Tilman Fertitta..lays off all Landrys employees and eliminates luxury hotel workers' paid time off amid covid19 crisis.

[SWYM]

All the free market economics has gone out the window as all these corporations are clamoring for bailouts.

It's amazing how people rail against socialism except for when they need it for themselves

Yes, let's implement an economic crippling political system for Black Swan events...

Let me guess, you don't cross the street, drive a car or do anything that poses any risk because you "may" die?

Thankfully, Bernie Bros will go away after another failed attempt at a race

I'm not a Bernie bro, whatever that means anyways

Your guess is wrong

You totally missed the point : these companies and their bought off politicians rail against socialism except when the companies need it (now, financial crisis a decade ago , etc). It's hypocrisy at its best

A "bail out" is mutually exclusive of Socialism. Do you understand the difference between the 2? And most importantly, do you understand that most for profit companies' biz models can't withstand a Black Swan event of this magnitude?

Or are you merely the same hypocrite that you criticize?

[Pharmcat]

Yes, let's implement an economic crippling political system for Black Swan events...

Let me guess, you don't cross the street, drive a car or do anything that poses any risk because you "may" die?

Thankfully, Bernie Bros will go away after another failed attempt at a race

I'm not a Bernie bro, whatever that means anyways

Your guess is wrong

You totally missed the point : these companies and their bought off politicians rail against socialism except when the companies need it (now, financial crisis a decade ago , etc). It's hypocrisy at its best

A "bail out" is mutually exclusive of Socialism. Do you understand the difference between the 2? And most importantly, do you understand that most for profit companies' biz models can't withstand a Black Swan event of this magnitude?

Or are you merely the same hypocrite that you criticize?

Maybe these companies shouldnt have blown thier load stock buybacks (ahem Boeing) and been more responsible with their money. Isn't that what the rest of us are supposed to do? Because that's what they tell the rest of us with any of the following flavors : "why doesn't Boeing have money saved up for emergencies? If they're poor, how come they have an iPhone & TV? Maybe they should get another job. Or just work harder. Drive for Uber on the side. Stop wasting money on Doordash."


Bailing out companies with taxpayer money is a textbook definition of socialism. And it's ironic how these companies can get it when they and their bought off politicians rail against it for the average person

[SWYM]

I'm not a Bernie bro, whatever that means anyways

Your guess is wrong

You totally missed the point : these companies and their bought off politicians rail against socialism except when the companies need it (now, financial crisis a decade ago , etc). It's hypocrisy at its best

A "bail out" is mutually exclusive of Socialism. Do you understand the difference between the 2? And most importantly, do you understand that most for profit companies' biz models can't withstand a Black Swan event of this magnitude?

Or are you merely the same hypocrite that you criticize?

Maybe these companies shouldnt have blown thier load stock buybacks (ahem Boeing) and been more responsible with their money. Isn't that what the rest of us are supposed to do? Because that's what they tell the rest of us with any of the following flavors : "why doesn't Boeing have money saved up for emergencies? If they're poor, how come they have an iPhone & TV? Maybe they should get another job. Or just work harder. Drive for Uber on the side. Stop wasting money on Doordash."


Bailing out companies with taxpayer money is a textbook definition of socialism. And it's ironic how these companies can get it when they and their bought off politicians rail against it for the average person

You're merely repeating nonsense you watch on YouTube.

Do yourself a favor and take a college level econ/political economy course and stop posting complete utter nonsense.

[nfmos]

Dont panic. Read the article.

This happened to a few of my friends. A lot of businesses are laying off their employees so they can collect unemployment from the government while the business isn't giving them hours, with the intention of hiring the employee back when they are able to reopen. Thats what it sounds like his business is doing as well, if you read the first article. This is a benefit to employees, they still get some sort of paycheck (from the government via unemployment), they don't have to use their Paid Time Off that they've worked for (and they get it back upon re-hire), and they can have their job back when they open again.

While this Fertitta has a history of sleezy moves, this doesn't seem like another one to put on the long list...at least thats what I got from the articles. As long as he does re-hire everyone that wants their job back, then I don't think this is a very big deal.

