232
Hollywood strikes to cost US economy $5 billion-plus amid lost wages, film delays
(finance.yahoo.com)
this post was submitted on 30 Aug 2023
232 points (90.3% liked)
Movies and TV Shows
5229 readers
2 users here now
General discussion about movies and TV shows.
Spoilers are strictly forbidden in post titles.
Posts soliciting spoilers (endings, plot elements, twists, etc.) should contain
[spoilers]in their title. Comments in these posts do not need to be hidden in spoiler MarkDown if they pertain to the title's subject matter.
Otherwise, spoilers but must be contained in MarkDown as follows:
::: your spoiler warning
the crazy movie ending that no one saw coming!
:::
Your mods are here to help if you need any clarification!
Subcommunities: The Bear (FX) - [[email protected]](/c/thebear @lemmy.film)
Related communities: [email protected] [email protected]
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
"[Kevin Klowden, chief global strategist at the Milken Institute] explained that the work stoppage will impact other businesses besides production, including restaurants, catering companies, trucking agencies, and dry cleaning businesses, among many others. 'The main thing we're really factoring into it is the lost wages,' Klowden told Yahoo Finance Live"
Got to sow that discontent for the strikers among other workers. As if the Hollywood business execs give 2 shits.
Also checked up about this Milken Institute and of course it's some scumbag think tank. The opening paragraph on their Wikipedia page is great and totally makes them seem like a reputable and unbiased source.
"The institute was founded in 1991 by Michael Milken, a former Drexel Burnham Lambert banker who gained notoriety for significant financial success as a pioneer of "junk bonds" as well as his subsequent felony conviction and prison sentence for U.S. securities law violations."
Sounds like a grifter.
He's seems like one of those shady ass business types that will run a company into the ground while trying to maximize his personal earnings before he skips town on a solid gold private jet.
Looking at the numbers given on Wikipedia is ludicrous.
"Milken's compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $1 billion over a four-year period, a record for U.S. income at that time."
That's already nuts but then you look at the company's financials and its even more insane.
Revenue: US$4.8 billion (1968)
Net Income: US$545.5 million (1968)
The guy was syphoning off a whole fifth of the company's entire revenue for the last years of its existence before it went bankrupt.
You're doing a terrible job on selling them as a grifter. They sound a lot like those 80s sociopathic investment bankers that buy companies and then gut the company and destroy lives to make more money.
At least a grifter has to work to get the grift going.
I was thinking he was more of a Jack Welch more than a typical grifter really