Rockets Owner Lays Off 40,000 workers

[Tomhomes33]

https://www.sbnation.com/nba/2020/3/26/21193966/tilman-fertitta-layoffs-houston-rockets-owner-covid

Man, I really hope Rockets Neverr Ever win another title.

[Mister Ze]

On March 25, the billionaire said he temporarily laid off 40,000 employees, and Bloomberg reports that, in total, his companies have laid off 70 percent of their staff.

Difference between firing and temporarily laying off workers so they can claim employment insurance. But yeah he's definitely cheap for trying to cut benefits and irresponsible for downplaying the virus to the press when he's no medical expert.

[Sane]

Why on earth would you wish the Rockets never win a title? The fans have nothing to do with this.

If you're going to wish for something, you can wish for anything. Wish for his personal wealth to disappear, forcing him to sell the team.

[Dupp]

Easy to complain but even if those workers only make an average of $200 each a week that’s 8 mil on salary per week for nothing.

[lambchop]

He's probably just sticking to what made him successful in the first place. Others thrived through sharing and kindness coupled with hard work and innovation of course.

If being kind never was part of his secrets to success, he won't implement now during this difficult period. That said, I feel for the workers and some will lose self esteem, their marriages will go south etc. cause of the current situation.

[Teko]

I am not familiar with his business, but lots of owners are trying to stay alive at the moment.

*stay in business"

[brutalitops]

I am not familiar with his business, but lots of owners are trying to stay alive at the moment.

Trying to stay alive? I think KAT's mum is trying to stay Alive. Tillman is trying to keep his massive wealth.

[Sofia]

Can you be fired temporarily?

Thread title needs to be changed

[mesomorph]

I am not familiar with his business, but lots of owners are trying to stay alive at the moment.

Trying to stay alive? I think KAT's mum is trying to stay Alive. Tillman is trying to keep his massive wealth.

And who are you to judge what other people do with their wealth?

[subbed sub]

Non-story. Happening everywhere so employees can claim benefit.

[JN61]

Easy to complain but even if those workers only make an average of $200 each a week that’s 8 mil on salary per week for nothing.

Exactly. Even though he is very wealthy most of his money is most likely invested into the business. It's very doubtful he has bigs amounts of money just sitting in bank so no way he could pay potentially hundreds of millions for very little to no return. Some of these people need a reality check in this forum.

[Sofia]

I am not familiar with his business, but lots of owners are trying to stay alive at the moment.

Trying to stay alive? I think KAT's mum is trying to stay Alive. Tillman is trying to keep his massive wealth.

And who are you to judge what other people do with their wealth?

His point is there’s a difference by “staying alive” by trying to avoid paying benefits to employees and literally staying alive, which is what hundreds of thousands of infected people are trying to do right now.

[benson13]

On March 25, the billionaire said he temporarily laid off 40,000 employees, and Bloomberg reports that, in total, his companies have laid off 70 percent of their staff.

Difference between firing and temporarily laying off workers so they can claim employment insurance. But yeah he's definitely cheap for trying to cut benefits and irresponsible for downplaying the virus to the press when he's no medical expert.

It doesn't matter if you're fired, laid off, furloughed, or whatever else. If you're making less money through no fault of your own, then you can claim unemployment.

His point is there’s a difference by “staying alive” by trying to avoid paying benefits to employees and literally staying alive, which is what hundreds of thousands of infected people are trying to do right now.

Most restaurant employees don't get benefits.

Fertitta is a terrible human being, but I can't blame him for this. Landry's is private, but other large hospitality companies don't have tons of cash on hand.

[Johnny Bball]

Basically he whines that he should be allowed to be open to reduce his billionaire economic hardship at the expense of some lives and his employees health and safety. The guy is a pariah.

[Pharmcat]

I am not familiar with his business, but lots of owners are trying to stay alive at the moment.

Trying to stay alive? I think KAT's mum is trying to stay Alive. Tillman is trying to keep his massive wealth.

And who are you to judge what other people do with their wealth?

Because the companies take tax breaks/stimulus help (which are funded by taxpayers).

Of course this douchebag owner in the past has not held up his end and should never be given benefit of doubt :

https://www.google.com/amp/s/www.khou.com/amp/article/news/houston-cuts-tax-deal-with-landrys/285-339692712

[First Step]

I don't see anything morally wrong with this at all. He has a fiduciary responsibility to his shareholders. He needs to protect the business first and foremost.

You may not like this reality of capitalism, but it's the truth.

[jwise44]

https://www.sbnation.com/nba/2020/3/26/21193966/tilman-fertitta-layoffs-houston-rockets-owner-covid

Man, I really hope Rockets Neverr Ever win another title.

I mean can’t you just wish he sells the team? Which is what almost EVERY SINGLE rockets fan wants? Why wish that evil on us?

Even my grandmother wants him to sell the team cause he’s scum

(And this ones understandable, but he is scum)

[Pharmcat]

I don't see anything morally wrong with this at all. He has a fiduciary responsibility to his shareholders. He needs to protect the business first and foremost.

You may not like this reality of capitalism, but it's the truth.

Then no company should get this stimulus money...because that goes against capitalism

[First Step]

I don't see anything morally wrong with this at all. He has a fiduciary responsibility to his shareholders. He needs to protect the business first and foremost.

You may not like this reality of capitalism, but it's the truth.

Then no company should get this stimulus money...because that goes against capitalism

Well if you want companies that employ millions of Americans to go under, then don't provide the stimulus. When a company goes under, those jobs die. They aren't reallocated to another organization where that worker can get re-hired.

It's normal business practice to reduce the burn of your company when your organization is facing an economic crisis.

[Sublime187]

I don't understand why this is wrong. Business is business.