Bailed-Out, Bankrupt Oil Firms Pay Millions In Executive Bonuses While Laying Off Workers

[Moonglow]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

why would democrats let them do this??

Bankruptcy is legal in the USA.

so why are you complaining???

the laws on that are decided by democrats and republicans,, you know them dont you?? those are your guys and your buddies guys,,

you sound like a ***** whining about her period,,

Big companies can easily write of millions but they make it damn near impossible for students to write off a loan...

thats a different problem that you democrats created,,,

so why are you complaining like a little *****,,,

Well, I just don't see why it's okay for one group to be able to write off deb but not another group of people...

well you are a ******* idiot so thats of no surprise,,,

Equality is important but so is equity...

and this is neither,,

ones crony capitalism created by democrats the other is an agreement to repay loans,,,

by forgiving student loans makes that also cronyism,,

both wrong,,,

I see, the bankrupt companies never do sign agreements to pay back loans....

 

[pknopp]

it is always the same old story with capitalist. the pyramid scheme is still paying off.

This isnt capitalism.
My gawd, you are dumb as ****!

No BUT it is those who promote "capitalism". There is no actual capitalism in the world. One can wonder why that is.

 

[HereWeGoAgain]

Thanks to Biden putting them into bankruptcy in the first place.

How did he do that?

Stopping drilling,shutting down pipelines,ridiculous enviro regulations.
Holy **** you're stupid!!!
Barry bragged about making gas so expensive the poor couldnt afford it.

 

[Moonglow]

Thanks to Biden putting them into bankruptcy in the first place.

How did he do that?

Stopping drilling,shutting down pipelines,ridiculous enviro regulations.
Holy **** you're stupid!!!
Barry bragged about making gas so expensive the poor couldnt afford it.

These guys went broke during Trump. Do you remember when the bottom fell out of the oil market and oil was selling for negative dollars a barrel?

 

[TNHarley]

it is always the same old story with capitalist. the pyramid scheme is still paying off.

This isnt capitalism.
My gawd, you are dumb as ****!

No BUT it is those who promote "capitalism". There is no actual capitalism in the world. One can wonder why that is.

That is true. But they arent capitalists, CINO. They are like the illiberal left calling themselves "liberal"
And there isnt. Govts cant help themselves. They strive to destroy freedom. And that includes the free market.

 

[surada]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

This is ridiculous..


excerpt:


Despite the assurances of their boosters in Congress, fossil fuel companies have done little to protect jobs: laying off workers by the thousands and forcing their investors to write off billions in bankruptcy court — all while benefiting from the Trump Oil Bailout’s bond purchases and taxpayer-backed loans, a BailoutWatch analysis of their public disclosures has found.

Diamond Offshore Drilling presents a clear example: Soon after receiving a $9.7 million tax bailout last spring, part of the CARES Act stimulus, the company filed for bankruptcy protection. A few weeks later, Diamond Offshore sought and received permission to pay the same amount, roughly $9.7 million, in executive bonuses. And this month, Diamond Offshore disclosed it has laid off nearly a quarter of its workforce.

Seadrill Limited and Superior Energy Services are some of the other companies that laid off workers and sought bankruptcy protection while protecting executive pay.

Throughout 2020, fossil fuel champions, from Sen. Ted Cruz and Sen. Joe Manchin to the Independent Petroleum Association of America, defended the Trump Administration’s multi-billion dollar campaign to prop up the oil and gas industry by arguing that the bailout would secure worker jobs.

Responding to a Wall Street Journal investigation citing BailoutWatch findings in December, Cruz tweeted that he had lobbied in defense of “the ENTIRE oil & gas industry” because “I’m proud to defend jobs in Texas.” Despite the bailouts, however, energy sector employment declined for the seventh straight quarter at the end of last year, according to the Dallas Fed’s energy survey. Wages and hours worked also continued to decline.

 

[DigitalDrifter]

Thanks to Biden putting them into bankruptcy in the first place.

How did he do that?

"Struggling against long-term, dire industry trends this year"

Because they know that as long as Dimocrats run the show, fossil fuel futures are fucked.

 

[initforme]

This is typical. Do EVERYTHING you can to hammer a ay at workers while the rich walk away with the bank. But we are told class division should not be discussed. Welcome to america. What a joke..

 

[surada]

Thanks to Biden putting them into bankruptcy in the first place.

How did he do that?

"Struggling against long-term, dire industry trends this year"

Because they know that as long as Dimocrats run the show, fosil fuel futures are fucked.

Why can't you get it thru your thick skull that if the ppb stays low our domestic producers go out of business? We have the highest lift costs in the world.. Do you understand they are capitalists? What do YOU want? Do you want to nationalize the oil business? You must want socialism with your cheap gasoline.{/B]

 

[initforme]

Trusting big oil is trusting the fix to guard the chicken coop.

 

[struth]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

Sadly, due to Covid there was an Oil price collapse and many of these companies had to layoff some people.,...just like a lot of businesses had to because of Covid.

 

[gipper]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

Sadly, due to Covid there was an Oil price collapse and many of these companies had to layoff some people.,...just like a lot of businesses had to because of Covid.

