<strong>Written By:</strong> Diogenes
<strong>Date:</strong> 2007-03-31 12:43:05
<a href="/article/2430569-circuit-city-replaces-3400-overpaid-workers">Article Link</a>

The term "market based salary" is similar to the term "prevailing salary". Keep that in mind next time you hear Bill Gates claiming that his H-1Bs make prevailing salaries.

The CEO of Circuit City earned $4,514,975 in compensation and an additional $5,459,409 in stock options in 2006. Executive vice-president George Clark drew $1,949,733 in compensation and $4,083,013 in stock options last year. They must be very happy at the moment since shares of Circuit City stock went up 35 cents on the announcement of the job cuts.

Retailers aren't the only ones getting the boot. Their IT department is getting the ax to save money as well. Computer/IT people were targeted who are raking in a whopping $15.50 an hour! Circuit City is outsourcing the IT department to IBM Global -- whose claim to fame is cutting cost by exploiting cheap labor in India. Domestically IBM Global uses large numbers of H-1Bs to cut cost.

Not all of Circuit City's computer people will lose their jobs however -- about 50 of them will go to IBM. It sure would be interesting to know how many of those who get to keep their jobs are H-1Bs and how many are Americans, and what kind of pay cuts they can expect when they go to IBM.

None of these articles give clues about where Circuit City plans to find cheaper employees to staff their retail stores. Perhaps they are counting on the STRIVE Act to pass Congress so that they can get a bunch of guest worker visas.

THOUGHT TO PONDER: I have been thinking about why Circuit City was so candid about their worker replacement. It's hard to believe that the executives were so ethically inclined to honesty they considered lying a sin. Could it be arrogance or perhaps something more insidious? Perhaps their candor was used as a pre-emptive strike to prevent age discrimination lawsuits. Companies can legally hire employees because they are cheaper as long as they don't use age as a criterion. Since the employees that have been there longer are probably higher paid, and of course older, wouldn't it suit the purpose of the robber barons to announce that all of the job terminations are based purely on cost?

<a href="http://www.rense.com/general76/3400.htm">http://www.rense.com/general76/3400.htm</a>

   

Disgusting. Just like the big banks in Canada laying people off while earning record profits each and every quarter.

American style predatory capitalism is doomed to fail. Soon there will not be enough people left with the earning power to buy the products and services these corporate leeches supply.

Henry Ford for all his failings had it right when he said he paid his workers well because he needed people to buy those cars. Now the CEO's are rewarded for destroying people's lives. And they wonder why some people go postal...

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If there was ever a time for Canadians to become pushy - now is the time - for time is running out on this nation called Canada.

   

The Death throes of a bad company. If you worked there now, and you knew the pink slip can come without warning and for no real reason - how hard are you going to work for that $8 an hour?

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The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.

   

It is obvious that when business is bad, for any reason, companies have to lay people off.

However, when a profitable business lays people off to increase profits, it is outright fraud and theft.

I think, there some criminal charges laid to settle this once and for all.

Ed Deak.

   

Correction :

I think, there should be some criminal charges laid to settle this once and for all.

Ed Deak.

   

"well above the market-based salary range for their role"

Market based, yeah that flies.

I wonder what that term means here in Canada, assuming the cuts also extend into Canada?

Best guess: minimum wage as mandated by provincial law.

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The two most common things in the universe are apparently Hydrogen and stupidity.

   

Another bunch of "Cheap Labour Conservatives" that want something for nothing. The first time I heard the term Cheap Labour Conservatives was this article in case anyone is interested. Now I use it all the time since it fits so well.<br />
<br />
<a href="http://gnn.tv/articles/460/Defeat_the_Right_in_Three_Minutes">http://gnn.tv/articles/460/Defeat_the_Right_in_Three_Minutes</a><br />
<br />

   

Mike, that is simply the most elegant argument to use on Conservatives I have ever seen.

I am soooo going to use this handy little nuke.

Thanks

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The two most common things in the universe are apparently Hydrogen and stupidity.

   

Deacon

My pleasure, glad to hear you liked it. It rolls off the tongue rather nicely. Short, sweet and to the point.