They are losing so much money that the banks are not willing to finance them anymore
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Weatherford is a sinking ship, They have never been a financially responsible company, they have too many worthless high end managers making stupid decsision's and that's costing the company, they are gaming the system and need to be cut,. Even when there was good money to be made they couldn't maintain good accounting practices, a couple of years back they had a hiccup with a $500,000,000 accounting error that caused serious issues throughout the ranks, and that was when money was flowing, now there is hardly any money to be made so they resort to mass layoffs. Rats know when the ship is going down, if you stay you better hope you are close to shore and you will need life vests and paddles, wake up folks
They just created 2 new VP spots with that employee stock purchase program. Memo came out last week. Unbeliveable
Finance them my a--. I watched tens of thousands of dollars fly out the door on lunches and goodies for the chosen few. F--- them. I hope it all goes down. Why don't they switch everyone to a temp position. Save a ton money and moral will get better.
And yet they still pay for employee as to fly back and forth to Singapore every month. Why? All travel should be cut.
I always hear this stuff I still have a job I voted for Obama it's not that bad ! If you will all vote again Democrat we will make it over this hurdle?
Yeah give me 5 cents of them equipment bonds. Anything to help out the company and our CEO. Great investment
Heard this same bankrupt sh-- for years still hear still getting my pay check
You can count on me to help out WFT. Here is my 2 cents worth.
Now the latest idea is to ask employees to invest in weatherford equipment bonds or take a pay cut. You help pay for the equipment you operate and it creates a sense of ownership throughout the company. The company then promises a buy back in 2 years time with interest.
Doesnt sound like a good idea to me especially for those who need their cash every month. Cant see this latest and greatest idea being very popular with the troops
They are just trying to reduce their payroll expense. This has a two fold benefit. First they get to hold onto your pay for a few months, so they get an interest free loan. They more importantly show a reduction in expenses on their quarterly reports.
They like every other service company are bleeding cash and hopes the market comes back next year. If it does then the employees who invest could do okay.
As my boss says, every dollar counts.
I do wonder how the low participation will be interpreted by senior management.
That's why they asked you to finance them through the Employee Stock Purchase Program.