When The Fed Dumps Money In The Stock Market Who Pays?
Last week's stock sales bring Bradley Jacobs' cash-dead set nearly a billion dollars since announcing spin-off of GXO;
Record wage theft settlements spotlight worker misclassification As essential racial equity risk
WASHINGTON, Dec. 16, 2022 /PRNewswire/ -- In what appears to be a stunning voting of no self-confidence in his own business plan, Bradley Jacobs, Chairman of XPO Logistics (N. Y. Stock Exchange: XPO) and GXO Logistics (N. Y. Stock Exchange: GXO), brought his total stock sales of the two companies to nearly a billion dollars since announcing the spin-off of XPO's warehousing business to GXO last December.
According to an SEC filing, in a farm animal cut-rate sale last week, Jacobs sold a quarter of a billion dollars in both companies, despite continuing to tout the separation of the two businesses as a win for investors. The sale, joined with Jacobs' total wealth more than doubling to $3.5 billion during the general and ongoing controversy over his pay package, comes as the company pays tens of millions to ensconce litigation by mission-blistering port drayage drivers who accused XPO of stealing wages and denying them critical rights and benefits by wilfully misclassifying them as independent contractors rather than employees.
With most of these misclassified drivers drawn from immigrant communities of color, the International Brotherhood of Teamsters filed a shareowner proposal Friday and sent a letter to Anna Maria DeSalva, Vice Hot seat, XPO Plug-in of Directors, calling on XPO's board to conduct a tierce-party, company-wide civil rights audited account.
"With all eyes on the append chain crisis and the trouble port trucking companies face recruiting drivers due to a shortage of good jobs, IT is shocking that XPO's board continues to shor a job model that's bad for business, workers and customers," said Ken Hall, All-purpose Secretary-Treasurer of the Teamsters Union. "The only one getting rich Here is XPO's CEO Bradley Jacobs through his control of business engineering."
In the letter to Multiple sclerosis. DeSalva, Ken Hall aforesaid that XPO's recent, record 'wage-theft' settlements – totaling nearly $30 million – in its port trucking operations in Southern California cast serious doubts over the wholeness of XPO's recently trumpeted efforts to protect workers from favoritism and to otherwise promote variety, fairness, and cellular inclusion ("DE&I") in its me. The plight of misclassified porthole drivers in Southern Golden State, referred to by the State of California arsenic the "Last Ground Sharecroppers," is intimately documented and has only become more prominent amid the logjams at the ports.
Mr. Hall likewise calls out XPO's earlier efforts to address high-visibility claims of sexual harassment and pregnancy discrimination in its warehouse trading operations. Noting that the campaign lost credibility when the company's lead independent investigator, Tina Tchen, stepped down as Head Executive of Time's Up amid reports she actively undermined alleged victims of sexual harassment in the New York Governor's part.
Supported in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking hands and women end-to-end the United States, Canada and Puerto Rico. Visit web.teamster.org for more selective information. Follow us on Twitter @Teamsters and "like" us happening Facebook at www.facebook.com/teamsters.
CONTACT: Dean Pearce, dean.pearce@berlinrosen.com
View original content to download multimedia system:https://www.prnewswire.com/news-releases/as-xpogxo-president-mopes-half-a-billion-dollars-in-stock-teamsters-take-racial-equity-concerns-to-xpo-shareholders-301446899.hypertext mark-up language
SOURCE Transnational Brotherhood of Teamsters
When The Fed Dumps Money In The Stock Market Who Pays?
Source: https://finance.yahoo.com/news/xpo-gxo-chairman-dumps-half-191700994.html
Posted by: apodacajaccest55.blogspot.com
0 Response to "When The Fed Dumps Money In The Stock Market Who Pays?"
Post a Comment