Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
"Broke" Railroad Company Union Pacific Spent BILLIONS on Stock Buy Backs
Posted
January 29, 2023
Views
36,869
Likes
1,810
Comments
378
Engagement
5.93%
January 29, 2023
36,869
1,810
378
5.93%
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9:27Now PlayingOne of the massive rail corporation spent $6.3 billion buying back their own shares. John Iadarola and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"Union Pacific, one of the largest rail corporations in the United States, said Tuesday that it brought in record revenue and profits last year as it successfully fought off workers' push for paid sick leave.
The company reported $7 billion in net income for 2022 as a whole and said it spent a whopping $6.3 billion repurchasing its own shares—significantly more than the $4.6 billion it spent on employee pay and benefits last year.
“Instead of buying back their own stock, UP should be investing in their employees by offering paid sick leave, reasonable schedules, and a better quality of life for railroaders," Ed Hall, the newly elected president of the Brotherhood of Locomotive Engineers, told CNN on Tuesday. "This is the only way the railroad will be able to solve their recruitment and retention problems and keep the trains running."
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