According to Bloomberg, Honeywell has $14 billion (yes, billion) in cash it intends to spend on stock buybacks, acquisitions, and dividends. Keep that in mind when they tell you the company can’t afford janitorial services, let alone decent medical coverage.
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Financial companies like the tax cuts. They will come on TV and talk about issues and why it isn't enough though, it is to their advantage to always talk the opposite. Financial media will talk about trikle down all day long, then go eat steak and drink expensive wine. Trikle down means the rich and corporations get the biggest hand out first and are then supposed to pass it on to others. Raises, hire people, etc. 90% stays in their pockets. The only reason to pay a raise or hire is when that will make the company more money, like in the 90's boom. If trickle down was true, Bill Gates would have thousands of people working for him, or Warren Buffett, or even Mark Cuban. They don't hire, they just want an island, plane and freedom. The only entity that hires because they can is the government. Plenty of government jobs now, especially defense related.
Here in uk. Ordinary workers appalled by the way they are running our sites down. They have even stopped the honeywell pension scheme which has disgusted long term work force. Immoral... there’s a loyal. Hard working employees so unhappy
But wait...I thought that tax reduction in the new tax plan would spur companies to give us bonuses?? What!! We have been Trumped (lied to) again.....
Why spend on anything in the company when you can do buybacks? The home office isn't trying to make Honeywell Great again, or innovate or create new things. That is too much work and doesn't pay back fast enough. They are just trying to make the most money they can- buybacks, dividends, deals. Anything else goes against what they are trying to do. They report to the large WS institutions. The IBM model. Yes eventually the cash will run out, but their hope is they are long gone and all out well before that happens.
And my MBA professor noted study after study that companies buy back the stock at all times instead of when it is cheap.
Stock buy back is just another way to goose/inflate the stick value but it only works in a very short term. So yep. One way for the execs to cash in as 'someone' (aka Hon itself) is going to pay whatever the going price to buy those shares
Very poor mgmt and leadership as any decent MBA professors will tell u it is better to invest in innovation and create new and real Value, rather than stock buy back; to actually be a leader in the industry with better and more reliable products, plus true customer service. All of which is now only an after thoughts here. The bright side is there are others companies doing just that, willing to invest. So up to individuals where we want to hang out hats. Happy New Year
If this is true, then this is beyond maddening. Project funding is going to non-existent next year due to cutbacks. WTH? I have no idea how folks like that can sleep at night. Pricks!
100% greed. They are running the businesses into the ground and then will sell them and make more money. How does greed at this level not make some news headlines. Maybe everybody is too concerned with who is humping which kardashian.
I recall (please correct me if wrong) that they spent 5 billion buying back their stock in 2016 while we the workers suffered furoughs, layoffs, and pay freeze . And Tim the Baloney-man got a bonus for that year.