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June 03, 2008
Tom Glocer sails off on a sea of others' troubles
Tom Glocer sails off on a sea of others' troubles - Times Online
In an act of callousness that might have brought a blush to the cheeks of Marie Antoinette herself, Tom Glocer, the Thomson Reuters chief executive, has chartered a yacht to moor in the harbour at Monaco just as the newly merged company announces 1,500 job cuts. The losses were put down to the urgent need to cut costs, and staffers there are understandably sick to see Glocer, as part of the group's sponsorship of F1, hire the yacht to entertain investment banking clients to coincide with the grand prix there.
Thomson Reuters is refusing to comment. Glocer made a �22.5 million windfall out of the merger between Reuters and Thomson that led to the job cuts. So 1,500 relatively poor people become poorer while a rich man, now considerably richer as a consequence, hires a yacht with someone else's money to entertain some other very rich people. Could there be a more perfect parable for our times?
Posted by Michael at June 3, 2008 12:03 PM
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