just compare the Postal Service that lost $14 billion while UPS and FedEx, who pay their employees more, actually made a profit.

And corruption? Don't get me started on corruption in the government. Our government raided the Social Security Trust Fund. And hey, ever hear of the $400 hammer?

[+] -7 points by ZenDogTroll (13032) from South Burlington, VT 6 years ago

You won't get FedEx delivering the mail in rural areas any cheaper than the U.S. Postal Service.

lost $14 billion

over what period of time?

Congress has mandated that they set aside a portion of their revenue and estimates are that the USPS has been overpaying for several years -

ranging anywhere from 6 to 60 Billion dollars

I'm sick of scumbags trying to break things that may be perfectly sound - as was done with the entire trolley system back in the 1940s

you can see 60 Minutes

[-] 1 points by JoeTheFarmer (2654) 6 years ago

I did not say FedEx is cheaper in rural areas.

The USPS lost $14 Billion THIS YEAR.

They were mandated to set aside $5.5 Billion dollars every year for health and retirement benefits. Private businesses need to fund their pension systems as well. Even if you subtract the 5.5 that still means they lost 8.5 Billion this year.

The postal service in inefficient and pays their employees significantly less than UPS.

I'm sick of numskulls posting inaccuracies and pretending something is perfectly sound when it is not.

[+] -8 points by ZenDogTroll (13032) from South Burlington, VT 6 years ago

there is only so much time in the day - fukin righties have the whole system under attack - it can be hard to keep up.

So I haven't had time to track down the details - but I would note that my Congressional reps are working on this issue, and if the facts are as you present, I'm sure a means can be found to address it.

The fact remains this is not the time for sweeping cuts in employment. The jobless numbers are still way too high, and too few new jobs coming online to replace them.

Not to mention the fact that there are, indeed, those who would privatize every single function of government, including the military.

With these kinds of nimrods around, it becomes absolutely essential that we stop, and examine very closely - just what the fuck are we doing?

[-] 1 points by JoeTheFarmer (2654) 6 years ago

Who said anything about sweeping cuts in employment or privatizing the military? Not me!

You thought we should nationalize the telecommunications industry. I said... bad idea because the government is inefficient at just about everything and most often corrupt. Competition in private sector keeps costs down. A government monopoly leads to waste and abuse. If you don't like Verizon switch to AT&T, T-Mobile, Sprint, Embarq, Century Link, Metro PCS, Cricket.

[-] 1 points by FrogWithWings (1367) 6 years ago

The Military is already de-facto privatized. I know several many soliders still in the middle east, who have been there for more than 5 years, making 1 mil a year contracting out from Haliburton. Mere mercenaries.

Add the fact that the United States' participation in the UN, who also has seemingly privatized it's military to the point our nation can be in NON-Stop war without any declaration from Congress.

60 days notice my ass.........

[+] -6 points by ZenDogTroll (13032) from South Burlington, VT 6 years ago

Burlington Electric is a public utility - and it works just fine. In fact, it works so well, it's the cheapest power source in the entire state.

[-] 0 points by Wallgreed (-26) 6 years ago

When USPS goes down, we might just be going to our local gas station or convenience store to get our mail. Email and online bill paying has made USPS a useless business anymore. The corrupt union also helped bring USPS to it's knees also

[-] 1 points by myows (133) 6 years ago

wallgreed, if you want to hate unions I certainly can't stop you but I must point out that in Verizons case we are talking about a private sector union for a company that is a healthy, profit machine. To compare it to the USPS workers union, where the employer (US govt)is going broke, is apples and oranges.

[+] -7 points by ZenDogTroll (13032) from South Burlington, VT 6 years ago

ahh - so the destruction of the Postal Service is all about destroying the union . . .

I get it now.

fuckin scumbag repeliKans

that's alright - as soon as the glaciers are gone

so are the repeliKans!!


[-] 0 points by ironboltbruce (371) from Miami, FL 6 years ago
[-] 0 points by Libertarianliving (149) 6 years ago

"""""Oh ,and the CEO makes the same amount of money as 300 average employees but I'm not supposed to mention this little """""

No kidding he does!!!!! HE IS A FUCKIN CEO!!!!! You want him to make the wages that the "common laborers" do who are getting paid far more than they are worth? There are people that would do their jobs just as well or better than they do expecting less in return. That makes them overpaid.

"""""Who are the politicians that allow this? """""

You seriously think government SHOULD get involved with dictating to us, "the people" how we run our private businesses and what we should pay people?

