ST Alpha - "To a larger point, Kim and I were having a conversation about personal responsibility. " (Reading a Post)

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To a larger point, Kim and I were having a conversation about personal responsibility.

Posted by David (aka David) Mar 21 '20, 23:03

As an example, the man who founded Cirque du Soleil is reportedly a billionaire.

With no gigs coming, Cirque du Soleil laid off 95% of its staff this week. By our guesstimates, he would have needed to spend about $35-$70 million to pay employees out of pocket during the downtime. Is that too much?

Similarly, Tillman Fertita is worth $4.5 billion. However, his core businesses are casinos, restaurants, and an NBA team, places hit the hardest by this. Without warning, several Landrys Inc restaurants laid off everyone. He'd probably need to pay $80 million or more to keep them on the payroll.

What expectations do we have for people like this? I've been thinking about it since Max's post about his boss..

Responses:

That surprises me about Guy Laliberte (cirque). Guy has done a lot of charitable work towards safe drinking water over the years. -- nm - Strongbad Mar 22, 06:44
And with such niche skills, what are you supposed to do as a laid off cirque worker? -- nm - Qale Mar 22, 06:00
Business, big or small, are in business to make money. - budice Mar 22, 05:19
On the one hand I would say $40-80m is ~5% of a billionaire's net worth. On the other hand - is that what they're still worth? - Max Mar 21, 23:42
Yeah...I’ve been thinking about this 1998 -- nm - JackDawson Mar 21, 23:36
An individual’s personal wealth is not a company’s personal wealth. I.e. Bill Gates isn’t Microsoft. - Mop Mar 21, 23:22 1
- Acknowledging the insufficient government relief and the stress on the employees who need it the most is the reason corps should take responsibility. - Max Mar 21, 23:32
I'll be weighing my own responsibility Monday, between giving my boss the finger with my resignation or staying on to defend the ones who make less. -- nm - Max Mar 21, 23:18 3
- Can you give me some color about what you could do to help? -- nm - David Mar 21, 23:21 2
  - I can point out the senselessness of the math he's trying to use, and to push for an SBA loan before anything else. -- (edited) - Max Mar 21, 23:27 1
    - Yeah, I mean, that's one of the main reasons why interest rates got lowered. Taking on short term debt to protect employees is a key goal of it. -- nm - David Mar 21, 23:56
You must grip your own hand during scary scenes, David. -- nm - Max Mar 21, 23:16

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To a larger point, Kim and I were having a conversation about personal responsibility.

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