Nokia (NYSE: NOK) has let go 7,000 people since CEO Stephen Elop joined the company after a career at Microsoft (NASDAQ: MSFT). He says Nokia will cut another 3,500 jobs. The firm announced it will shutter a plant in Cluj, Romania. Some of the jobs will be replaced by the “efficiency” of Asia plants. No matter what the reasons, Nokia joins a line of large multinational companies that have failed business plans that will cost thousands, and perhaps tens of thousands, of jobs.
The one thing politicians cannot do in the job creation process is to reverse the poor decisions made by large corporate boards and managements. Only so many infrastructure jobs or tax credits can reduce unemployment. These easily can be offset by executive incompetence. A glance at the troubles at Yahoo! (NASDAQ: YHOO), HP (NYSE: HPQ) or the U.S. Postal Service proves the argument. Stupidity is as great an enemy to employment as the recession is.
The difference between the economy and corporate management is that the GDP will eventually recover. A lack of executive competence will always be a factor in the jobs market.
Douglas A. McIntyre
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.