A Superstar CEO Takes One Greedy Step Too Far

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Gigs! Disruption! Cubicle killers! Adam Neumann figured he could parlay trendy buzzwords into an office rental goliath that could make him rich. WeWork, the company he co-founded nine years ago, took out long-term office building leases and subleased space to start-ups and freelancers, a business model that soon flopped. In 2018, WeWork collected $1.8 billion in revenue and still ended the year $1.6 billion in the red. But Neumann himself has done quite well, in part by buying up buildings and renting the space back to WeWork. Neumann also tried trademarking — in his own name — the “We” in WeWork. Amid the resulting furor, he later returned the $5.9 million he charged WeWork for rights to the “We.” That furor only intensified this summer when Neumann sold off $700 million of his WeWork shares before a planned IPO, a clear case of trying to get out while the getting seemed good. That maneuver chopped two-thirds off WeWork’s $47 billion market value and had WeWork investors demanding Neumann’s head. They got it. Neumann last week stepped down as WeWork CEO. The good news for Neumann? He still has plenty of pillows to rest his head on. He owns five homes worth a combined $80 million.

***

Reposted from Inequality.org

Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

There is Dignity in All Work

There is Dignity in All Work

Union Matters

Get to Know AFL-CIO's Affiliates: National Association of Letter Carriers

From the AFL-CIO

Next up in our series that takes a deeper look at each of our affiliates is the National Association of Letter Carriers.

Name of Union: National Association of Letter Carriers (NALC)

Mission: To unite fraternally all city letter carriers employed by the U.S. Postal Service for their mutual benefit; to obtain and secure rights as employees of the USPS and to strive at all times to promote the safety and the welfare of every member; to strive for the constant improvement of the Postal Service; and for other purposes. NALC is a single-craft union and is the sole collective-bargaining agent for city letter carriers.

Current Leadership of Union: Fredric V. Rolando serves as president of NALC, after being sworn in as the union's 18th president in 2009. Rolando began his career as a letter carrier in 1978 in South Miami before moving to Sarasota in 1984. He was elected president of Branch 2148 in 1988 and served in that role until 1999. In the ensuing years, he worked in various roles for NALC before winning his election as a national officer in 2002, when he was elected director of city delivery. In 2006, he won election as executive vice president. Rolando was re-elected as NALC president in 2010, 2014 and 2018.

Brian Renfroe serves as executive vice president, Lew Drass as vice president, Nicole Rhine as secretary-treasurer, Paul Barner as assistant secretary-treasurer, Christopher Jackson as director of city delivery, Manuel L. Peralta Jr. as director of safety and health, Dan Toth as director of retired members, Stephanie Stewart as director of the Health Benefit Plan and James W. “Jim” Yates as director of life insurance.

Number of Members: 291,000 active and retired letter carriers.

Members Work As: City letter carriers.

Industries Represented: The United States Postal Service.

History: In 1794, the first letter carriers were appointed by Congress as the implementation of the new U.S. Constitution was being put into effect. By the time of the Civil War, free delivery of city mail was established and letter carriers successfully concluded a campaign for the eight-hour workday in 1888. The next year, letter carriers came together in Milwaukee and the National Association of Letter Carriers was formed.

More ...