Back from the USSR. You don't know how lucky we are

[-] 2 points by myows (133) 6 years ago

every time that I mention in one of my posts that the CEO of my company (Verizon) makes 300 times the amount of money as one average union employee, some person will inevitably reply to my post with the following ----- " When you have the level of education that the CEO has and when you can do the CEO's job, then you can talk, otherwise shut up".

OK, I will fully admit to you that I do not have the business background or experience needed to step into the CEO's job at my company. Having said that now let's flip it around. Do you think the CEO can do my job? I answer you with 1000% certainty that he can NOT do my job. As a matter of fact based on some of the company statements to the media while we union workers were on strike recently he apparently does not even know that his union workers install/maintain FIOS and also keep the sacred cellular network (which is the only thing that the company seems to care about)humming along.

So to summarize ---

  1. I can't do the Ceo's job. 2 The Ceo can't do my job.
  2. The Ceo makes 300x what a union employee makes,wants to strip the employee of pension and healthcare benefits, and sends American jobs to India. (while getting tax breaks to do it!)

And yes, I do think the government should get involved when a company is paying $0 in taxes and then sends jobs overseas and tries to lower the living standards of it's middle class employees.

[-] 1 points by Libertarianliving (149) 6 years ago

"""""Having said that now let's flip it around. Do you think the CEO can do my job? I answer you with 1000% certainty that he can NOT do my job""""""

I'll take your word, "No he can't". But THOUSANDS of others CAN and are willing to do it FOR LESS. If they couldn't, thcompanyny would have to OFFER much higher reimbursement for your skills nd time. Obviously they don't want/NEED to do that. Then you get Union attempting to pay out fr more than they HAVE to, ARTIFICIALLY inflating the value of the workforce nd it is no wonder why they want to send jobs overseas.

""""As a matter of fact based on some of the company statements to the media while we union workers were on strike recently he apparently does not even know that his union workers install/maintain FIOS and also keep the sacred cellular network (which is the only thing that the company seems to care about)humming along"""""""

Apparently he doesn't NEED to know that. it is being done and he is earning profit. THAT is what businessmen set out to do. If YOU want it as "good" and "unfair" as he has it, take your own risks with your own money, get a higher education, go through all the failures and being broke that businessmen go through, and maybe you will earn what he does.

"""""sends American jobs to India. (while getting tax breaks to do it!) """""

That I can agree with you on somewhat. A company shouldn't be "subsidized" when hiring foreign workers. But yet again, if Union workers didn't demand/expect so much more than they are really worth, the company wouldn't have/want to.

All Unions driving up wages, along with government mandated "minimum wage laws" accomplish is to make whatever those wages are, not worth much. If Minimum Wage Laws became $100K/year, and Unions throughout the country raised the average to $150K/year, those earnings would be meager just causing more INFLATION.

[-] 0 points by Monkeyboy69 (150) 6 years ago

corporations are setup to maximize profits. if you dont like it dont use verizon service. i am a shareholder of verizon and i am glad they try to maximize profits. that is why i bought the stock.

making the telecom industry public? sounds like a great idea ... just like the post office which loses billions a year ... or amtrac

Greed is a great motivating factor ... we all have greed of some for ... money, life, love, etc

[-] 2 points by myows (133) 6 years ago

yeah, that's great and when our collective sons and daughters (after going in debt 100k for college) have to settle for a no benefit minimum wage job at Walmart or maybe buy a one way ticket to to India in order to land a job --- well that's ok because you have your Verizon stock $$ to run your fingers through. Shortsighted and compassionless.

[-] 1 points by FrogWithWings (1367) 6 years ago

55% of the 99% are indeed in bed with, and slaves to, the 1%ers and their greed. Wealth extraction, especially when no value is added, is morally reprehensible. I PAY far too much for verizon service.

It means this cause is owned and hypocritical

However, I have put them on notice, as of yesterday, that I will be bringing a suit against them. As it turns out, with very little inquiry, it will be class action. So, instead of extracting wealth at the cost of lower verizon employee wages and end consumer cost, I'm going to show them the errors of their highly complex wealth extraction machine.

Wanna bet, that within two weeks, they fold and I end up with a top of the line phone new phone of my choice and don't pay them a dime for service for at least a year?

I've done it before when they attempted robo screwing me in the name of paying you dividends, no taxes, bribing DC, lower employee wages and higher, vulgar even exec wages for, at that time, Mr Stringle and all his stuffed suits. I haven't checked to see who is currently at the helm.