tag:blogger.com,1999:blog-4662394559398731122.post6990854322340509623..comments2024-02-28T22:32:25.671-05:00Comments on Charlie Foxtrot: 'Our Best Interests'Charlie Foxtrothttp://www.blogger.com/profile/02626849671304505177noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4662394559398731122.post-52866923528817093722008-04-21T11:42:00.000-04:002008-04-21T11:42:00.000-04:00There was an iron mine in Michigan's Upper Peninsu...There was an iron mine in Michigan's Upper Peninsula. I think it was the White Pine mine, but am not sure.<BR/><BR/>It was privately owned and the owner ran it on a tight budget, not paying his employees "what they were worth", yet he paid them enough that they stayed, rather than take some better paying job over the horizon.<BR/><BR/>Then he sold the company to the employees. I'm guessing it was an ESOP. And the first thing the new owners did was give themselves a big raise and all over town new Ford 4X4's appeared.<BR/><BR/>In a couple of years the mine went bankrupt. All the well paid employees were out of a job. So much for the long term benefits of their raise.<BR/><BR/>Yea, I know that's an anecdotal story, but I think there's a lesson on human nature in it.ajw308https://www.blogger.com/profile/00239300414068870338noreply@blogger.com