OT: COVID-19- March 17 2020 - No politics! Read post #1

[thewave]

Have you watched Michael Moore documentary "Capitalism a Love story"; I thought it was BRILLIANT! Pretty much what you are suggesting but gives real life examples

This virus is teaching us a valuable lesson and will bring people closer together after it's settled.

Never seen it but from what I have read and seen over the years, it's a simple system that rewarded the ruthless and people with little to no regard for human life. I think as it went on those sorts of people were seeking each other out and bringing them into the fold. Once people like that dominate society they start fighting each other, then they turn on the people. This pattern of behavior has repeated for centuries and centuries and gets labeled as things like "The anti-christ spirit" etc and really that's probably a fair characterization as many people start to follow and emulate those with the monetary power instead of those of good character.

 

[hullsy47]

Soooo I am likely going to be temporarily laid off. Having never had to apply before, does anyone know if the 55% of EI is of your Gross pay or Net (take home)?

Gross and it's a max amount likely around 950 every 2 weeks

 

[leburn98]

Gross and it's a max amount likely around 950 every 2 weeks

Thanks.

 

[PromisedLand]

Soooo I am likely going to be temporarily laid off. Having never had to apply before, does anyone know if the 55% of EI is of your Gross pay or Net (take home)?

Gross pay. Sorry to hear about it man. But you won't have to pay more taxes.

Hopefully things get resolved soon enough.

 

[Warden of the North]

Soooo I am likely going to be temporarily laid off. Having never had to apply before, does anyone know if the 55% of EI is of your Gross pay or Net (take home)?

Gross to a maximum of approximately $500/week

 

[member 300185]

Wow crazy trip.
My grandpa was born there, haven't heard that towns name since I was a little kid.

Beautiful place. Wish I could have stayed longer than 2 days.

 

[Fogelhund]

 

[Gary Nylund]

Ok here is the "theory"

Most CEO's have exit packages based on financials as well as some type of stock options. The conspiracy theorists are claiming they knew Covid was coming and they knew the markets would tank. So they decided to leave before all that. By doing so, they maximized their exit packages, and cashed out their stock options while they were still high.

and for the third time......I don't subscribe to this theory.

The bolded is what I don't believe to be true. People keep saying this for some reason but it makes no sense so until someone can provide a source ...

I had stock options myself at point with a pretty big company and I couldn't sell them for 5 years. If I left the company then I lost the options completely. And after 5 years, I could sell or hold regardless of whether I was still with the company or not. So as you can see, there was no set of circumstances under which it was financially beneficial for me to leave and for at least the third time, I doubt any company is dumb enough to structure bonuses or options or whatever else in such a way that at any time, the employee has financial incentive to leave.

 

[slozo]

I'm awake (more or less) but not getting this, please explain.

If I have to explain that . . . then you're probably not awake.

 

[Bluelines]

I've never been a conspiracy theorist in the least (it often lacks a lot of logic) but I do find that interesting, though not with respect to any virus, I just find it weird. Perhaps there are similar numbers in other years, just happened to be a lot of top companies.

Just looked it up. Apparently a "record-breaking year for CEO departures" (according to Business Insider) with more in the first 3 quarters of 2019 than the 2008 crisis.

Some (but not all of the big ones):

Boeing
Away
Gates Foundation
United Airlines
Expedia
Alphabet
SoulCycle
Gap
McDonald's
Wells Fargo
David's Bridal
Overstock
Under Armour
Care.com
AutoNation
PG&E
Kraft/Heinz
Blue Apron
HP
UnitedHealthcare
Guess
Mozilla
Boingo Wireless
REI
Bed, Bath and Beyond
Mattress Firm
Warner Bros.
Rite Aid
Burlington STores
Best Buy
New York Post
Colgate-Palmolive
Met Life
eBay
Juul
Nike
WeWork
Disney
Bill Gates (not CEO but stepping down in his role)

They found out that the economy was going to crash, so they quit before it did to make sure their legacy was going to remain. The US planted the virus in China to make it look like it was the virus that crashed the economy but it was really a bubble that was about to burst and Russia with one last move, threatening to flood the market with cheap oil, pushed the economy off the cliff.

That sounds like a who done it conspiracy book that needs to be written.

 

[Gary Nylund]

If I have to explain that . . . then you're probably not awake.

Are you interested in polite and respectful conversation or do you just want to make condescending remarks? The "awake" comment was tongue-in-cheek BTW in case you didn't get that.

This is from my last post, if there's something I'm missing or if you have a source to provide, I'm all ears. I'm listening ...

I had stock options myself at point with a pretty big company and I couldn't sell them for 5 years. If I left the company then I lost the options completely. And after 5 years, I could sell or hold regardless of whether I was still with the company or not. So as you can see, there was no set of circumstances under which it was financially beneficial for me to leave and for at least the third time, I doubt any company is dumb enough to structure bonuses or options or whatever else in such a way that at any time, the employee has financial incentive to leave.

 

[slozo]

Sure Ok, I'm just saying I can't even fathom what the conspiracy would be so I don't understand why anyone is even mentioning a possible link between CEO's leaving and this virus.

