Politics 28000 Layoffs coming to Disney's domestic theme parks - statement from Josh D'Amaro

[flynnibus]

Right, they are under no legal obligation to respond to a Tweet.

The issue here is one of regulation, of which her opinion has merit. That's not offering my opinion of her opinion, but her position to create and vote on laws is absolutely relevant.

Full disclosure, I have my reasons for not being a fan of Elizabeth Warren and I voted democratically across the board this election (she was not up for re-election in Massachusetts).

I don't know why you are bringing up tweets... she sent a letter. The tweets are just noise after the fact.

Her letter has nothing to do with current regulation - it has everything to do with her demanding answers she knows she can largely get from the public filings. It's grandstanding.

"her position to create and vote on laws..." -- well duh.. she's a senator. But just because you name drop doesn't mean people owe you anything.

 

[peter11435]

It’s a political opinion. If you are on one side, she’s right, if you’re on the other side, she’s wrong.

Just like all political issues in this country.

Nope. I’m on her side, but in this case she’s still wrong

 

[lentesta]

Let's look at another bit... by Warren's own cites, she points out Disney has spent over 53 BILLION on stock buybacks and dividends... (because she wants to cite numbers going all the way back to 2009!!) then wants to beat them up over executive compensation. Even if Disney had spent A BILLION DOLLARS on those execs, it still would only be 2% out of the stash she's busting their balls over. It's like buying a house and complaining about the quality of the pen the realtor is using. IT DOESN'T MOVE THE NEEDLE!

$1B would've provided $35,700 to each of those 28,000 employees laid off. It's literally the amount I suggested and that you said was unrealistic.

It seems reasonable to me to subject share buybacks to a 1.88% tax (in this case) to fund these once-a-decade bailouts of American capitalism.

 

[JoeCamel]

Bob: "Elizabeth I hear your angry, and understand your frustration with the situation. I'm going to have my assistant give you these fastpass tickets, and we can pretend the problem is solved". "Oh, but you can't used them on Mine Train or Rise".

Left off "have a magical day"

 

[the.dreamfinder]

 

[JoeCamel]

I love how most of the Japanese have ethics and respect their impact on others.

Although I expect that link to be gone in 3,2,1.....

 

[TrainsOfDisney]

Isn’t OLC a business?

 

[JoeCamel]

Isn’t OLC a business?

Know any other businesses that an exec would kill himself from shame if they failed the company? Has happened

 

[zombiebbq]

I love how most of the Japanese have ethics and respect their impact on others.

Although I expect that link to be gone in 3,2,1.....

The business world in Japan is among the most demanding and cutthroat in the world, where employees often work so many hours and so much is expected of them they commit suicide over the stress.

I do agree with OLC's decision however. optics matter and Disney is engaging in some bad optics by not doing the same.

 

[MickeyLuv'r]

Elizabeth Warren is just wrong. If she were right, she would have propsed years ago that the Federal Government set up a fund to prepare for a pandemic.

Um, wasn't that actually her gig, more or less, prior to becoming a senator?

Something about starting and heading up an agency to protect citizens from big corporations, if I remember correctly? ...And maybe something about advocating for financial reform, protecting consumers from fraud, supporting labor and/or civil rights groups?

I dunno, 2008 feels like a century ago...

 

[flynnibus]

$1B would've provided $35,700 to each of those 28,000 employees laid off. It's literally the amount I suggested and that you said was unrealistic.

It seems reasonable to me to subject share buybacks to a 1.88% tax (in this case) to fund these once-a-decade bailouts of American capitalism.

the point was even by her own data... she’s chasing drips in the ocean in terms of what she is hanging blame on.

the billion was chosen not because of accuracy but because of extreme exaggeration and still doesn’t make sense to her argument. She’s including exec comp because of the Optics and her agenda... not her actual stayed “issue” of leaving the company “ill prepared” for the pandemic.

it’s all bull%*# to make her actual argument which is exec pay vs workers. But she uses the excuse of pandemic layoffs to try to manipulate the situation to her cause.

noble cause but bull#^^% argument and demands. Which is why Disney is giving her the cold shoulder

 

[flynnibus]

Let’s be real... it’s not that Disney doesn’t have assets to just give away billions. It’s not a matter of “can” or “cannot”

it’s a choice not to keep throwing money after bad. It’s a choice to face the change rather than continue to hold your breath thinking everything will just go back to normal any moment now. It’s a choice to move forward.

disney could pay people 4 more months and lay people off then and the same “woe the workers” arguments would show up just the same. It Just delays the discussion.

