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Dan Price Profile picture
@DanPriceSeattle
Apr 3, 2020 • 3 tweets • 1 min read • Read on X
Bank of America is blocking small businesses from getting COVID loans/grants unless they've borrowed from BofA before. Other banks will follow suit.

Why? Banks want to ensure small biz with prior loans survive & use grants to pay them back.

Other small biz left out in the cold.
Hearing from multiple sources that community banks are most promising so far. Please share what you are finding below so we can learn together.
Here's more info on B of A (and, I'd bet, soon to be other banks) denying #PPPloan applications from small businesses desperate for help. This wasn't what the government intended but it's what you get when you put banks in charge of taxpayer money
americanbanker.com/news/bofa-offe…

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More from @DanPriceSeattle

Dan Price Profile picture
Jan 5, 2023
Amazon cutting more employees in the next few weeks bringing total layoffs to over 18,000, more than any other tech company. Its CEO was paid $221 million in 2021. Amazon recently made record revenue & profit. Amazon is worth $868 billion. Founder Bezos net worth is $107 billion.
sources:
wsj.com/articles/amazo…
fortune.com/2022/06/02/for…
google.com/finance/quote/…
Amazon pays its workers so little that they often qualify for food stamps. It is among the top 3 employers (along with Walmart and McDonald's) whose employees are on public assistance in virtually every state

thenevadaindependent.com/article/amazon…
Read 13 tweets
Dan Price Profile picture
Dec 5, 2022
I randomly found myself speaking on a panel with the peerless @elonmusk

*TY for having me. You have accomplished so much! Wishing you the best in ur endeavors. I💙my Tesla.

Below is some of our talk, my thoughts about it, a poll for your feedback to Mr. Musk & link 2 full audio
Mr. Musk was discussing Orwell’s dystopian future. How he thinks it is happening now.

I asked him a potentially related question.

What was it like, as a visionary billionaire entrepreneur, to do the same old thing by financing your acquisition debts with savings from layoffs?
Musk gave me an interesting answer. "@Twitter had tripled headcount" in 2 years while revenue was "flat to negative."

His point is that if he hadn't done layoffs, it would be needed later.

He added that the Federal Reserve was unwise to raise interest rates, making it worse.
Read 15 tweets
Dan Price Profile picture
Aug 8, 2022
Lowe's pays a median of $24,600.

In the pandemic it has made $12.6 billion in profit and put $13 billion into stock buybacks and dividends.

If it had given the money to employees, they would make $61,100.

Overall, companies have spent 5x more on shareholders than employees.
Their main competitor?

Home Depot pays a median of $27,400.

In the pandemic it made $23.7 billion in profit and put $10.3 billion into stock buybacks.

If it had given that money to employees, they would make $48,000.
How about Target?

It pays a median of $24,500.

In the pandemic it made $9.6 billion in profit and put $5 billion into stock buybacks.

It it had given that money to employees, they would make $36,800.
Read 5 tweets
Dan Price Profile picture
Apr 1, 2022
Thread on how Amazon treats its workers

Context:
Amazon full-time warehouse employees make $31,200 a year. Jeff Bezos makes that every 12 seconds.

Cost to give warehouse workers 2 weeks paid sick leave + pay bumps so they don't qualify for food stamps = 0.9% of Bezos' fortune
1. Amazon workers in Staten Island just won a vote to unionize. During the union drive, the company held 20 mandatory anti-union meetings per day and had pro-union workers arrested.
nytimes.com/2022/03/24/bus…
2. Amazon paid a 6% tax rate last year, which is up from 0% a few years prior.

So one of the richest companies in the world pays a lower tax rate than their warehouse workers making $31k a year.

Were those saved taxes used to help workers or profits?
itep.org/amazon-avoids-…
Read 44 tweets
Dan Price Profile picture
Jan 17, 2022
Compared to white people:
*Black-owned homes are devalued by 23%
*Black-owned homes' property taxes are 13% higher
*Bank fees are 2x higher for Black people
*Black people w/ no criminal record earn $10k less than white people w/ a criminal record

That's just the beginning ...
🧵
*Black college grads have 50% less wealth than white high school dropouts
*The 10 counties most audited by the IRS are 79% people of color
*The Black-white homeowner gap is bigger now than it was in the year 1900
*In the pandemic, Black-owned businesses closed at twice the rate
*All Black Americans combined have half the wealth of the nation's richest 400 people
*The average inheritance for white families is 3x that of Black families
*Relatedly, Black families have $166,000 less wealth than white families, a bigger gap than before Civil Rights
Read 18 tweets
Dan Price Profile picture
Jan 11, 2022
Remember how Representative Katie Porter used to brilliantly hold financial power to account with her whiteboard in those hearings?

The reason why that doesn't happen as much is that the Democratic leadership decided she shouldn't be on the financial services committee anymore.
Read 11 tweets

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