Do they go without money and starve? How ruthless.
18 replies (most recent on top)
Paid sick leave does make us all safer.
People who invest take risk out of a sense of personal responsibility and often provide much to others.
People who don’t invest live for today and guarantee their long term dependency.
However, only people who don’t invest get taken care of in hard times.
Really it is a personal choice of what you can tolerate seeing in your mirror.
Dear wealthy 1 percenter @pfj+13VCfmoD.... you may be wealthy but you are not logical.
“That hits expenses AND revenue and will have a huge impact on P&L and thus on dividend yield.”
If the worst happens to P&L your dividend yield will significantly increase. This would likely be true even if actual dividend is cut. But of course you know this from freshman business accounting or, wait.... are you perhaps a trust fund kiddie who never learned this stuff?
Sorry, people are reluctant to come to work during a pandemic. We would not want your dividend to take a 'hit'. By the way, it is the employees that are supporting WF's generous dividend.
Any employee that is directly infected with the virus can apply for STD without having to use the 7 days of PTO first. That goes for any employee regardless if they are hourly or salary.
Paid sick leave is not "free money for not working", it's part of a compensation package that would induced PTO, health insurance, etc.
Paying people to stay home and not infect the rest of us is smart money well spent.
Shareholders demanding a ROI are absolutely feeling "entitled".
@rgx+13VCfmoD, please don’t insult the intelligence of your hourly coworkers.
I seriously doubt that most hourly workers wouldn’t know what it’s like to own a share or could even imagine receiving a dividend. I cannot imagine that even 10% of WFG hourly workers fail to even join the 401K. That’s simply your own personal prejudice against the working poor. Reassess or get help.
Paid sick leave makes us all safer.
People who invest take risk.
Funny how all the people who were against government stimulus in 2009 are all in in 2020, not to protect actual human beings, but to protect corporate profits.
The party of Christian family values indeed.
To the investor pro Wells Fargo stock you should have diversified your holdings especially with wf history and continued abuses. The LA times put a spotlight on wf in 2013. In 2016 regulators took notice. In 2017-18 the execs and board still mocked the process. Overall politically I consider myself leaning slightly right but WF is wrong on this one. I think they are trying to correct the ship with good intentions but unfortunately they are still blaming the wrong people. Look up, not down. Quit trying to bridge gaps the quick and easy way and do the right thing. The company is on a balance beam now. Please don’t over correct by blaming the innocent and fall off.
Hopefully the person in your example didn't put the whole $500,000 into one stock.
Speaking of taking money from one group of people and giving it to another, somebody paid for the historic run-up in stocks we just experienced thanks to years of artificially low interest rates. That would be savers and retired people.
Oh, for the good old days of 4-5% CDs.
Just to put this in perspective with some numbers... let's say someone starts working and saving for retirement early, which everyone should do... they start at a $28K salary and put away $1,200/year which is 4% and maybe they earn more and more as they progress but just keep doing $100/month into savings/retirement and let that compound. So at age 65 with that $!00/month put away for retirement, they now have $500,000. They buy a historically safe stock that pays a 6% dividend like Wells Fargo, and now they've got $30K/year. It's not a rich retirement, but with their house maybe paid for, it's workable. With a spouse who did the same, maybe you'd have $1 million and be able to draw $60K/year. Awesome.
Now Wells Fargo drops 36% and suddenly you are screwed. For the single person scenario with $500K/stock and $30K/year dividends, your stock is now worth $320,000 and your annual income is now like $19K. You can't just go get a job to increase it, and you probably have a lot of medical bills. That s—s.
Now the hourly workers want you to sell all your stock so they can get paid for a few weeks.
Are you f*in kidding me?
LOL you have got to be kidding me with: "When did shareholders start thinking they were entitled to free money?" You do realize this is a thread about hourly workers wanting... free money... right?
Senior citizens who may have collected some stock over the years and live off dividends cannot just sell the stock and take a loss. That stock is their savings and their income. Selling it would literally be sacrificing their future because they're at a stage in their lives where they can't get it back.
I don't want to turn this into a post about wealth inequality because the reality is that 98% of us are not so far apart from one another... whether you make $50K or $150K (and I've been at both ends of that), we're all still in the bottom 95%, and one might have a little more cushion than the other, but not by that much.
