Economy Ruth's Chris received bailout then furloughed employees while paying mgnt and execs

[superpunch]

oh please are you really falling for this? They wasted the bailout and the governments time, when it could have gone to people who need it, so they could hog some attention.
Fuck them too.

Imagine if some fucking asshole wasted time at a social service office, bogged down the line, then tore up their welfare check on video as a viral stunt. Would that be cool too?

"The people who need it" are getting unemployment + $600 a week right now to do nothing.

Management and execs need to get paid too.. They need $$$. Looks to me like everyone's getting taken care of. This is just a sensationalist headline.

 

[ineverpost]

Who needs customers, products ,or employees when you have an orange trust fund baby handing you free money

 

[Ophydian]

Their food is barely better than Applebee's. Overrated restaurant.

You must live near a stellar Applebee’s or enjoy your food deep fried and covered in sauces.

 

[Ophydian]

"The people who need it" are getting unemployment + $600 a week right now to do nothing.

Management and execs need to get paid too.. They need $$$. Looks to me like everyone's getting taken care of. This is just a sensationalist headline.

Not really, it was meant to retain employees, not push their pay off on the federal and state governments.

 

[superpunch]

Not really, it was meant to retain employees, not push their pay off on the federal and state governments.

How can they retain hourly employees if they're not allowed to be open? How would they operate an empty restaurant? Looks to me like it's retaining key staff they need to keep right now.

 

[Revolver]

I previously said in the rona thread that bankers were prioritizing their big clients at the expense of the little guys. Not surprised at this at all.

https://www.usatoday.com/story/mone...-lawsuit-small-business-ppp-loans/5162801002/

 

[Ophydian]

How can they retain hourly employees if they're not allowed to be open? How would they operate an empty restaurant? Looks to me like it's retaining key staff they need to keep right now.

Thats the point of the money, to retain employees. Giving bonuses is not retaining key staff. It’s also one of the things the Dems tried to not allow in the stimulus but they were being excused of hurt Americans.

 

[OverCoronavirus Pressure]

Whatever it takes, as long as millionaires can make boat payments

 

[Sir Burton]

oh please are you really falling for this? They wasted the bailout and the governments time, when it could have gone to people who need it, so they could hog some attention.
Fuck them too.

Imagine if some fucking asshole wasted time at a social service office, bogged down the line, then tore up their welfare check on video as a viral stunt. Would that be cool too?

Is it always raining in your world?

 

[Corn Pop Hombre]

Ruth's Chris had $42.2 million in profits last year, spent $5.2M buying its own stock, and pays its CEO $6.1M. It also has $86M in cash reserves It just received $20M in taxpayer money from a fund meant to keep "small businesses" afloat.

The purpose of the Paycheck Protection Program is to keep people employed But a Popular Information investigation reveals that Ruth's Chris has furloughed nearly all of its restaurant workers and appears the $20M will be spent paying managers & executives.

Many small businesses on the brink of collapse were shut out of the program because it ran out of money. However, companies like Ruth's Chris with preexisting banking relationships, were put at the front of the line.

https://www.cnn.com/2020/04/19/business/small-businesses-ppp-loans-chain-restaurants/index.html

https://www.gq.com/story/ruths-chris-small-business-steakhouse



A mod was arguing that the stimulus should be means tested because people who don't need the money would receive it. All the while we give infinite money to corporations who don't need it.

This isnt surprising. Whats surprising is if anyone expected anything different.

This is fairly simple to understand.

The boards of publicly traded corporations have a mandate. That mandate is to increase shareholder value as much, and as fast as possible. Anything that will increase shareholder value will be pursued as much as possible. Keeping employees does not correlate to increasing shareholder value.

 

[brackis1]

"The people who need it" are getting unemployment + $600 a week right now to do nothing.

Management and execs need to get paid too.. They need $$$. Looks to me like everyone's getting taken care of. This is just a sensationalist headline.

Are you confused? I'm talking about Shake Shack.

 

[brackis1]

Is it always raining in your world?

Are you incapable of observing the weather?

 

[Oceanmachine]

More of the GOP supports this then Democrats

 

[ObamaPhoneLady]

Sounds like just good old fashioned corruption and not political in nature.

 

[Limbo Pete]

"The people who need it" are getting unemployment + $600 a week right now to do nothing.

Management and execs need to get paid too.. They need $$$. Looks to me like everyone's getting taken care of. This is just a sensationalist headline.

 

[Chesten_Hesten]

I hope the justice department comes back on bailout abusers.

Cant stop them doing it. Can get them afterwards though.

 

[Revolver]

oh please are you really falling for this? They wasted the bailout and the governments time, when it could have gone to people who need it, so they could hog some attention.
Fuck them too.

Imagine if some fucking asshole wasted time at a social service office, bogged down the line, then tore up their welfare check on video as a viral stunt. Would that be cool too?
(this is regarding Shake Shack asking for a loan then bragging they didn't take it)

Yup. They needed to draw people’s attention to their shitty food. Shitty publicity stunt by them.

 

[panamaican]

oh please are you really falling for this? They wasted the bailout and the governments time, when it could have gone to people who need it, so they could hog some attention.
Fuck them too.

Imagine if some fucking asshole wasted time at a social service office, bogged down the line, then tore up their welfare check on video as a viral stunt. Would that be cool too?
(this is regarding Shake Shack asking for a loan then bragging they didn't take it)

They only gave it back after the story broke about how big corporations were snapping up the money and small businesses didn't get any. Next thing you know...Shake Shack is giving back their money.

 

[4daLuLZ]

In regards to the CEO, the company pays her $650,000. She apparently makes the rest through investment. It's just a pet peeve of mine when people argue investment returns as salary.

 

[Rematch]

No need to be distressed, ma'am. They're only facts.