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Related: About this forumHouston 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. "Youre 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. Its a trick that Ive 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.
"Its 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 worldand nothing is open. Its just like a sci-fi movie youd never believe."
Read more: https://www.mysanantonio.com/local/article/Houston-Billionaire-Tilman-Fertitta-lays-off-15194560.php
stopbush
(24,378 posts)employees can usually keep their health insurance.
mr_lebowski
(33,643 posts)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)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 whats best for his business. Hopefully, whats best for his employees is also an important side of the equation. I dont assume an evil intent just because an employer is a billionaire.
mr_lebowski
(33,643 posts)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)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)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)of his employees. Maybe another Trump tax cut will make him feel secure if his net wealth declines a little.
katusha
(809 posts)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?