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Economics Discuss How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages at the Political Forums; The Techtopus: How Silicon Valley's most celebrated CEOs conspired to drive down 100,000 tech engineers' wages https://pando.com/2014/01/23/the-tec...gineers-wages/ In early 2005, ...

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Old 05-03-2019, 11:55 PM
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Default How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

The Techtopus: How Silicon Valley's most celebrated CEOs conspired to drive down 100,000 tech engineers' wages
Quote:
https://pando.com/2014/01/23/the-tec...gineers-wages/

In early 2005, as demand for Silicon Valley engineers began booming, Apple's Steve Jobs sealed a secret and illegal pact with Google's Eric Schmidt to artificially push their workers wages lower by agreeing not to recruit each other's employees, sharing wage scale information, and punishing violators. On February 27, 2005, Bill Campbell, a member of Apple's board of directors and senior advisor to Google, emailed Jobs to confirm that Eric Schmidt "got directly involved and firmly stopped all efforts to recruit anyone from Apple."

Later that year, Schmidt instructed his Sr VP for Business Operation Shona Brown to keep the pact a secret and only share information "verbally, since I don't want to create a paper trail over which we can be sued later?"

These secret conversations and agreements between some of the biggest names in Silicon Valley were first exposed in a Department of Justice antitrust investigation launched by the Obama Administration in 2010. That DOJ suit became the basis of a class action lawsuit filed on behalf of over 100,000 tech employees whose wages were artificially lowered — an estimated $9 billion effectively stolen by the high-flying companies from their workers to pad company earnings — in the second half of the 2000s. Last week, the 9th Circuit Court of Appeals denied attempts by Apple, Google, Intel, and Adobe to have the lawsuit tossed, and gave final approval for the class action suit to go forward. A jury trial date has been set for May 27 in San Jose, before US District Court judge Lucy Koh, who presided over the Samsung-Apple patent suit....

https://pando.com/2014/04/29/as-the-...-turn-to-ebay/
With the Techtopus wage theft lawsuit settled, all eyes turn to eBay
Quote:
Judge approves settlement in Apple, Google wage case
A federal judge has approved a $415 million settlement that ends a lengthy legal saga revolving around allegations that Apple, Google and several other Silicon Valley companies illegally conspired to prevent their workers from getting better job offers.

The case focused on a "no-poaching" pact prohibiting Apple, Google and other major employers from recruiting each other's workers. Lawyers for the employees argued the secret agreement illegally suppressed the wages of the affected workers.

Things have changed dramatically since the class-action lawsuit was filed in 2011. Silicon Valley employers now regularly raid each other's workforces in search of talented engineers who might help them come up with new ideas and build technology's next hot product.

The lawsuit covered a period extending from 2005 to 2009. More than 64,000 technology workers will receive about $5,800 apiece to settle allegations that their wages were illegally held down by their employers' collusion during that time. ...
The lawsuit depicted Jobs as the conniving ringleader of a scheme designed to minimize the chances that top computer programmers and other talented employees would defect to other technology companies.

Even before Jobs died in 2011, Apple and its alleged conspirators had changed their ways as part of a 2010 settlement reached in an U.S. Justice Department investigation.

The competition is so fierce now that Silicon Valley employers dangle huge incentives to lure top programmers away from other companies. For instance, Tesla Motors CEO Elon Musk earlier this year said that Apple was offering $250,000 signing bonuses and 60 percent raises to persuade some of his employees to leave the electric car maker. Tesla has been aggressively raiding Apple's ranks, too, although Musk hasn't revealed how much his company has been offering. ...

https://www.latimes.com/business/tec...903-story.html
Seems to me it's pretty clear that Big corporations that collude to control wages are ANTI FREE MARKET and should be exposed and condemned for not acting in the true spirit of capitalism. and acting more like socialist that want to control wages rather than let competition and the market set the wages.
And effectively having the core of the industry locked into one employer only.
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Old 05-04-2019, 10:14 AM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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Originally Posted by mr wonder View Post
The Techtopus: How Silicon Valley's most celebrated CEOs conspired to drive down 100,000 tech engineers' wages




Seems to me it's pretty clear that Big corporations that collude to control wages are ANTI FREE MARKET and should be exposed and condemned for not acting in the true spirit of capitalism. and acting more like socialist that want to control wages rather than let competition and the market set the wages.
And effectively having the core of the industry locked into one employer only.
That happened in 2009 and earlier. And they were exposed and condemned.

