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Broken up != shut down. Without advocating for/against the proposal, to clarify: typically this means either business units are spun out as smaller companies,
by theptip 4y ago
Broken up != shut down.
Without advocating for/against the proposal, to clarify: typically this means either business units are spun out as smaller companies, or sold off to competitors. You’d expect some job losses due to consolidation but it’s not like you are closing down all of the branches and sending everyone working there home.
- twblalock 4y agoHow exactly would you break up Wells Fargo into a subset of businesses that had a chance of surviving on their own? This is especially bad for a bank. Customers would freak out and leave. I can't find a single historical example of a bank breakup that didn't result in the destruction of the entire business.
- kodyo 4y agoCustomers freaking out and leaving would be awesome.
- twblalock 4y agoDestruction of jobs and services != justice.
- roywiggins 4y agoIt's not that they deserve to lose their jobs. There were probably lots of honest people working at Theranos! That's not a good reason to have kept Theranos around, though. Like, asbestos miners losing their jobs was a necessary result of shutting down the asbestos industry. It's not that it's fair, but it's not a reason to keep mining asbestos. Obviously ideally Wells Fargo could be reformed somehow, but the "corporate death penalty"[0] exists for a reason! [0] https://en.wikipedia.org/wiki/Judicial_dissolution https://en.wikipedia.org/wiki/Judicial_dissolution
- ProAm 4y ago> Destruction of jobs and services != justice. But it does send a message to the broader industry. Sometimes a few rouge cancer cells can kill the entire host. And this is the second time around for them.
- kodyo 4y agoThe availability of jobs should be a symptom of good business, not an end goal that justifies the ongoing depravity of a business.