To: President Donald Trump, The Maryland State House, The Maryland State Senate, Governor Larry Hogan, The United States House of Representatives, and The United States Senate
Anti Vulture Capitalism Bill
Put into place laws that could defer business vultures by having an "investor" state the purpose of the "venture" and give an appropriate agency, such as the NLRB, the average salaries of employees at the initial investment. Then report to that agency when they have to have the staff's salaries lower to "save" the business. So if the business closes, the salaries go back to the original amount, and their severance and retirement package be based on that salary, instead of the reduced salary.
Why is this important?
Vulture capitalist have a tendency of using their leverage to take over a business that have a large cache' of money that is usually reserved for the older, and retired employees. Since severance, and retirement packages are based on a person's salary, venture capitalist persuade the employees, or their union, to lower their pay, and BANG! Lo and behold, the company can't seem to make it. The building and equipment are being sold and other business components are salvaged. One of those components is the cash reserve that was saved due to the company's obligation to the employees' commitment through a well-paid retirement package. The employees are being terminated, and with the lower salary, have less to survive on, have probably whittled at their savings already because of the less salary to "save" the company.
I want to call this the "Mitt Romney Bill", but I know he was copying others, but he made the technique popular.
I want to call this the "Mitt Romney Bill", but I know he was copying others, but he made the technique popular.