Buybacks Hours Beavercreek
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Southwest Airlines faced a similar line of questioning after canceling 5,000 flights over the Christmas holiday season; the Southwest Airlines Pilots Association blamed an outdated IT system while critics pointed to the billions the company had spent on stock buybacks prior to the pandemic as money that could have been used to upgrade that system.
The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 289-0720 (U.S. and Canada) or (323) 701-0160 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through March 28, 2022, at 8:00 p.m. eastern time. To access the replay, dial (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international), pass code 9288951. The conference call will also be archived at www.vailresorts.com.
This request would fund six regional volunteer coordinators to increase and expand volunteerism and other public engagement opportunities statewide, and one FTE devoted to coordinating community science initiatives. With this funding, WDFW expects to see at least a 50% increase in volunteer hours, from 60,000 to 90,000 hours, along with numerous specific volunteer programs and opportunities.
About 48 hours later, the NTSB released preliminary findings indicating that the derailment was caused by a mechanical problem on one of the railcars' trucks,[19][5] which may be connected to reports that an axle was observed throwing sparks about an hour before.[20] The crew received an alarm from a wayside defect detector shortly before the derailment indicating a mechanical problem, and then an emergency brake application initiated.[21]
Commentary following the derailment centered around industry working conditions and safety concerns, such as the lack of modern brake safety regulations,[73] the implementation of precision scheduled railroading (PSR),[74] reduced railway workers per train, and increased train lengths and weight. Critics said that train companies have failed to invest in train maintenance to prevent accidents, even though they conduct stock buybacks, in which capital that could be used on maintenance and safety measures is instead distributed to existing shareholders.[75][76]
In the aftermath of the disaster, Norfolk Southern was accused of prioritizing $10 billion stock buybacks[92] for shareholders instead of maintenance.[93] Shaw was accused of sidestepping questions about Norfolk Southern's support for then president Trump's 2017 overturning of the Obama administration requirement for ECP brakes and Norfolk Southern's pressing the federal government against a rule that in most cases would require more than one person operating a freight train.[94][95]
Within hours of the derailment, Erin Brockovich started getting calls for assistance from the community about the toxic chemical fires.[103] She has been interviewed on various news outlets, from independent media[104] to national networks.[105][106] A few weeks later, Brockovich traveled to East Palestine, Ohio where she was interviewed by local media, and appeared at one of several high-profile town hall meetings on Friday night, Feb. 24th.[107] At the meeting, Brockovich and an attorney highlighted decades of toxic chemical train derailments.[108] Among Brockovich's many concerns is the potential groundwater contamination after chemicals were, as she describes it, \"dumped in a big hole in the ground and burned off.\"[103][109] A recurring theme from her appearances is that the nation has, for decades, in the name of profits over people, continued to put off necessary infrastructure improvements, tighter regulations and better response to protect the health, safety and welfare of communities from long-term bodily harm and environmental damage. Brockovich continues to cite the Hinkley case and Flint water crisis, as well as the 2013 Lac-Megantic, Canada oil train catastrophe.[110][111] On February 24, prior to Brockovich's first town hall in East Palestine, federal and state law enforcement issued a report claiming that her insistence on \"placing blame solely on Norfolk Southern\" could result in \"increased tensions in the community\" and possibly even the emergence of \"special interest terrorism.\"[112][113]
On March 9, 2023, a third train derailed in Calhoun County, Alabama hours before CEO Alan Shaw met with lawmakers to discuss the February derailment. Thirty seven cars and two waybill locomotives derailed with no injuries or hazardous leaks. An NTSB report determined the two waybill locomotives were missing \"alignment control couplers\", which are designed to \"resist lateral coupler movement under compressive in-train forces\". A company spokesperson claimed that the two locomotives are not owned by Norfolk Southern and that the couplers are uncommon on their network.
Fears of a wider health and environmental disaster are growing, after a 150-car freight train operated by Norfolk Southern derailed and a so-called controlled burn released toxic chemicals last week in East Palestine, Ohio. Residents reported seeing a fireball and mushroom cloud of smoke fill the skyline. Data released by the Environmental Protection Agency shows the train contained more toxic and carcinogenic chemicals than initially reported, including phosgene, a poisonous gas that has been used as a chemical weapon in war. Officials lifted an evacuation order for residents last Wednesday, saying the air and water were safe, but residents have reported sore throats, burning eyes and respiratory problems, and wildlife has been found dead. Meanwhile, scrutiny has turned onto Norfolk Southern, which in recent years has challenged regulatory laws aimed at making the rail industry safer and made mass cuts to railroad staffing while spending billions on stock buybacks and executive compensation. We get an update from Emily Wright, community organizer based near the site of the derailment; Ross Grooters, a locomotive engineer and co-chair of Railroad Workers United; and Julia Rock, an investigative reporter with The Lever.
At the same time railroad giants were lobbying against new federal safety regulations and fighting against giving their dwindling workforce paid sick time off during a global pandemic, many spent billions on stock buybacks. Stock buybacks drive up the price of company shares and enrich executives who are typically compensated with company stock. A 2022 report by the Groundwork Collaborative shared with Common Dreams found that large class 1 railroad companies like Canadian National Railway, CSX, Norfolk Southern, and Union Pacific spent approximately $10 billion on stock buybacks just in the first half of 2022, according to earnings calls.
Railroad companies have splurged on billions in stock buybacks amid record net profits. By slamming workers with precision scheduling, massive layoffs and now exhausting long shifts are institutionalized while damaging supply chain stability. 781b155fdc