Activists Protest AT&T's New Plan to Cut Labor Costs

[Omaha Steve]

Outside the UBS Investor Conference in New York City this week, activists protested vulture hedge fund billionaire Paul Singer's plan to extract profits from AT&T by eliminating jobs and divesting critical assets. AT&T has already agreed to some of Singer's proposals, including announcing a plan to buy back $30 billion of its own stock over the next three years.

As they chanted outside the meeting, AT&T Chief Operating Officer John Stankey signaled that the company will continue to give in to Singer's demands, announcing to investors that AT&T plans to cut labor costs in the year ahead and warned that "no place is safe" from cuts.

CWA President Chris Shelton has pledged that CWA members "will continue to oppose Paul Singer's agenda and do what we've always done: fight back against corporate greed by standing up to protect good jobs at the bargaining table and, when necessary, on the strike line."