Tuesday, February 24, 2009

Magna International Made $71 Million Profit In 2008

Yep, you read it right, $71 million. Greed, this is why the country is in the situation we are in. Pure greed.

Magna asked the employees to cut their wages last year, then decided to close doors in Syracuse, NY. Yet despite a slight loss in the last quarter, still came out ahead with $71 million profit.

Where is the logic to all these people losing their jobs? There isn't. It is just pure greed for the CEO's of the corporation.

Pure greed for the wealthy in our society as well. No one seems to care anymore about how the little guy is faring. Lets just keep bailing out the banks, and they will keep raising their rates and fees even though they are being funded by the government.

Ok, I didn't want to get this deep into this issue, I better stop now! What are your thoughts?


Anonymous said...

lol, narrow minded much? Magna is also in the process of reinvesting a LARGE portion of those profits this year into the remaining plants and is poised to be successful for many years to come thanks to the cuts made in 2008. As competition weakens, Magna can acquire additional business and improve on existing technologies to better solidify its place in the manufacturing sector. Thankfully, Magna's customers are aware of their stability in these troubled times.