 

[lentesta]

Let’s be real... it’s not that Disney doesn’t have assets to just give away billions. It’s not a matter of “can” or “cannot”

it’s a choice not to keep throwing money after bad. It’s a choice to face the change rather than continue to hold your breath thinking everything will just go back to normal any moment now. It’s a choice to move forward.

disney could pay people 4 more months and lay people off then and the same “woe the workers” arguments would show up just the same. It Just delays the discussion.

We agree it’s a choice. Hurray for that.

Why would spending $1B on these workers for a year be “bad”? It would certainly be good for 28,000 people and the communities they live in. For whom would it be “bad”?

 

[Chomama]

We agree it’s a choice. Hurray for that.

Why would spending $1B on these workers for a year be “bad”? It would certainly be good for 28,000 people and the communities they live in. For whom would it be “bad”?

Ok @lentesta...I am tracking with and agreeing with most of your take here. So what do you expect Disney to do next? I am concerned about their ability to turn this around and recreate a theme park vs an amusement park. Obviously you have built a business around the parks and have a unique perspective. Where do you see wdw going? Just curious...won’t hold ya to it

 

[TrainsOfDisney]

We agree it’s a choice. Hurray for that.

Why would spending $1B on these workers for a year be “bad”? It would certainly be good for 28,000 people and the communities they live in. For whom would it be “bad”?

Plus, there is an in between. Some layoffs were probably going to be necessary. But virtually gutting entire departments?

I would have thought that the most extreme we would see is shows being taken down to 1 cast and alternating. They’ve done that before. So shows like fotlk and Nemo would only show 5 days a week.

Citizens of Main Street only work days that the band is off, or something like that.

 

[flynnibus]

We agree it’s a choice. Hurray for that.

Why would spending $1B on these workers for a year be “bad”? It would certainly be good for 28,000 people and the communities they live in. For whom would it be “bad”?

why not just ask the same of everyone to give up 10% of their saving and give it to the unemployed. For whom would that be “bad”?

 

[UNCgolf]

why not just ask the same of everyone to give up 10% of their saving and give it to the unemployed. For whom would that be “bad”?

There's a huge difference between asking a corporation to do so and asking an individual person to do so.

I'm not even saying I agree with that take, but that's not a good comparison.

 

[wannabeBelle]

why not just ask the same of everyone to give up 10% of their saving and give it to the unemployed. For whom would that be “bad”?

You are assuming this is all done out of the goodness of executives hearts. I am not even being that altruistic here. Some layoffs are unavoidable, i do believe that but to cut so much cast at a time when the company should be looking to entice people back to the resorts and parks seems kind of backwards. People aren't going to pay full price for a bare bones experience. The investment in the Parks would hopefully recreate the demand that made the salaries and bonuses of these executives possible in the first place. Marie

 

[flynnibus]

There's a huge difference between asking a corporation to do so and asking an individual person to do so.

Why? The corporation is simply the collective work of many people instead of just one person. By asking a corporation to do something, you are in effect asking it's stakeholders to do something.

 

[flynnibus]

You are assuming this is all done out of the goodness of executives hearts. I am not even being that altruistic here. Some layoffs are unavoidable, i do believe that but to cut so much cast at a time when the company should be looking to entice people back to the resorts and parks seems kind of backwards. People aren't going to pay full price for a bare bones experience. The investment in the Parks would hopefully recreate the demand that made the salaries and bonuses of these executives possible in the first place. Marie

No level of entertainment or offer is going to overcome the limitations or concerns keeping people from traveling today. Disney isn't down right now due to lack of interest - attendance is down due to the macro situation going on in our country.

Yes eventually you will have a chicken and the egg problem and need to drive demand... but doing so today would be like running yourself into a brick wall. Lots of energy, lots of pain, complete waste of time.

Disney is foreshadowing that they don't think that changeover point is anytime soon.