Broken Logic
by tristero
I read the news today, oh boy:
Citigroup announced on Wednesday that it would cut 11,000 jobs, reducing its work force by roughly 4 percent in an effort to cut costs.
The bank said it would take a pretax charge of roughly $1 billion for the cuts.
Under the reduction, 1,900 jobs will be eliminated in the institutional clients division.
Another 6,200 positions will be removed from the bank’s consumer banking business, along with 2,600 jobs in the operations and technology group.
The bank’s shares rose about 4 percent in early morning trading.
Sure. I understand exactly why Citigroup’s stock would rise when it announced that it would seriously harm, and, in some cases, ruin the livelihoods of 11,000 employees and their families.
It still strikes me as deeply sick.
Yes there is a twisted sense to the decision – destroy the economic value of 11,000 people to save the larger company. But it is the logic of an economic system so perverse that it blithely re-assigns the self-evident rights of human beings – such as sheer survival – to corporations.
And denies the exact same rights to people.