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TexasTowelie

(111,319 posts)
Sun Apr 12, 2020, 01:34 PM Apr 2020

Houston Billionaire Tilman Fertitta laid off 45,000 employees quickly as a 'favor'

Houston billionaire restaurateur Tilman Fertitta told FOX News' guest host Brian Kilmeade that he laid off 45,000 workers as a 'favor" to help them access unemployment benefits earlier.

"You know, Brian, I went through the '87 crisis, the 2000, the 2008," Fertitta said Saturday on FOX News' Ingraham Angle. "You’re doing the people a favor if you get them furloughed first, because you have them first to unemployment line after the severance that you give them. It’s a trick that I’ve learned many years ago."

Fertitta's vast portfolio includes ownership of NBA's Houston Rockets. His estimated net worth according to Forbes now stands at $4.8 billion, making him at the 44th wealthiest person in the world.

"It’s just unimaginable," Fertitta added. "We've all had to do little layoffs over the year. But you have to basically shut down the whole company. When you think of having amusement parks, aquariums, a basketball team, casinos all over the world—and nothing is open. It’s just like a sci-fi movie you’d never believe."

Read more: https://www.mysanantonio.com/local/article/Houston-Billionaire-Tilman-Fertitta-lays-off-15194560.php

8 replies = new reply since forum marked as read
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stopbush

(24,378 posts)
1. He's right about early furlough. And by furloughing rather than laying off
Sun Apr 12, 2020, 01:38 PM
Apr 2020

employees can usually keep their health insurance.

 

mr_lebowski

(33,643 posts)
3. Sure ... but at same time, it's probably not actually done for the employee's benefit ...
Sun Apr 12, 2020, 01:58 PM
Apr 2020

And I'd be curious to know what % of his employees are furloughed vs. laid off or fired outright.

Just because he used that term doesn't mean it's accurate.

stopbush

(24,378 posts)
4. Employers pay into state unemployment funds. Those employers who tend to lay off
Sun Apr 12, 2020, 02:07 PM
Apr 2020

or fire more workers than the average are penalized and are required to pay more per-employee into the state funds.

A smart employer looks at all sides of the equation to determine what’s best for his business. Hopefully, what’s best for his employees is also an important side of the equation. I don’t assume an evil intent just because an employer is a billionaire.

 

mr_lebowski

(33,643 posts)
5. Yes, that is what a smart employer does ...
Sun Apr 12, 2020, 02:11 PM
Apr 2020

Which is why it's unlikely that the decision on when to lay off the employers would have been done purely as a 'favor' to the employees. But that is apparently how he tried to paint it.

That's all I'm saying. I didn't call anything 'evil'

stopbush

(24,378 posts)
6. If you are a low-wage employee, you are better off right now going on unemployment
Sun Apr 12, 2020, 02:16 PM
Apr 2020

and taking advantage of the $2400-per-month the Feds are chipping in for the first four months one is on unemployment. For most, that will represent a significant boost in pay, as long as they still have their insurance.

 

mr_lebowski

(33,643 posts)
7. I agree ...
Sun Apr 12, 2020, 02:24 PM
Apr 2020

Regardless (and for the third time) I doubt the timing of it was done largely for the benefit of the (ex) employee(s), which is how it was represented.

Doesn't make the layoffs evil or bad ... like you said, the employer's first priority is and should be ... the business.

NCjack

(10,279 posts)
2. It is regrettable that he does not have enough money to self-insure the wages
Sun Apr 12, 2020, 01:53 PM
Apr 2020

of his employees. Maybe another Trump tax cut will make him feel secure if his net wealth declines a little.

katusha

(809 posts)
8. what an asshole!
Sun Apr 12, 2020, 02:25 PM
Apr 2020

this makes me sick, rich only care about their money even when it is contrary to their greater interest. The article states his entire payroll for the year is $1.5 billion and he is worth $4.8 billion. If he had kept paying them out of his own pocket it would not have come close to bankrupting him but he could have achieved demi-god status in Houston for centuries. We ask people who make minimum wage to risk their lives and their families lives during this crises and this guy couldn't endure a little economic discomfiture?

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