Starbucks Blew $20 Billion on Share Buybacks and Dividends

On his first day as the new old interim CEO of Starbucks, which has been in the news for a series of successful union votes by frustrated employees, Howard Schultz told employees in a letter this morning that the company would end its share buyback program.

It promptly blew, wasted, and incinerated $3.5 billion in cash on buying back its own shares in Q4, according to its 10-Q filing. Since 2005, Starbucks has blown, wasted, and incinerated $30.8 billion on share buybacks, most of it ($22 billion) since 2017 under Kevin Johnson (data via YCharts).

Wolfstreet.com

Marathon Petroleum cut nearly 2,000 jobs – and reaped $2.1bn in pandemic benefits

Marathon Petroleum received more tax benefits than any other US oil company while also cutting about 9% of its workforce.

Last year, Marathon laid off 1,920 workers across the US despite taking $2.1bn in federal tax benefits meant to cushion the pandemic’s blow to the economy, according to a report from BailoutWatch.

According to SEC filings examined by BailoutWatch, Marathon came to receive roughly $1.1m in federal dollars for every job the company eliminated.

The Guardian

[Note: Marathon owns the gas station chain “Speedway”]

Offshoring: U.S. Corporations Don’t Want You to Know What They Sell from Overseas

Amazon and other retailers oppose measure to require country-of-origin labeling for goods sold online.

Amazon and other retailers are opposing a bipartisan measure that would require online sellers to clearly state where their products are made, a rule proponents say could help consumers seeking U.S.-made goods.

WaPo

Related:

NOT Made in America: Top 10 Ways Walmart Destroys US Manufacturing Jobs

Trump Admin. Refuses to Disclose Corporate Recipients of $500 Billion in Coronavirus Bailout Funds

Progressive critics and advocacy groups are responding with alarm and anger to the Trump administration’s refusal to disclose the names of more than 4.5 million companies that have collectively received over $500 billion in corporate bailout money through a federal program created to provide businesses with relief from the coronavirus pandemic.

The over $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by Trump in March established the Paycheck Protection Program (PPP) with $349 billion in funding for forgivable loans. After the initial capital ran out in just 13 days, lawmakers approved $310 billion more

Common Dreams

ALEC Leading Right-Wing Campaign to Reopen the Economy Despite COVID-19

Documents obtained by the Center for Media and Democracy (CMD) show that a powerful corporate lobby front group, the American Legislative Exchange Council (ALEC), is playing a leading role in the right-wing movement to push for early reopening of the economy amidst the coronavirus pandemic that has cost the United States 61,680 lives to date.

ALEC is a corporate pay-to-play operation where legislators and corporate lobbyists vote behind closed doors to adopt model legislation on a broad range of public policy issues.

Common Dreams

Related:

ALECexposed.org

Hacker Takes Down Another Offshore, Secretive, Bank

By Dan Feidt, Freddy Martinez, Unicorn Riot November 17, 2019

Isle of Man, UK – A blast of sunshine has hit a secretive banking network used by global ultra-wealthy figures following a massive hack by “Phineas Fisher“, a notorious self-described “hacktivist”, of Cayman National Bank and Trust, which serves nearly 1,500 accounts in Isle of Man. Transparency collective Distributed Denial of Secrets has began publishing copies of the bank’s servers, a cache of documents as well as communications among bankers and others. Journalists around the world have been investigating the data for months and have begun publishing the first of their stories.

Ninja Riot

It’s being compared to the Panama Papers hack.

More Proof of Another Republican Big Lie (“Tax Cuts for Corporations Will Boost Jobs and Help the Working Class”)

Remember what Republicans called the “Tax Cuts and Jobs Act”?

As you know (if you’ve been paying attention), the “Jobs” part of the Republican bill was a huge lie.

Corporations didn’t generally invest in their companies, their workforce, or create jobs. They spent BILLIONS buying back shares to boost the stock price (executives’ bonuses get a boost when the company’s stock price goes up).

Five companies blow $55 billion in Q1 to prop up their own shares.

Wolf Street