.RBReich: Corporate social responsibility is a sham | Opinion
Boeing recently fired CEO Dennis Muilenburg in order"to restore confidence in the Company moving forward as it works to repair relationships with regulators, customers, and all other stakeholders."
Some 50,000 GM workers then staged the longest auto strike in 50 years. They won a few wage gains but didn't save any jobs. Meanwhile, GM's stock has performed so well that Barra earned $22 million last year. GE CEO Larry Culp is also a member of the Business Roundtable. Two months after he made the commitment to all his stakeholders, General Electric froze the pensions of 20,000 workers in order to cut costs. Culp raked in $15 million last year.
The giant tax cut itself was a product of the Business Roundtable's extensive lobbying, lubricated by its generous campaign donations. Several of its member corporations, including Amazon and General Motors, wound up paying no federal income taxes at all last year. Dennis Muilenburg testifies before the Senate Committee on Commerce, Science, and Transportation on Aviation Safety and the Future of Boeing's 737 Max on Capitol Hill in Washington, D.C., on October 29, 2019.Americans know this. In the most recent Pew survey, a record 73 percent of U.S. adults believe major corporations have too much power. And 65 percent believe they make too much profit.
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