To: Rande Is who wrote (21231 ) 2/26/2000 3:36:00 PM From: Tradelite Read Replies (1) | Respond to of 57584
Rande...your essay on "life and business in America" was excellent....I had written a response to Bruta's comments but deleted it because it might incite controversy where none was warranted. Bruta raised some interesting points, to be sure. The only things I would add to your comments are... (1) Investors Business Daily reported this week that WMT has agreed to pay "up to $16 million" to two girls whose father bought a gun at WMT and shot their mother while he was under a restraining order. Did WMT know about the restraining order? Should WMT have known? I'm not sure. But... Does this remind you of lawsuits against McDonald's for spilled hot coffee, suits against the tobacco companies for lung cancer, etc. etc.? Does it remind you of Darva Conger, the TV bride who is now appearing on national TV denouncing her own decision, denigrating everyone who participated in her TV wedding, and appearing to not understand how she did it? My humble opinion for a long time has been that fewer people today want to take personal responsibility for their own actions....and corporate America has become a convenient target to hit when they need money to compensate for their own bad decisions. (2) Bruta mentioned WMT employing workers part-time to avoid paying benefits. WMT isn't the only company employing workers as part-timers so they don't have to pay benefits. I could name a hundred others doing the same thing with "marginal workers" (i.e., entry-level workers and those who might not stay long in the job)....and let's face it....parsimonious payroll practices save money. Saving payroll money, coupled with pressuring suppliers to get lower prices (which Bruta also mentioned as a negative for WMT), enables WMT to do exactly what the American consumer is demanding that all retailers to do, which is CUT PRICES. Welcome to corporate America. Welcome to successful corporate America, which is giving consumers what they want. Welcome to consumerism in America...we vote with our money when we buy goods and services. And as investors we can either make money investing in successful companies without making judgments about whether they are moral, amoral or immoral....and we can invest in socially responsible companies which suit our personal ethics code. Fortunately, the market affords opportunities for all of us. Happy investing.