Not Lovin’ It: Thousands Storm McDonald’s HQ To Protest Stock Scheme, Wages
In the largest protest of its kind, thousands of McDonald’s employees stormed the company’s headquarters today, to demand that it stop spending millions manipulating stock prices, and start paying workers a living wage. McDonald’s cashiers and cooks came to the company’s shareholders meeting, at its corporate headquarters in Oak Brook, Illinois. More than 100 were arrested for refusing to leave the property.
Marching with them were Service Employees International Union president Mary Kay Henry, Moral Mondays movement leader Rev. William Barber; Rev. Marilyn Pagán Banks of North Side Power/A Just Harvest in Chicago, Illinois; and Rev. Rodney E. Williams of the Swope Parkway United Christian Church in Kansas City, Missouri.
— Fight for 15-texas (@fightfor15texas) May 20, 2015
— Show Me $15 (@Show_Me15) May 20, 2015
McDonalds is already under fire worldwide for dodging €1 billion in corporate taxes in Europe, and violating labor laws in Brazil. Now its in hot water back home for a share buyback scheme designed to inflate the companies stock price, which means more money in the already well-lined pockets of shareholders and company executives. The company recently announced plans to return $18 to $20 billion to shareholders by 2016, through dividends and share buybacks.
Thousands of workers swarmed the company’s headquarters to protest McDonald’s spending nearly $30 billion manipulating stock prices instead of paying its workers a livable wage. Some carried blown-up copies of their paychecks, to illustrate how little McDonald’s invests in its workers, vs. how much is spends repurchasing shares.
— Action Now (@ActionNowChi) May 20, 2015
— chris dilts (@chrisdilts) May 20, 2015
An example of a real McDonald's worker 'a check as we begin the march to their shareholders meeting pic.twitter.com/n3Ebs5ucYM
— Fight For 15 (@fightfor15) May 20, 2015
“McDonald’s workers are rightly bringing the fight for $15 an hour and the right to form a union to their employer’s doorstep. For too long, the McDonald’s business model has served to enrich executives and short-term shareholders at the expense of workers and taxpayers. It’s time McDonald’s face the people who fry its fries and serve its customers but who are forced to pay for groceries with food stamps because McDonald’s does not pay them enough to feed their families.
“In the last decade, McDonald’s spent $30 billion on share buy backs—a widely discredited and short-sighted strategy to pump up the value of its stock. Spending billions on buybacks may provide short-term payoffs for a handful of rich investors, but it does nothing to benefit the company’s hundreds of thousands of employees, who are barely making ends meet. In fact, it misplaces resources that would be better used investing in growing the company or raising worker pay.
“More than half of fast-food workers are forced to rely on public assistance to support themselves and their families. McDonald’s costs taxpayers $1.2 billion every year in public assistance. McDonald’s is a $5 billion global corporation; its employees should not need to rely on food stamps, and taxpayers should not be subsidizing its profits.
“Today, as the workers protested, New York Gov. Andrew Cuomo’s Wage Board held its first hearing to significantly raise pay for fast-food workers across the state. And just yesterday, Los Angeles became the biggest city yet to vote for a $15 minimum wage, which is fast becoming a new baseline for workers across the country. The McDonald’s workers who are standing up and fighting for $15 and union rights are winning. This fight is not theirs alone—all of us have a stake in it. And when they finally get $15, all of us will be better off.”
The protest comes on the heels of the largest-ever strike agains the fast food industry last month, when workers joined walkouts in 236 cities, as well as strikes and protests in 40 countries.