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I'd be all for ESOPs if...
Time magazine in its February 6 edition featured a 2-page spread on the "success" of ESOPs (Employee Stock Ownership Programs) in "boosting the spirits and competitiveness of American workers."
Prominently absent from the piece was the fact that in none of the ESOPs do workers actually control their own destiny as managers or shareholders. Avis (auto rental agency) is touted as a company "bought" in totality by its workers. Yet, the article admits that the company's 24 million shares are to be "gradually" released to the "owners" over 17 years while profits are used to pay off a $1.75 billion loan!
Today, Avis' 12,300 …