So he takes all there banked overtime and it is no longer payable or able to be taken as time off, as he doesn't have to give it back or re-hire people with large amounts and he limits that liability to zero, that's kind of scummy... and their benefits (e.g. medical)? I mean, those are kind of important right now. I don't know laws there enough that when you are laid off if they disappear immediately, but if so, that's a real scummy move.

Read the article before jumping the gun on a sensationalist title.

The exact notice he sent to employees is in the first link:

However, at this time the Company is suspending use of PTO until further notice. Therefore, hourly team members may not request or use PTO until further notice. Any accrued hours will be available upon your return for future use. Should you choose to resign from employment during this time, in accordance with applicable laws, we will pay out accrued and unused PTO, and your benefits coverage (if any) will terminate at the end of this month, March 2020. Any Team Members who choose to resign will not be scheduled when operations resume and will need to reapply for any open positions, once available.

What usually happens to medical benefits in a case like this? That could be the difference between a $1400 bill and a $30k one if uninsured. Do their medical benefits usually extend for a length of time?

Answers most of your post. Do some research before forming an opinion next time...at least read the OP before posting.

[Scalabrine]

Dont panic. Read the article.

This happened to a few of my friends. A lot of businesses are laying off their employees so they can collect unemployment from the government while the business isn't giving them hours, with the intention of hiring the employee back when they are able to reopen. Thats what it sounds like his business is doing as well, if you read the first article. This is a benefit to employees, they still get some sort of paycheck (from the government via unemployment), they don't have to use their Paid Time Off that they've worked for (and they get it back upon re-hire), and they can have their job back when they open again.

While this Fertitta has a history of sleezy moves, this doesn't seem like another one to put on the long list...at least thats what I got from the articles. As long as he does re-hire everyone that wants their job back, then I don't think this is a very big deal.

This does is not an added benefit for employees. They are already entitled to unemployment benefits for lack of work.

Maximum weekly unemployment in my state is $330 a week. Can take up 6 to 8 weeks to get your first deposit under normal times much less times like this. It would be much better to use paid time off and get a full pay check till your benefits kick in.

I see the benefit of both sides. Some employees may want to save their PTO for a time where they can actually go on vacation and use it for the reason it's designed to be used. I definitely see your point though. I wouldn't put a slimy move passed Fertitta at all, but I have seen multiple other well respected businesses take the same actions as he is, and it's to help the employee, not to hurt them. Hopefully thats the case here.

[Pharmcat]

A "bail out" is mutually exclusive of Socialism. Do you understand the difference between the 2? And most importantly, do you understand that most for profit companies' biz models can't withstand a Black Swan event of this magnitude?

Or are you merely the same hypocrite that you criticize?

Maybe these companies shouldnt have blown thier load stock buybacks (ahem Boeing) and been more responsible with their money. Isn't that what the rest of us are supposed to do? Because that's what they tell the rest of us with any of the following flavors : "why doesn't Boeing have money saved up for emergencies? If they're poor, how come they have an iPhone & TV? Maybe they should get another job. Or just work harder. Drive for Uber on the side. Stop wasting money on Doordash."


Bailing out companies with taxpayer money is a textbook definition of socialism. And it's ironic how these companies can get it when they and their bought off politicians rail against it for the average person

You're merely repeating nonsense you watch on YouTube.

Do yourself a favor and take a college level econ/political economy course and stop posting complete utter nonsense.

Another wrong guess .

Which corporations burner account are you running

[Scalabrine]

Dont panic. Read the article.

This happened to a few of my friends. A lot of businesses are laying off their employees so they can collect unemployment from the government while the business isn't giving them hours, with the intention of hiring the employee back when they are able to reopen. Thats what it sounds like his business is doing as well, if you read the first article. This is a benefit to employees, they still get some sort of paycheck (from the government via unemployment), they don't have to use their Paid Time Off that they've worked for (and they get it back upon re-hire), and they can have their job back when they open again.

While this Fertitta has a history of sleezy moves, this doesn't seem like another one to put on the long list...at least thats what I got from the articles. As long as he does re-hire everyone that wants their job back, then I don't think this is a very big deal.

That's what I figured about "leave" versus permanent termination. However, in Canada at least, we have employers requiring that all paid time off is fully paid out in a lump sum prior to collecting Employment Insurance benefits through the government, so it may be that they do not get the time off back when returning to work (though I imagine that this is legislated differently in some states).

