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from the FIRE-sector-doing-bad-math-again dept.
The Intercept reports:
Bank of America Merrill Lynch downgraded Chipotle and warned investors that the stock will "underperform", complaining that the restaurant chain is paying its workers too much, and that cutting labor costs further will be difficult for the chain.
[...] Chipotle spokesperson Chris Arnold called Bank of America's analysis "flawed and inaccurate", adding that the restaurant chain hasn't cut employee hours but recently increased hours in conjunction with the addition of queso to the menu.
"That analysis is making estimates and conclusions about our management practices over a 12-year time frame from 2006 to 2017", Arnold told The Intercept. "Obviously, the scale of our business and labor wages have changed dramatically over that time frame. Drawing conclusions from 2006 and applying them as a directional change to our business over the past 12 months is simply flawed."
[...] "We continue to pay wages and offer benefits that are competitive and that reflect the priorities of our employees", Arnold said. "And with a commitment to developing and promoting people from within, we are providing significant opportunities for advancement."
The downgrade is a symptom of Wall Street's maniacal obsession with labor costs.
(Score: 0) by Anonymous Coward on Monday October 23 2017, @07:56AM
What's so great about letting a private bank extract wealth by handing over public money to them?
Seems unnecessary and stupid to me.
Public banks are a much better idea.
I've mentioned The Bank of North Dakota previously in this (meta)thread.
Ellen Brown is their #1 (uncompensated) cheerleader.
Read some of her stuff.
We also have a history at the national level.
There was First Bank of the United States: 1791 until the charter expired in 1811.
...and The Second Bank of the United States: Chartered in 1816; privatized in 1836 (Andrew Jackson[1] killed it, which caused the Panic of 1837[2])
[1] A Neoliberal long before the term existed; a real piece of crap; Trump's favorite president.
[2] A depression that lasted 1837 - 1843.
.
in the 90s when they let banks have investment divisions again
You'll get no argument from me that killing Glass-Steagall was just plain evil.
Neoliberal Slick Willie was a disaster.
Bill Clinton's Five Major Achievements Were Longstanding GOP Objectives [googleusercontent.com] (orig) [truth-out.org]
the Fed
Now, that was a horrible idea.
I wish I had a link to the audio of Ellen Brown describing how The Wizard of Oz was all about (evil private) bankers.
You do realize that The "Federal" Reserve isn't actually a part of the government. Right?
It's a cartel of 12 private banks.
-- OriginalOwner_ [soylentnews.org]