Personally, I DO consider myself blessed beyond measure. I have been on the other end of things and while I'm not rich, I'm very comfortable and I don't take anything for granted. I look for ways to give back to others, I mentor others, I give the people who work under me the opportunity to move up whenever I can..
"To the person who is waning about loss of dividend - sorry - no sympathy for you. You can sell your shares - may be taking a loss - and still have money to live. May be even write-offs in your 1040."
Wow, nice attitude. So someone who is hourly and loses maybe $2K or $3K for a few weeks of not being able to work deserves to be paid anyway, but someone who worked their whole lives to save and buy stock and be able to retire on dividends should sell at a loss and wipe out 36% of their life's savings and all the future income that comes from it? That will hit forever, even years from now when the virus is past, making 36% less on the dividends... and yet you have no sympathy?
That's why the "haves" and "have nots" fight in this country... because instead of trying to find a middle ground, it's "I have no sympathy for these people because XYZ". Notice that the original comment on here about dividends didn't even say that we SHOULDN'T pay the hourly workers when not working, just brought up some interesting points for discussion and asked the question of whether that's right thing and pointed out that it has consequences to do that. Hourly workers want shareholders to consider their feelings and situations? Maybe do the same for shareholders also and realize that they are mostly middle class Americans who also have families to feed, etc.
Most of the people who work in restaurants fall into that “ least educated and valuable” category. You know, the ones who handle, prepare, and serve the food. Be a shame if they came to work sick because they couldn’t afford to stay home.
Same with the people who keep the shelves stocked in the grocery store.
It's called paid sick leave, and it would improve the health of everyone, because people on the bottom rungs can't afford to take time off, so they go to work sick.
And get everyone else sick.
Here's a fun fact - 20% of Wells employees are working and on public assistance because Wells doesn't pay enough, let alone to afford unpaid time away.
Now, go wash your hands, because it's always the guy that cheers for Darwinism that gets hit with the karma.
Shareholders don’t think they’re entitled to free money. Your comments are ignorant and silly. The thought that hourly workers - the least educated and valuable - should be carried at the expense of the most talented and educated is so backwards its beyond comprehension. We need a little more dwarinism
Shareholders invest in Wells.
Investments carry risk and you took that risk at your own discretion.
A person who gets quarantined does not do so on their own discretion.
So the person who invested needs to man up and admit they should have sold their stock and the person who is sick should be treated with kindness, as in the Golden Rule.
When did shareholders start thinking they were entitled to free money?
"Do they go without money and starve? How ruthless."
They might. Depends on if they have any savings and how much. I would think the typical family that is on hourly wage is going paycheck to paycheck - so there is zero savings.
To the person who is waning about loss of dividend - sorry - no sympathy for you. You can sell your shares - may be taking a loss - and still have money to live. May be even write-offs in your 1040.
Most hourly workers wouldn’t know what it’s like to own a share or could even imagine receiving a dividend. Consider yourself blessed beyond measure. Most hourly workers and a majority of Americans are struggling with rent, childcare and medical expenses as it is.
Prayers to every single hourly worker in every single occupation across all the industries that will be hard hit by with worldwide pandemic.
I'm a WFC shareholder and also a full-time employee of another company that had layoffs late last year, so I'm now unemployed and rely heavily on the dividends from my WFC stock as a primary part of my income to pay for daily expenses and support my family.
If a large chunk of people are quarantined and can't work, WFC takes a financial hit based on not having those people available to do their jobs. It takes a double hit if they're not being done AND we're still paying the people who are supposed to be doing them. That hits expenses AND revenue and will have a huge impact on P&L and thus on dividend yield.
If hourly workers can't work, is it right for shareholders like me to have to support them? Who is going to support me? I may be better off than your average hourly worker, but I'm not so well off that I wouldn't feel the hit. Neither are a million other WFC shareholders who are pension/retirement funds or elderly folks living on fixed incomes.
I 100% understand the insecurity an hourly worker faces when they can't work due to COVID-19, but saying "Wells Fargo will pay you anyway" is not a solution without consequences. Even that is just taking money from one group of people and giving it to another.