Ah, Wal-Mart! The store liberals love to hate. No unions, hourly wages, and lots of poor folks. It’s a combination only a conservative could love, right?
Well, while Congress has a collective hissy fit about a paltry $165 million in bonuses paid to AIG employees (bonuses which Congress specifically approved, of course), and the President takes his show on the road to Jay Leno’s place, Wal-Mart is quietly awarding some of its employees roughly $2 billion in financial incentives and bonuses. That’s BILLION with a “B”.
But not to all employees, oh no! Top-tier VPs? Upper management? Group and product directors? No. Wal-Mart is giving this money to its U.S. hourly-wage employees. Reuters reports:
Wal-Mart CEO Mike Duke said the retailer is awarding roughly $2 billion to U.S. hourly employees, which includes $933.6 million in bonuses, $788.8 million in profit sharing and 401(k) contributions, millions of dollars in merchandise discounts, and contributions to its employee stock purchase plan.
“While economic challenges forced others to step back, we moved forward.”
What a classy move! While our government froths and foams, Bernie Madoff pines for his Manhattan penthouse, and Obama’s Telepromter gets its own blog, Wal-Mart simply made life a little better for about a million people.
Go shop at a Wal-Mart this weekend.