Question: What do Walmart and Wall Street have in common?
Answer: The execs get fat contracts while the workers get shafted.
A week after Wall Street bankers collected taxpayer-funded golden parachutes, Walmart announced that it was shutting down its first shop in North America that had successfully unionized.
Brian White at Blogging Stocks reports on the shuttered store in Gatineau, Quebec:
“The retailer would rather see the operation shut down entirely instead of having employees with any kind of power. … Was the global retailer trying to get a message out to any other Wal-Mart location in North America — “unionize and we will shut your doors?” If so, that’s no way to run a business, right? Is Wal-Mart so afraid of unions in its stores that it would rather shut them down (or pieces of them) instead of continuing to operate?”
Walmart would rather see the operation shut down “entirely instead of having employees with any kind of power.”
That kind of power?
As White notes:
“Many Wal-Mart employees are apparently so underpaid that their only recourse is to try and unionize their stores in order to negotiate a better wage.”
Meanwhile, four of the Waltons, who control Walmart, were named to the Forbes’ top 10 richest Americans list. Jim Walton ranked No. 6 at a net worth of $15.7 billion, right behind Warren Buffett and Microsoft founders Bill Gates and Paul Allen.
Do the Waltons really feel threatened? Are they really worried about some workers organizing to make an honest buck to take care of their families?
This is disgraceful. Boycott Walmart.