Not the point. The CARES Act was supposed to protect worker’s jobs not enrich the rich but then this is America, where the rich get socialism and workers get your on your own capitalism.

 

[struth]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

Sadly, due to Covid there was an Oil price collapse and many of these companies had to layoff some people.,...just like a lot of businesses had to because of Covid.

Not the point. The CARES Act was supposed to protect worker’s jobs not enrich the rich but then this is America, where the rich get socialism and workers get your on your own capitalism.

It did help workers....PPP was a program that allowed businesses to have a forgiven loan if they keep workers on the payroll, it gave a relief check, it protected against foreclosures, evictions, and extended UE payments.

These businesses were offered those programs as well....the CARES Act didn't protect against EVERYTHING....the oil market dropped, because of Covid...other protections were needed by these companies after that...bankrtupty is one of those protections to protect the business.

 

[gipper]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

Sadly, due to Covid there was an Oil price collapse and many of these companies had to layoff some people.,...just like a lot of businesses had to because of Covid.

Not the point. The CARES Act was supposed to protect worker’s jobs not enrich the rich but then this is America, where the rich get socialism and workers get your on your own capitalism.

It did help workers....PPP was a program that allowed businesses to have a forgiven loan if they keep workers on the payroll, it gave a relief check, it protected against foreclosures, evictions, and extended UE payments.

These businesses were offered those programs as well....the CARES Act didn't protect against EVERYTHING....the oil market dropped, because of Covid...other protections were needed by these companies after that...bankrtupty is one of those protections to protect the business.

Again you miss the point. Yes some things in the CARES Act helped workers. Other things helped the rich.

 

[Crepitus]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

Tarp all over again.

 

[Dana7360]

it is always the same old story with capitalist. the pyramid scheme is still paying off.

What part of capitalism includes government bailouts?

Not a part but a form of capitalism does.

The conservative "free market" capitalism sure does include government bailouts.

We have seen it over and over and over again since the reagan years.

 

[Dana7360]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

why would democrats let them do this??

Bankruptcy is legal in the USA.

so why are you complaining???

the laws on that are decided by democrats and republicans,, you know them dont you?? those are your guys and your buddies guys,,

you sound like a ***** whining about her period,,

Big companies can easily write of millions but they make it damn near impossible for students to write off a loan...

thats a different problem that you democrats created,,,

so why are you complaining like a little *****,,,

Well, I just don't see why it's okay for one group to be able to write off deb but not another group of people...

The students don't have millions of dollars to pay lobbyists to buy politicians to get the legislation they want.

 

[progressive hunter]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

why would democrats let them do this??

Bankruptcy is legal in the USA.

so why are you complaining???

the laws on that are decided by democrats and republicans,, you know them dont you?? those are your guys and your buddies guys,,

you sound like a ***** whining about her period,,

Big companies can easily write of millions but they make it damn near impossible for students to write off a loan...

thats a different problem that you democrats created,,,

so why are you complaining like a little *****,,,

Well, I just don't see why it's okay for one group to be able to write off deb but not another group of people...

The students don't have millions of dollars to pay lobbyists to buy politicians to get the legislation they want.

that has nothing to do with paying off your debts,,

 

[struth]

This is a very interesting article.

Apparently money from the CARES act last year went to oil companies. It was supposed to be used to preserve the jobs of the workers.

Not so much.

Some oil companies took the money, then laid off workers, then gave millions in bonuses to executives. Some even filed bankruptcy while taking millions out of the companies in bonuses.

That's right. Executives got bonuses while they bankrupted the companies.

Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers

Senator Ted Cruz and other fossil fuel champions said bailing out fossil fuels would protect workers. But the companies are giving executives bonuses, cutting jobs, and losing money for investors.

bailoutwatch.org

Sadly, due to Covid there was an Oil price collapse and many of these companies had to layoff some people.,...just like a lot of businesses had to because of Covid.

Not the point. The CARES Act was supposed to protect worker’s jobs not enrich the rich but then this is America, where the rich get socialism and workers get your on your own capitalism.

It did help workers....PPP was a program that allowed businesses to have a forgiven loan if they keep workers on the payroll, it gave a relief check, it protected against foreclosures, evictions, and extended UE payments.

These businesses were offered those programs as well....the CARES Act didn't protect against EVERYTHING....the oil market dropped, because of Covid...other protections were needed by these companies after that...bankrtupty is one of those protections to protect the business.

Again you miss the point. Yes some things in the CARES Act helped workers. Other things helped the rich.

Sure, everyone was impacted.....but this thread isn't about the "rich" it's about some businesses that were impacted

 

[Dont Taz Me Bro]

it is always the same old story with capitalist. the pyramid scheme is still paying off.

What part of capitalism includes government bailouts?

Not a part but a form of capitalism does.

The conservative "free market" capitalism sure does include government bailouts.

We have seen it over and over and over again since the reagan years.

Because what you've seen over and over again isn't free market capitalism. It's the centralized government planning of the economy that people like YOU actually support.