And taken to court, and fined. The system worked.
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Old 05-04-2019, 05:05 PM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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That happened in 2009 and earlier. And they were exposed and condemned.
And taken to court, and fined. The system worked.
yes, you mean "the system" as in the gov't being a watchdog, not the market.
Since the market (raw unchecked capitalism) didn't self correct here.
And sadly this is just one example of where corporations have been exposed and condemned for this type of thing. it's an ongoing problem.



Churchill has a quote about Democracy that IMO can be adapted to Capitalism.
“Democracy is the worst form of government, except for all the others.”
....Capitalism is the worst form of economics, except for all the others.
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Old 05-05-2019, 03:48 PM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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Originally Posted by mr wonder View Post
yes, you mean "the system" as in the gov't being a watchdog, not the market.
Since the market (raw unchecked capitalism) didn't self correct here.
And sadly this is just one example of where corporations have been exposed and condemned for this type of thing. it's an ongoing problem.



Churchill has a quote about Democracy that IMO can be adapted to Capitalism.
“Democracy is the worst form of government, except for all the others.”
....Capitalism is the worst form of economics, except for all the others.
I remember talking with a woman who couldn't get a job working on circut boards cause she was over qualified. I think that was maybe the 90s or early 2000's. she had worked several years in the field and there were indeed jobs in it. she was 40ish
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Old 05-06-2019, 09:20 AM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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Originally Posted by mr wonder View Post
yes, you mean "the system" as in the gov't being a watchdog, not the market.
Since the market (raw unchecked capitalism) didn't self correct here.
And sadly this is just one example of where corporations have been exposed and condemned for this type of thing. it's an ongoing problem.



Churchill has a quote about Democracy that IMO can be adapted to Capitalism.
“Democracy is the worst form of government, except for all the others.”
....Capitalism is the worst form of economics, except for all the others.
The link doesn't say how the situation came to light, but chances are, it was an employee(s) who brought it to the DOL's attention.

The government is not smart enough to find these on their own, believe me on that. It's why they encourage whistle-blowing. And, unfortunately, sometimes it's just a disgruntled employee, out to make life difficult for an employer or ex-employer.

Since the employees held down are getting a roaring couple of though, one has to wonder where the rest of the settlement is going. Like most situations, the government takes their cut, which considering the man hours involved, they do need to get paid, but once again, to the detriment of the victims.
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Old 05-06-2019, 06:34 PM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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The link doesn't say how the situation came to light, but chances are, it was an employee(s) who brought it to the DOL's attention.

The government is not smart enough to find these on their own, believe me on that. It's why they encourage whistle-blowing. And, unfortunately, sometimes it's just a disgruntled employee, out to make life difficult for an employer or ex-employer.

Since the employees held down are getting a roaring couple of though, one has to wonder where the rest of the settlement is going. Like most situations, the government takes their cut, which considering the man hours involved, they do need to get paid, but once again, to the detriment of the victims.
E for effort
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Old 05-07-2019, 12:38 AM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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Originally Posted by mr wonder View Post
The Techtopus: How Silicon Valley's most celebrated CEOs conspired to drive down 100,000 tech engineers' wages




Seems to me it's pretty clear that Big corporations that collude to control wages are ANTI FREE MARKET and should be exposed and condemned for not acting in the true spirit of capitalism. and acting more like socialist that want to control wages rather than let competition and the market set the wages.
And effectively having the core of the industry locked into one employer only.
anti-free market; acting more like socialists...?...

i ask: are they really acting?

is it really a surprise?

from jobs to cook to zuckerberg to gates and on down the line these tech guys are notoriously leftwing liberals.
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Old 05-07-2019, 07:42 AM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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E for effort
And another vague post, with no actual relation to the OP.....
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Old 05-08-2019, 06:37 PM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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And another vague post, with no actual relation to the OP.....
you taking up for sh*t employers and trying to make it sound plausible
I gave you a kudo for trying but that's as far as it goes. You're evidently in the tank for anything an employer wants to do or not do with workers
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Old 05-09-2019, 10:30 AM
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Default Re: How Silicon Valley CEOs conspired to drive down 100,000 tech engineers' wages

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you taking up for sh*t employers and trying to make it sound plausible
I gave you a kudo for trying but that's as far as it goes. You're evidently in the tank for anything an employer wants to do or not do with workers
WTF? Where you get that, I have no damn clue, but if you bother paying attention, I used the word 'sometimes' because, you know, that's the ****ing truth? I've dealt with it, I've been through the DoL labor audits both State and Federal, something you have no clue about.

I also pointed out that chances are it was brought to light by a whistle blower, because the DoL at any level is too stupid to find their asses with both hands, a road map and a flashlight.

For sanity's sake woman, understand what is posted, not what you want to read, or think you should, but what is actually written.
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