The first article posted says that their PTO will be returned to them upon re-hire and if the employee chooses not to return, their PTO will be paid out in a lump some upon that notification.

Most people want to have a knee-jerk reaction and talk $it about Fertitta (for good reason most of the time), but they don't want to read the articles or be informed about what that they are forming an opinion on.

[Scalabrine]

So he takes all there banked overtime and it is no longer payable or able to be taken as time off, as he doesn't have to give it back or re-hire people with large amounts and he limits that liability to zero, that's kind of scummy... and their benefits (e.g. medical)? I mean, those are kind of important right now. I don't know laws there enough that when you are laid off if they disappear immediately, but if so, that's a real scummy move.

Read the article before jumping the gun on a sensationalist title.

The exact notice he sent to employees is in the first link:

However, at this time the Company is suspending use of PTO until further notice. Therefore, hourly team members may not request or use PTO until further notice. Any accrued hours will be available upon your return for future use. Should you choose to resign from employment during this time, in accordance with applicable laws, we will pay out accrued and unused PTO, and your benefits coverage (if any) will terminate at the end of this month, March 2020. Any Team Members who choose to resign will not be scheduled when operations resume and will need to reapply for any open positions, once available.

What usually happens to medical benefits in a case like this? That could be the difference between a $1400 bill and a $30k one if uninsured. Do their medical benefits usually extend for a length of time?

Answers most of your post. Do some research before forming an opinion next time...at least read the OP before posting.

I think that varies state to state. Not exactly sure of the correct answer here, although I'm pretty sure medical benefits aren't immediately revoked in any state. This will probably be an issue in an extended work stoppage, which is certainly a possiblity here.

[Harcore Fenton Mun]

This is happening all over.

You need money coming in to employ people, it's as simple as that. In many of those cases, the business wont make it through this downturn. Mostly because they are levered up to their teeth.

[kobe_vs_jordan]

Dont panic. Read the article.

This happened to a few of my friends. A lot of businesses are laying off their employees so they can collect unemployment from the government while the business isn't giving them hours, with the intention of hiring the employee back when they are able to reopen. Thats what it sounds like his business is doing as well, if you read the first article. This is a benefit to employees, they still get some sort of paycheck (from the government via unemployment), they don't have to use their Paid Time Off that they've worked for (and they get it back upon re-hire), and they can have their job back when they open again.

While this Fertitta has a history of sleezy moves, this doesn't seem like another one to put on the long list...at least thats what I got from the articles. As long as he does re-hire everyone that wants their job back, then I don't think this is a very big deal.

This does is not an added benefit for employees. They are already entitled to unemployment benefits for lack of work.

Maximum weekly unemployment in my state is $330 a week. Can take up 6 to 8 weeks to get your first deposit under normal times much less times like this. It would be much better to use paid time off and get a full pay check till your benefits kick in.

I see the benefit of both sides. Some employees may want to save their PTO for a time where they can actually go on vacation and use it for the reason it's designed to be used. I definitely see your point though. I wouldn't put a slimy move passed Fertitta at all, but I have seen multiple other well respected businesses take the same actions as he is, and it's to help the employee, not to hurt them. Hopefully thats the case here.

It's not to help their employees thought, it is not employee choice. It only benefits ownership. Fertitta isn't out of bounds for cutting cost but the PR spin that helps employees isn't true. The employees aren't getting additional benefits by being let go. You already entitled to unemployment just by working enough hours. Help would be giving them any extra bonus before sending them to the unemployment queue .

[Scalabrine]

This does is not an added benefit for employees. They are already entitled to unemployment benefits for lack of work.

Maximum weekly unemployment in my state is $330 a week. Can take up 6 to 8 weeks to get your first deposit under normal times much less times like this. It would be much better to use paid time off and get a full pay check till your benefits kick in.

I see the benefit of both sides. Some employees may want to save their PTO for a time where they can actually go on vacation and use it for the reason it's designed to be used. I definitely see your point though. I wouldn't put a slimy move passed Fertitta at all, but I have seen multiple other well respected businesses take the same actions as he is, and it's to help the employee, not to hurt them. Hopefully thats the case here.

