[21twelve]

“Price, meanwhile, has invested another $3 million in the company after selling all his stocks, emptying his retirement accounts and taking out mortgages on two homes, according to Inc. (He told the New York Times three months ago that he was “renting out my house right now to try to make ends meet.)”

I guess that would cover the $70,000 salaries for awhile.

[dp0622]

Well, that changes things a little!

i have to read up on this now. None of it makes sense.

either his company is doing well and he is making a bundle, or the salaries are too much and he is failing.

The companies that paid the same rates for graphics were investment banks. We were worth 70k.

It was the modern equivalent of a factory except skilled labor.

You could hand you work over to any other work or new shift person so i could see why you would pay the same.

The RAISE was getting hired instead of being a temp.

[cherry]

btw, his brother who apparently has some ownership in the company is not happy with what has happened...

[Secret Agent Man]

Yeah I remembr this story about the guy selling all his stuff to make this work because the company was goin under in this crazy idiocy.

Its socialism. Hes free to do it but thats what it is. Some jobs are inherently worth more to theco,panys bottom,line. Its a stupid idea. He can do what he wants but its a stupid idea. If he tanks the company and loses all his stuff how has he made his former employees lives better, by destroying the dompany?

[hinckley buzzard]

Yeah, we never get the whole story anymore. Give it a year or two and see then whether it is still in business.

[EBH]

bump...

This insight changes things a bit.

[HotHunt]

This story is so full of empty rhetoric. It sounds good in soundbites in the media that this guy is shaking up the business world by paying all of his employees $70,000, but the real story is how he is doing it. Mortgaging two houses, renting out his own house, selling all of his stock assets, is not going to last.

Once you start cutting off your arms and legs, there won't be many body parts left to cut before this whole sham goes up in smoke. Only idiots like this "CEO" and those idiots in the media who don't have a clue how real economics works, think this is a real "progressive" way to conduct business.

This reminds me of the chapter in Ayn Rand's Atlas Shrugged about the 20th Century Motor Corp. and how that company went down the tubes after the socialist-bent kids of the founder who inherited the company, decided everyone should earn the same salary, no matter what their contribution or effort at the company. Epic fail.