Fred Smith: capitalist criminal
Tuesday, June 16, 2009
By: Derek Ford
FedEx CEO makes billions exploiting workers, but still wants more
Hollywood movies are littered with "rags-to-riches" success stories in which poor and disadvantaged individuals fight all possible odds on their rise to power. Working and poor people know that the ranks of the capitalist class are not comprised of such individuals. Instead, it is made up of criminals—like Fred Smith, founder and CEO of FedEx—who are born into the capitalist class and increase their wealth by exploiting workers.
Fred Smith: FedEx CEO and capitalist criminal |
Fred Smith did not climb any fictitious ladder of success to become a multi-billionaire; he was born into extreme wealth. His membership in the capitalist class was secured by birth. From 1962 to 1966, he attended Yale University, where he was fraternity brothers with George W. Bush and flew planes recreationally with John Kerry.
Smith started FedEx in 1971 with a $4 million inheritance and $80 million more from his rich friends. In 2006, when he made the Forbes’ billionaires list, his net wealth was $2.1 billion. Last year, he added another $44.49 million from his compensation as CEO. FedEx’s, and Smith’s, contribution to the mailing industry has been to undermine the union wages and conditions won by the U.S. postal and UPS workers. His profits have been made not only by exploiting FedEx workers as much as possible, but also by undermining the gains of millions of other workers.
Smith, like the rest of the capitalists, is using his great wealth and political clout, as CEO of Fed Ex, to ensure that the burden of the economic crisis is carried by the working-class. On June 9, Smith, and FedEx, launched a multi-million-dollar campaign against legislation that would make it easier for 100,000 of FedEx’s workers to unionize. In April 2009, FedEx laid off 1,000 workers, reduced workers’ hours and cut the pay of salaried U.S. employees by 5 percent.
In an attempt to put a friendly face on this routine capitalist policy of punishing workers, Smith stated that he would reduce his own salary by 20 percent. This is not much of a sacrifice considering his already monstrous wealth, executive bonus pay, stock gains and other compensation. It is the system of private ownership that has allowed criminals like Smith to get rich by stealing the wealth created by the working-class.
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