SO GREAT TO HAVE YOU HERE.
>> AND TO BE WITH ALL OF YOU.
CHARLES: START WITH FIONA, WILL
GET IT STARTED IN SEGMENT.
HOW IS IT GOING?
>> HI.
CORPORATE EXECUTIVES ANSWER ONLY
TO THEMSELVES AND A FEW BASIC
STOCKHOLDERS MAKE BASIC ECONOMIC
DECISIONS THAT AFFECT MILLIONS
OF PEOPLE.
WHY WOULD WORKERS AND BENEFIT A
SYSTEM OF INPUT THAT WOULD
BENEFIT THEIR LIVES?
CHARLES: LET ME START WITH YOU.
YOU ORGANIZED WORKERS.
YOU WOULD HAVE WANTED -- YOU
WERE FIRED FOR DOING THAT?
>> I WAS FIRED FOR ORGANIZING,
YES.
CHARLES: DO YOU FEEL LIKE THAT
SYSTEM IS THAT WAY?
THERE IS HANDFUL OF PEOPLE
MAKING THE DECISIONS AND IT
WOULD BE BETTER?
>> CERTAINLY.
EVERY SINGLE YEAR I WORKED FOR
VERIZON EVERY SIX YEARS.
WORKED OFF COMMISSION STRUCTURE.
EVERY YEAR I WAS MAKING LESS AND
LESS MONEY.
THEY WERE MAKING ARBITRARY
DECISIONS THAT AFFECTED MY LIFE,
MY ABILITY TO PROVIDE FOR MY
FAMILY.
AND WE CAME TOGETHER AND
ORGANIZED, TO JOIN A UNION TO
FIGHT BACK AND WE WON BETTER
WAGES.
WE WON BETTER WORKING
CONDITIONS.
THAT IS EXACTLY THE SYSTEM WE'RE
TRYING TO MOVE TO.
THE FACT THAT PEOPLE ARE
RETALIATED AGAINST FOR USING
THEIR RIGHT FOR EXERCISING THEIR
RIGHTS TO ORGANIZE IS ONE OF THE
PROBLEMS THAT HAPPENS WHENEVER A
FEW PEOPLE AT THE TOP ARE ABLE
TO SET THE AGENDA IN THIS
COUNTRY.
[APPLAUSE]
CHARLES: LOU, ON TOP OF THAT,
THESE PEOPLE WERE PAYING
THEMSELVES OBSCENE AMOUNTS
MONEY.
ABIGAIL DISNEY IS RAILING
AGAINST DISNEY CEO MAKING
$65 MILLION A YEAR WHEN THE
AVERAGE WORKER IS MAKING 50,000.
>> I THINK THEY'RE RIGHT.
THE CEO PAY IS OUT OF LINE.
IT IS ABSOLUTELY AN ANOMALY
WITHIN AMERICAN HISTORY.
AND SINCE 1993, WHEN WE MADE
STOCK OPTIONS REPORTABLE BUT NOT
DEDUCTIBLE, WE HAVE, WE HAVE
CHANGED THE METRICS HERE.
THE WORKER, THE EMPLOYEE, IS
WATCHING MANAGEMENT SOAR IN
COMPENSATION WHILE WORKERS HAVE,
JUST A DISADVANTAGE OF PART OF
THAT RATIO.
IT SHOULD BE MUCH, MUCH LESS
THAN 500 TO ONE.
HISTORICALLY THE NUMBER IS
ANYWHERE FROM 20 TO 25 TIMES AS
MUCH.
AN THAT HAS TO BE ADDRESSED.
IT SHOULD BE ADDRESSED BY THE
STAKEHOLDERS, INCLUDING THE
PEOPLE THAT OWN THE COMPANIES,
THAT IS, SHAREHOLDERS.
THE IDEA IT IS AN IN ALIGNMENT
BETWEEN SHAREHOLDERS AND
MANAGEMENT IS JUST SPECIOUS
NONSENSE.
CHARLES: RICHARD, YOU TALKED
ABOUT EVERYONE AT THE
CORPORATIONS HAVING A VOICE.
WOULD THAT ACTUALLY WORK AS
WELL?
WOULDN'T THERE BE CHAOS?
YOU DO NEED SOME PRECISE
DECISION MAKING?
>> THE MOST SUCCESSFUL ECONOMY
IN EUROPE IS GERMANY.
FOR THE LAST 30 YEARS GERMAN LAW
PRESCRIBED THE FOLLOWING, IF IT
SHOCKS YOU, TELLS YOU SOMETHING
ABOUT THE MEDIA THAT SUBJECT TO
IN THIS COUNTRY.
THE LAW IN PERMANENT ANY IS THE
FOLLOWING.
EVERYBODY CORPORATION WITH 2,000
OR MORE WORKERS MUST PUT 49% OF
THE PEOPLE ON THE BOARD OF
DIRECTORS ELECTED BY THE
WORKERS.
IF YOU HAVE LESS THAN 2,000, YOU
HAVE TO HAVE 25%.
THAT PUTS A WORKERS
REPRESENTATIVE ON EVERY BOARD OF
DIRECTORS, MULTIPLES.
THEY ARE PARTICIPATING IN THE
PLANNING, THEY KNOW WHAT IS
BEING DONE.
UNLESS SECRET EFFORTS ARE MADE
TO GO AROUND THEM.
WHICH ARE PROSCRIBED IN GERMAN
LAW?
HAS IT PRODUCED CHAOS IN
GERMANY?
NOT AT ALL.
THE RECOVER FROM FROM THE 2018
2018 -- 2008 DEPRESSION WAS MUCH
BETTER THAN OURS.
THE NOTION YOU CAN'T HAVE
WORKERS PARTICIPATING IS
CANCELED BY NOT ABSTRACT
DISCUSSIONS THEORY BY REALITY
WHAT OTHER CAPITALIST COUNTRIES
MANAGED TO DO BUT WE'RE JUST FAR
BEHIND.
CHARLES: LOU IS THAT ONE EXTREME
TO ANOTHER?
>> I'M SORRY?
CHARLES: WOULD THAT GO FROM ONE
EXTREME TO ANOTHER?
>> I DON'T KNOW THAT EVEN THE
PLACE THAT ACTUALLY EXISTS IN
GERMANY.
IN POINT OF FACT THEY HAVE
EXTRAORDINARY SOCIAL COSTS
IMPEDE THEIR ECONOMIC GROWTH.
THEY HAVE A MERCANTILIST TRADE
ECONOMY.
THEY LIVE IN LARGE MEASURE ON
U.S. DEFICITS AND THEIR
SURPLUSES AS A RESULT.
GERMANY IS NOT A MODEL FOR
ECONOMIC GROWTH VITALITY OR
INNOVATION.
IT'S A MODEL FOR MERCANTILISM
AND INTERNATIONAL TRADE.