It's not to help their employees thought, it is not employee choice. It only benefits ownership. Fertitta isn't out of bounds for cutting cost but the PR spin that helps employees isn't true. The employees aren't getting additional benefits by being let go. You already entitled to unemployment just by working enough hours. Help would be giving them any extra bonus before sending them to the unemployment queue .

Totally agreed, thats what a business owner who cares about their employees would do. Disagree that this doesn't help employees at all though. The government is supposed to step in in an unprecedented situation like this. Its part of the reason why businesses and employees pay so much money in taxes every year.

Too many businesses would go under if it was on them to continue paying regular wages while not being able to operate, and then we wouldn't have any jobs to come back to when we finally do get back to some normalcy. Everyone is relatively struggling right now, obviously an owner of an NBA team can weather the storm a little easier, but it shouldn't be put on the business owners to sink or swim in a situation like this, it should be on the government.

[nedleeds]

Because the senate blocked a payroll tax credit, and instead think unemployment is a better solution. Which is idiotic.

[NBAFan93]

This is happening all over.

You need money coming in to employ people, it's as simple as that. In many of those cases, the business wont make it through this downturn. Mostly because they are levered up to their teeth.

That’s the American way. Just like many employees live paycheck to paycheck, many businesses have very little cash reserves and operate month to month. That’s their right and it fuels our economy under normal conditions.

These shutdowns have an enormous cost. The government should have had plans in place on how they’d deal w/ the inevitable economic fallout before the shutdowns were ordered and businesses started losing income as a direct result. So many elected officials have failed horribly here. Just horribly.

[Sofia]

Dont panic. Read the article.

This happened to a few of my friends. A lot of businesses are laying off their employees so they can collect unemployment from the government while the business isn't giving them hours, with the intention of hiring the employee back when they are able to reopen. Thats what it sounds like his business is doing as well, if you read the first article. This is a benefit to employees, they still get some sort of paycheck (from the government via unemployment), they don't have to use their Paid Time Off that they've worked for (and they get it back upon re-hire), and they can have their job back when they open again.

While this Fertitta has a history of sleezy moves, this doesn't seem like another one to put on the long list...at least thats what I got from the articles. As long as he does re-hire everyone that wants their job back, then I don't think this is a very big deal.

Yeah Qantas in Australia has done that, something like 40,000 fired, but they have stated that they all will get rehired once able to again, just can’t financially support them atm.

But with the Australian government upping one of the payments for job seekers they will still be getting a solid pay check...
My only question is where is the Aussie government getting all this money...

In Australia, usually in unemployment you get 280 AUD a week, which is $150 USD. That money is being doubled if lost job due to coronavirus. So $300 USD a week. It's enough to get by for now for some but will be a struggle for those who lose an average salary full time job ($900 USD a week).

Governments can print money in short term if they need to recirculate wealth. Australia has high taxes and doesn't spend much on military. That's how they can afford it.

Just a minor thing, I believe QANTAS staff are being stood down, not fired. The Fair Work Act allows companies to do that under certain circumstances that have major effect on the particular industry, which obviously a pandemic qualifies for.

My understanding is the QANTAS staff don’t need to reapply, and will be directly slotted back into their existing positions once they are stood up again. I believe they are also eligible for unemployment benefits while on prolonged stand down.

FWIW, QANTAS are looking to help those staff get temporary jobs through Woolworths Supermarkets through organised programs to keep the staff working, and helping the largest supermarket chain deal with the pandemic surge.

[Badonkadonk]

A "bail out" is mutually exclusive of Socialism. Do you understand the difference between the 2? And most importantly, do you understand that most for profit companies' biz models can't withstand a Black Swan event of this magnitude?

Or are you merely the same hypocrite that you criticize?

Maybe these companies shouldnt have blown thier load stock buybacks (ahem Boeing) and been more responsible with their money. Isn't that what the rest of us are supposed to do? Because that's what they tell the rest of us with any of the following flavors : "why doesn't Boeing have money saved up for emergencies? If they're poor, how come they have an iPhone & TV? Maybe they should get another job. Or just work harder. Drive for Uber on the side. Stop wasting money on Doordash."


