It's sad to say, but true: Even Warren Buffett fires people.
After Denis Abrams, CEO of Benjamin Moore -- a company owned by Buffetts Berkshire Hathaway -- used company money to take his corporate staff on a getaway to Bermuda to celebrate the companys first quarterly sales increase in years, Buffett fired Abrams, the New York Post reports. The island getaway allegedly included a dinner cruise aboard a yacht that some vacation attendees believed was owned by singer Jimmy Buffett.
Abrams isn't the first CEO to be fired for an outlandish use of company money. Former Kmart CEO Charles Conway was fired from the retailer after he renegotiated his salary several times, at one point scoring a $5 million "retention loan," as the company was headed towards bankruptcy, ABC News reports. Then there's ex-Lotus CEO Dany Bahar. After he allegedly used company money to refurbish his homes, Bahar was told to take a hike, according to the Washington Post.
For some of Benjamin Moore's lower-level employees, the level of top-tier extravagance likely annoyed. That's because some in the company reportedly contended with layoffs and pay freezes as the company faced slow sales in recent years, according to the NYP.
Buffett himself is known both for living a hokey lifestyle well below his means, striking a notable contrast with Abrams' conspicuous behavior. Buffett has also come to champion causes like raising taxes on the rich. In August of last year, the Berkshire Hathaway CEO penned an op-ed inThe New York Times arguing that the super-rich should pay taxes at a rate thats the same or higher than that of middle class Americans.
Still, that doesnt mean Buffetts ordinary employees are immune from layoffs. Buffett fired 21,000 employees over the course of 2009, many of them his poorest workers in places like El Salvador, Felix Salmon notes. The Oracle of Omaha reportedly often hires bad cops to fire his workers, protecting him from any blowback.
Uke said
3:12 AM, 06/16/12
Next? Overly compensated 'employee' "Buckethead." Why? Extremely unproductive, a whiny crybaby, and known shit-stirrer. Has also taken time off without permission, and received undeserved bonuses.
Fire his ass Uncle Warren! Do it!
Troll said
4:44 AM, 06/16/12
Calvin said
9:47 AM, 06/17/12
Don't rub salt in an open wound Yook!!
They are still hauling off the wheels they found in yer "hidey-hole" behind the Ro-Ho.
-- Edited by Calvin on Sunday 17th of June 2012 09:48:15 AM
Uke said
3:29 PM, 06/17/12
Shit! Take this job and... Never mind, I'm retired. Ya can't fire my ass now! Hah! Oh yeah... That wheel machine? Shove that thing tu!
Uke said
5:02 PM, 06/17/12
Uh-oh... Calvalinalav that was my secret stash! I was hopin' ta get down there at some point and collect those wasted wheels for recycling the scrap value. That's not just ordinary scrap iron ya know... The steel used in railroad wheel making is high-carbon, and specially hardened!
As such, it's worth a few bucks! Now my secret's out! Curse you Cavallav!
Warren Buffett Fires CEO For Taking Island Vacation On Company's Dime
Posted: 06/15/2012 1:07 pm Updated: 06/15/2012 4:44 pm
It's sad to say, but true: Even Warren Buffett fires people.
After Denis Abrams, CEO of Benjamin Moore -- a company owned by Buffetts Berkshire Hathaway -- used company money to take his corporate staff on a getaway to Bermuda to celebrate the companys first quarterly sales increase in years, Buffett fired Abrams, the New York Post reports. The island getaway allegedly included a dinner cruise aboard a yacht that some vacation attendees believed was owned by singer Jimmy Buffett.
Abrams isn't the first CEO to be fired for an outlandish use of company money. Former Kmart CEO Charles Conway was fired from the retailer after he renegotiated his salary several times, at one point scoring a $5 million "retention loan," as the company was headed towards bankruptcy, ABC News reports. Then there's ex-Lotus CEO Dany Bahar. After he allegedly used company money to refurbish his homes, Bahar was told to take a hike, according to the Washington Post.
For some of Benjamin Moore's lower-level employees, the level of top-tier extravagance likely annoyed. That's because some in the company reportedly contended with layoffs and pay freezes as the company faced slow sales in recent years, according to the NYP.
Buffett himself is known both for living a hokey lifestyle well below his means, striking a notable contrast with Abrams' conspicuous behavior. Buffett has also come to champion causes like raising taxes on the rich. In August of last year, the Berkshire Hathaway CEO penned an op-ed inThe New York Times arguing that the super-rich should pay taxes at a rate thats the same or higher than that of middle class Americans.
Still, that doesnt mean Buffetts ordinary employees are immune from layoffs. Buffett fired 21,000 employees over the course of 2009, many of them his poorest workers in places like El Salvador, Felix Salmon notes. The Oracle of Omaha reportedly often hires bad cops to fire his workers, protecting him from any blowback.
Fire his ass Uncle Warren! Do it!
Don't rub salt in an open wound Yook!!
They are still hauling off the wheels they found in yer "hidey-hole" behind the Ro-Ho.
-- Edited by Calvin on Sunday 17th of June 2012 09:48:15 AM
Shit! Take this job and... Never mind, I'm retired. Ya can't fire my ass now! Hah! Oh yeah... That wheel machine? Shove that thing tu!
As such, it's worth a few bucks! Now my secret's out! Curse you Cavallav!
http://www.youtube.com/watch?v=h-fRUykCCfw