Senator Elizabeth Warren has blasted Disney over its decision to lay off 28,000 employees, asserting that the entertainment giant’s priorities are unfairly weighted in favor of shareholders and executive pay packages. […]
Warren said Disney depleted its capital cushion by “showering its top executives with over-the-top compensation packages and salaries” and spending $47.9 billion on share buybacks between 2009 and 2018.
“It appears that — prior to, and during the pandemic — Disney took good care of its top executives and shareholders — and is now hanging its front-line workers out to dry,” Warren wrote in the letter.
I’ve never known any publicly traded company that put front line employee interests above those of it’s executives. This is what capitalism allows for, and it’s really sad. Warren just seems to be picking a fight here that isn’t going to affect the status quo.
For Disney’s part, they’ve been trying to re-open the Anaheim, CA resort but are having disagreements with the state of California and Governor Newsom. Newsom is saying the state is going to follow a “health-first framework” and be “stubborn about it” while Disney says they’ve proven around the rest of the world that they can “operate with responsible health and safety protocols”.
I think Disney is only concerned about Disneyland, while Newsom is trying to determine the best way to open all theme parks in the state — and we have a lot of theme parks in this state. I don’t think it’s fair for Newsom to give Disneyland the thumbs up emoji while keeping Universal, Knotts, Six Flags, and SeaWorld all closed. I’m siding with the state on this one; I don’t think you can re-open until the risk of spreading COVID-19 drops significantly. Los Angeles County has 283,000 cases, and Orange (where Disneyland is located) has another 56,000. The virus is running rampant in these counties. How does Disney feel the science supports them re-opening now?
At this rate Disneyland may not re-open before the New Year.