This coronavirus has caused an unprecedented economic shutdown and meltdown, all stocks have plummetted.
When a CEO retires or leaves, they automatically cash in their shares, and in doing so, a huge number of company stocks and shares can be sold off with a perfectly good explanation and no ripple effect within the company.
CEO gets to sell high before the crash.

That's as plain as I can make it.

 

[Blue Nate]

They found out that the economy was going to crash, so they quit before it did to make sure their legacy was going to remain. The US planted the virus in China to make it look like it was the virus that crashed the economy but it was really a bubble that was about to burst and Russia with one last move, threatening to flood the market with cheap oil, pushed the economy off the cliff.

That sounds like a who done it conspiracy book that needs to be written.

So the USA planted a pangolin in a Chinese wet market?

 

[egd27]

The bolded is what I don't believe to be true. People keep saying this for some reason but it makes no sense so until someone can provide a source ...

I had stock options myself at point with a pretty big company and I couldn't sell them for 5 years. If I left the company then I lost the options completely. And after 5 years, I could sell or hold regardless of whether I was still with the company or not. So as you can see, there was no set of circumstances under which it was financially beneficial for me to leave and for at least the third time, I doubt any company is dumb enough to structure bonuses or options or whatever else in such a way that at any time, the employee has financial incentive to leave.

Can't help you further Gary, as I have repeatedly said, I don't buy into the theory either.

 

[deletethis]

It would be nice if media picked this story and did some investigative journalism a bit. Stocks are crashing but there has to be a buyer; without somebody buying the shares at a ridiculous price who are the sellers going to sell that to anyway?

Would like to know who the buyers and sellers of the stocks are.

The buyers in part appear to be various countries' central banks.

 

[ImpartialNHLfan]

If I have to explain that . . . then you're probably not awake.

Don't bother explaining to him, he bought stocks before so he knows what it's like being in CEO's shoes

 

[Gary Nylund]

This coronavirus has caused an unprecedented economic shutdown and meltdown, all stocks have plummetted.
When a CEO retires or leaves, they automatically cash in their shares, and in doing so, a huge number of company stocks and shares can be sold off with a perfectly good explanation and no ripple effect within the company.
CEO gets to sell high before the crash.

That's as plain as I can make it.

Source? This is different from the options I had and I'm skeptical. Why would it make sense for any company to force the CEO to cash in when they leave? Anyone selling has a downward effect on stock price so again, why in the world would any company force a departing employee to sell their shares regardless of what their position in the company is/was?

 

[Bluelines]

So the USA planted a pangolin in a chinese wet market?

The wet market is a cover for what really happened, apparently there is a testing facility in Wuhan that is responsible to do experiments on all these nasty viruses..the US actually brought the virus over to Wuhan to make it look like the virus escaped from that facility ... a worker form that facility had raw Pangolin sushi rolls and boom... patent zero... wet market... case closed...

 

[Gary Nylund]

Can't help you further Gary, as I have repeatedly said, I don't buy into the theory either.

No worries, maybe someone will provide a source at some point, maybe not. We'll see.

Don't bother explaining to him, he bought stocks before so he knows what it's like being in CEO's shoes

So no explanation of why this would make sense. No source either. But condescension to spare, good to know.

 

[PromisedLand]

The buyers in part appear to be various countries' central banks.

that would kind of make sense. print money and buy stocks

is there a limit to how much "one" entity can buy though; they can't become the majority share holders

 

[Mess]

Strange that the OHL and QMJHL took so long to cancel CHL leagues as the WHL canceled games the same day as the NHL did. My Leafs and Kelowna Rockets both ended at the same time.

Now WHL has teams in Spokane, Seattle, Portland etc and that is where the Coronavirus is a hotspot, so the immediate suspending of games made sense, however the other 2 CHL leagues keeping open longer has in fact now increased the risk to Canadians and having untested people in large groups spread it for another couple of weeks.

 

[Peasy]

Strange that the OHL and QMJHL took so long to cancel CHL leagues as the WHL canceled games the same day as the NHL did. My Leafs and Kelowna Rockets both ended at the same time.

Now WHL has teams in Spokane, Seattle, Portland etc and that is where the Coronavirus is a hotspot, so the immediate suspending of games made sense, however the other 2 CHL leagues keeping open longer has in fact now increased the risk to Canadians and having untested people in large groups spread it for another couple of weeks.

The OHL and QMJHL both suspended their leagues as the NHL did. They were not playing any games. This tweet is saying that officially the season is over, ie not going to finish (like the NHL might).

They did nothing different than what the WHL did.

 

[DenisSamson3]

Got an email from Puma the shoe company that not only will they be closing their retail stores, but also a lot of their manufacturing facilities. Anyone think that this could hit Amazons and Walmart fullfilment centres? Its surely possible.

 

[ULF_55]

Soooo I am likely going to be temporarily laid off. Having never had to apply before, does anyone know if the 55% of EI is of your Gross pay or Net (take home)?

Many have answered, but the government does a decent job of putting the info out there.

Employment Insurance - important notice about maximum insurable earnings for 2020 - Canada.ca

Lots going on right now though, more programs being introduced.

Canada’s COVID-19 Economic Response Plan - Canada.ca

 

[DenisSamson3]

Also guys I am pretty sure the EI website will crash for long periods of time, so be prepared for that.