The Layoff Kings: The 25 Companies Responsible for 700,000 Lost Jobs

[ProfessionalLeftist]

Since the recession began, more than 8 million Americans have lost their jobs. But perhaps even more surprising is the small number of companies that are responsible for laying off such a large percentage of today's unemployed workers.

Between December 2007 (when the recession officially began) and last month, more than 8 million Americans have lost their jobs, according to the government. Of those job losses, 700,000 stem from layoffs at just 25 companies, according to 24/7 Wall Street's analysis of data from employment consulting firm Challenger, Gray & Christmas.

Certain industries figure prominently on this list of layoff kings. The auto industry, for example, is estimated to have cut nearly 200,000 jobs in the U.S. since 2006. The industry's union, the United Auto Workers, has been able to preserve blue collar jobs in the industry for decades, but the recession and foreign competition have proven too formidable for the union to fight against.

The financial services sector is another culprit. The financial meltdown forced some banks to close (Lehman Brothers, Bear Stearns) and others to be acquired (Merrill Lynch, Washington Mutual), leaving hundreds of bankers, brokers and assistants without jobs.


MORE... (names are named....)

http://www.dailyfinance.com/story/company-news/the-layoff-kings-the-25-companies-responsible-for-700-000-lost/19588515/

[Skittles]

1. and not one mentions pimping jobs to the lowest overseas bidders?

FAIL

[KT2000]

5. Absolutely!

Let's see the list of companies that have sent their labor overseas.

[RandomThoughts]

2. The union should not have to fight foreign competition.

Stopping race to the bottom by regulation should level that field.


Unless people believe in race to the bottom.

[Newsjock]

3. Carly Fiorina's HP is #3 on the list

How utterly un-American.

[Regret My New Name]

9. Back in 2008, HP was consolidating all their data centers around the world to about 8 in N. America

I wonder if they continued with that route. I left before it was done.

[Jenny_92808]

4. Thanks to the repubs...

jobs are going overseas. If the repub's had their way there would be a permanent servant class in America and no middle class. We need to have incentives to keep jobs here. VOTE DEMOCRAT!!!

[4_TN_TITANS]

15. Not so fast.... Thank the Big Dawg

for not vetoing the hell out of NAFTA.

[ProfessionalLeftist]

6. Just a note: Berkshire Hathaway - #17 on the list

Berkshire Hathaway has "80 operating units." What does that mean? It means that Berkshire owns 80 different companies (that's right, operating units = full fledged companies but wait, it's important to understand that in many instances each of these 80 companies own other companies too).

Just some of the companies that Berkshire owns that you might know... COSTCO, GEICO Auto Insurance, See's Candies, Benjamin Moore Paint Co., Fruit of Loom, Herlzberg Diamonds, Ben Bridge Jewelers, CORT Furniture Rental, Dairy Queen, Wesco Financial, etc.

The CEO of Berkshire Hathaway is Warren Buffett (one of the wealthiest people in the world). Dude is often seen hanging out with the POTUS. Buffett also personally owns 19.56% of Wells Fargo Bank.

Go here to see the full listing of subsidiary companies that Berkshire owns:
http://www.berkshirehathaway.com/subs/sublinks.html

Go here to see a listing of Warren Buffett's personal stock portfolio (this is IN ADDITION to what Berkshire Hathaway controls):
http://warren-buffett-portfolio.com/

[Anakin Skywalker]

7. Don't Forget to Worship Them! They Are the Gods of Free Market!

[defendandprotect]

8. k

[stray cat]

10. Companies who are broke can't employ people they can't pay

[SocialistLez]

11. I guess you have missed the articles talking about companies hoarding cash? NT

[ProfessionalLeftist]

14. They're not broke. Corps are making beaucoup profits right now..

..in fact they and Wall St. are the only ones doing well. The rest of us are sinking...

[AmandaRuth]

12. had a nice talk with some older ex-boeing and starbucks

employees over the weekend. It seems that long term, over 50 employees were targeted during the layoffs, individual performance had nothing to do with it. Length of service, salary, and benefit level certainly did.
Massive age discrimination, but apparently no one cares. A group of the boeing people are suing.

Sure, lets take our over 50's and toss them out like garbage, and pretend we don't see it. What could possibly go wrong. Until it is your turn.

[ProfessionalLeftist]

13. Why am I not surprised. n/t