Once again, it’s striking how much Wall Street hates the American worker and wants us to be as low-paid and miserable as possible. Nor do they have much of a soft spot for American consumers, for that matter. From a November 2003 Fortune article:
But some of the practices that made Costco great have lately come under attack by Wall Street. […] Analysts have pounded on Sinegal to trim the company’s generous health benefits and to otherwise reduce labor costs. But he’s taken only limited steps in that direction, like modestly increasing employees’ share of health-insurance premiums. That doesn’t satisfy critics like Deutsche Bank analyst Bill Dreher, who recently wrote, “Costco continues to be a company that is better at serving the club member and employee than the shareholder.”
Sinegal just shrugs. “You have to take the shit with the sugar, I guess. We think when you take care of your customer and your employees, your shareholders are going to be rewarded in the long run. And I’m one of them [the shareholders]; I care about the stock price. But we’re not going to do something for the sake of one quarter that’s going to destroy the fabric of our company and what we stand for.”
Via Electrolite..
Finally!! Some one gets it! Makes me want to get a job there.
“Costco continues to be a company that is better at serving the club member and employee than the shareholder.”
Ahhh, capitalism. It’s motto: The biggest fucker wins.
Not so fast, Amp! To me, the idea of the “socially responsible business” (i.e., politically-correct capitalist) is an oxymoron—certainly for Big Businesses like Costco.
I recently got a job there and its great. union, the customers are friendly, great opportunity to move up etc. I dont know if ill ever leave lol
My blog – read the “want my job” article if interested :-D