Bailing out companies with taxpayer money is a textbook definition of socialism. And it's ironic how these companies can get it when they and their bought off politicians rail against it for the average person

You're merely repeating nonsense you watch on YouTube.

Irony

[SWYM]

Maybe these companies shouldnt have blown thier load stock buybacks (ahem Boeing) and been more responsible with their money. Isn't that what the rest of us are supposed to do? Because that's what they tell the rest of us with any of the following flavors : "why doesn't Boeing have money saved up for emergencies? If they're poor, how come they have an iPhone & TV? Maybe they should get another job. Or just work harder. Drive for Uber on the side. Stop wasting money on Doordash."


Bailing out companies with taxpayer money is a textbook definition of socialism. And it's ironic how these companies can get it when they and their bought off politicians rail against it for the average person

You're merely repeating nonsense you watch on YouTube.

Irony

Leave the YouTube to you and the other sheep.

Graduated with a Political Economy degree, but let me guess that means nothing compared to the YouTubers pounding table for return of good standard.

RGM is truly a cesspool of uneducated, underemployed suburbanites

[Badonkadonk]

You're merely repeating nonsense you watch on YouTube.

Irony

Leave the YouTube to you and the other sheep.

Graduated with a Political Economy degree, but let me guess that means nothing compared to the YouTubers pounding table for return of good standard.

RGM is truly a cesspool of uneducated, underemployed suburbanites

That's rich, maybe your polisci classes had everybody marching in lockstep to 100% pure, all-in capitalist doctrine. Mine were far more nuanced.

More specifically, I'm calling out your "Bernie bros" comment from earlier in the thread. It's funny that 'muricans consider his viewpoints extreme, it's just standard fare for the rest of the G8.

[ropjhk]

The government is going to go into deep debt to fix this crisis. It's up to the people to ensure that they elect politicians who will make sure that corporations, share owners and the rich pay their fair share of that debt in future budgets.

[SWYM]

Irony

Leave the YouTube to you and the other sheep.

Graduated with a Political Economy degree, but let me guess that means nothing compared to the YouTubers pounding table for return of good standard.

RGM is truly a cesspool of uneducated, underemployed suburbanites

That's rich, maybe your polisci classes had everybody marching in lockstep to 100% pure, all-in capitalist doctrine. Mine were far more nuanced.

More specifically, I'm calling out your "Bernie bros" comment from earlier in the thread. It's funny that 'muricans consider his viewpoints extreme, it's just standard fare for the rest of the G8.

Went to the 1 of the most liberal unis in the US.

Bernie is very extreme, just listen to his ideas on tax rates for middle class and up. It's nonsensical and the only knuckleheads falling for it are going who are over educated and under employed

[Badonkadonk]

Leave the YouTube to you and the other sheep.

Graduated with a Political Economy degree, but let me guess that means nothing compared to the YouTubers pounding table for return of good standard.

RGM is truly a cesspool of uneducated, underemployed suburbanites

That's rich, maybe your polisci classes had everybody marching in lockstep to 100% pure, all-in capitalist doctrine. Mine were far more nuanced.

More specifically, I'm calling out your "Bernie bros" comment from earlier in the thread. It's funny that 'muricans consider his viewpoints extreme, it's just standard fare for the rest of the G8.

Went to the 1 of the most liberal unis in the US.

Bernie is very extreme, just listen to his ideas on tax rates for middle class and up. It's nonsensical and the only knuckleheads falling for it are going who are over educated and under employed

I know exactly what his thoughts are on progressive taxation, like I said, it's reality for literally every other country in the G8.

You know what's wild? The government allocates our taxes for healthcare and education and the upper income brackets STILL accumulate tremendous wealth WHILE we pay lower per capita for that healthcare.

And Canada is considered US-adjacent in terms of policy to virtually every European country. I have a Swedish friend who honestly doesn't know the differences between our (yours and mine - not his) countries and thinks they're not significant enough to even discuss.

It blows my mind every time I get into these discussions. My right-leaning friends and colleagues south of the border like to argue in hypotheticals and 'slippery slopes' while there are real, and numerous, examples of social democracies that produce better quality of life... in exchange for more balanced wealth redistribution.

And I'm considered a centrist up here! I'm sure you'd think I'm a communist.