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Aetna CEO Mark Bertolini Threatens Layoffs If Fiscal Cliff Deal Fails

rocket88

rocket88

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Aetna CEO Mark Bertolini Threatens Layoffs If Fiscal Cliff Deal Fails [UPDATE]

"The American people are going to suffer because we'll lay them off -- because we know how to respond to these kinds of situations," Aetna CEO Mark Bertolini warnedon Monday at a Wall Street Journal event
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Is threatening layoffs just the new normal now? "Give us what we want or suffer the consequences." "Vote for my preffered candidate, or get fired." "Cut taxes or there will be layoffs." Now it's "Raise taxes or there will be layoffs."

Oy!
 
Yay for corporate temper tantrums! :roll:

I'm waiting for Donald Trump to take advantage of this by saying he will now fire 2 apprentices each episode because Obama was elected.
 
All these people who threaten layoffs if they don't get their way sound like petulant children, but they are worse because when children throw tantrums they just frustrate their parents. When these fools throw tantrums, they are playing with people's lives and families. I find it absolutely sickening.
 
What Mark Bertolini doesn't understand is that his insurance company is not the only fish in the sea. If Mark does a lot of what he says and service suffers for it, I'm pretty sure he will put up "Help Wanted" signs real quick.

There are always the unforeseen circumstances that businesses go through when they do these sort of things.
 
TheNextEra said:
Yay for corporate temper tantrums! :roll:

I'm waiting for Donald Trump to take advantage of this by saying he will now fire 2 apprentices each episode because Obama was elected.
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He's going to start asking them all for a Birth Certificate.
 
The company is already restructuring, so I don't see it so much as an idle threat as it is a warning to the market.
 
rocket88 said:
Aetna CEO Mark Bertolini Threatens Layoffs If Fiscal Cliff Deal Fails [UPDATE]



Is threatening layoffs just the new normal now? "Give us what we want or suffer the consequences." "Vote for my preffered candidate, or get fired." "Cut taxes or there will be layoffs." Now it's "Raise taxes or there will be layoffs."

Oy!
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the president is not the only person to own a bully pulpit
CEOs of mega corporations also command attention
and bertolini's concern that the congress may simply continue to kick the deficit problem down the road, unresolved, is a very legitimate concern for all of us. especially so for a multi-billion dollar corporation leader
fixing the deficit problem is such an onerous problem that the congress has been inclined to put off effecting the necessary changes. everybody's ox is going to get gored and the congress prefers to dispense favors - they are so much better received
the simpson-Bowles assessment has made it quite clear what must be done. cut spending, especially the social programs that the democrats are reluctant to do. raise taxes on those best able to afford the tax increase; something the republicans have taken a pledge not to do
both parties have painted themselves in a corner due to the promises they have made to their constituents
those like bertolini, who can command the congress' ear, are right to insist that this problem no longer be ignored. failing to address the growing deficit spells long term damage to our nation's economy. no one wants that ... bertolini included
it's time for congress to sign off on simpson-Bowles and implement its recommendations
 
Fisher said:
The company is already restructuring, so I don't see it so much as an idle threat as it is a warning to the market.
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If this is true, he is trying to blame the government, and distract investors from his own failings as the CEO.
 
SMTA said:
If this is true, he is trying to blame the government, and distract investors from his own failings as the CEO.
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From the article:

"Debt deal or not, Aetna will likely have to restructure its business in the wake of its recent merger agreement with Coventry Health Care. That may mean layoffs, even as the company adjusts to an influx of new customers thanks to the implementation of Obamacare."
 
Fisher said:
From the article:

"Debt deal or not, Aetna will likely have to restructure its business in the wake of its recent merger agreement with Coventry Health Care. That may mean layoffs, even as the company adjusts to an influx of new customers thanks to the implementation of Obamacare."
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Yep. Never let a good crisis go to waste. Let's off-load the blame for our poor corporate management by blaming the politics in Washington.

Of course, if this CEO had the honor of the Samurai, he would have announced that if the government went over the fiscal cliff, he would not cash his $50M bonus check.

Aetna CEO Pay: Tens of Millons, Straight from Your Pocket | Consumer Watchdog
 
Fisher said:
From the article:

"Debt deal or not, Aetna will likely have to restructure its business in the wake of its recent merger agreement with Coventry Health Care. That may mean layoffs, even as the company adjusts to an influx of new customers thanks to the implementation of Obamacare."
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I would reasonably assert that these types of mergers usually always result in layoffs, as there are too many similar jobs at the 2 companies once together.

Such duplicity, or job overlap, is inevitable, and the elimination of these jobs results in lower operating costs while maintaining the same overall customer base.
 
rocket88 said:
Aetna CEO Mark Bertolini Threatens Layoffs If Fiscal Cliff Deal Fails [UPDATE]



Is threatening layoffs just the new normal now? "Give us what we want or suffer the consequences." "Vote for my preffered candidate, or get fired." "Cut taxes or there will be layoffs." Now it's "Raise taxes or there will be layoffs."

Oy!
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He didn't "threaten" anything. That's the HuffPo's histrionic language (accompanied by a suitably-menacing photo). A far more measured description is in the source article they linked to:

WASHINGTON--Aetna Inc. Chief Executive Mark Bertolini, who is among a dozen chief executives meeting with U.S. President Barack Obama later this week, on Monday warned that companies are preparing backup plans that include layoffs if the White House and congressional leaders are unable to reach a deal to avoid the combination of tax increases and spending cuts known as the "fiscal cliff."


"The American people are going to suffer because we'll lay them off--because we know how to respond to these kinds of situations," Mr. Bertolini warned at a Wall Street Journal CEO Council event.
The comments come seven weeks before the Jan. 1 date on which spending cuts and tax increases take effect. Mr. Obama and U.S. House Speaker John Boehner (R, Ohio) last week each defended their competing plans for resolving the budget fight, even as they opened the door to a potential compromise. Mr. Obama meets with Democratic and Republican congressional leaders next Friday--after he has received input from executives and labor leaders.


The Congressional Budget Office has warned of a recession if leaders fail to act. Mr. Bertolini--who said in an interview that he is presenting contingency plans to his own board in two weeks--used Aetna as an example of how real-world layoffs could be set in motion.


"We have contingencies built in and as we watch the economy develop, we make decisions along the way: Do we release capital expenditures? Do we open up hiring?" he said. "Our goal so far is to freeze headcount until we know where the economy is headed."
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Harshaw said:
He didn't "threaten" anything. That's the HuffPo's histrionic language (accompanied by a suitably-menacing photo). A far more measured description is in the source article they linked to:
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It's strange that rather than comment on what he said, you'd rather go after the source. I knew what he meant because I heard him on NPR giving some context. A very reasonable gentleman, but apparently he wants Congress to compromise with Obama. Strange that you'd have nothing to say about that.
 
rocket88 said:
It's strange that rather than comment on what he said, you'd rather go after the source. I knew what he meant because I heard him on NPR giving some context. A very reasonable gentleman, but apparently he wants Congress to compromise with Obama. Strange that you'd have nothing to say about that.
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Strange that you think I didn't comment on what he said. To wit: "he didn't 'threaten' anything."

Nor did I "go after the source," I commented on how they presented it, which was, indeed, histrionic.
 
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