I think you are making good points here. I don’t think most corporate execs have that kind of detail, I agree that it’s likely more public-facing or in industries like healthcare, insurance, banking, real estate, law - any industry that can directly ruin people’s lives. To that point, if this company never had security details for their CEO, I am also surprised this hasn’t happened sooner.
Thank you for sharing. The boards for the companies I’ve worked for mandated security detail for C levels. I’m gonna go ahead and posit that this board will now mandate as well.
I would reckon that it’s because these people are incredibly well-protected. Once you reach an executive office at the large companies I’ve worked for, you have to live in a giant compound because of the size of the detail of elite security forces that must accompany you at all times. I’m talking 40+ people paid by the company, ex-special forces. These details do entire building security sweeps ahead of the CEO, checking for bombs, bugs and other threats. The board mandates that you have this protection.
While you are correct that dividends would be paid, it just wouldn’t happen on this scale or to this detriment, imo. Buybacks are used as a crutch to generate Short-term profit and lead to executives and companies focusing on short-term goals. They artificially increase EPS for executive compensation. This is all exacerbated when companies know they’re going to be bailed out by taxpayers because there are only 2 companies that make planes now, or 3 media companies setting prices together.
Between 1998 and 2018, the plane manufacturer also manufactured a whopping $61.0 billion in stock buybacks, amounting to 81.8 percent of its profits. Add in dividends and Boeing’s shareholders received 121 percent of its profits.
Stock buybacks should be illegal or at least heavily regulated. They’re stealing money from their employees, putting their company in peril by not having cash on hand, and stunting innovation. Imagine if major companies had to put profit back into their company? Instead it’s a game to see how much you can exploit the working class, how little you can innovate and still get by (it’s easy when you have no competition), and gamble (after lobbying with minimal money) that your political plants will force the taxpayers you’re exploiting to bail you out. It’s pretty disgusting.
https://greenalphaadvisors.com/boeings-struggles-highlight-the-perils-of-stock-buybacks/
https://www.tipranks.com/stocks/ba/buybacks#google_vignette --> they’re still doing it as of March of this year.
I’m sorry this happened to you. It seems to keep getting worse.