On Job Loss and the Hedge-Fund Attack on AT&T

Following is a statement from the National Employment Law Project:

“The National Employment Law Project is deeply concerned about the potential layoffs and loss of employee compensation at AT&T as a result of the efforts of billionaire Paul Singer and his hedge fund, Elliot Management.

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“Singer’s strategy at AT&T is similar to the other attacks that Elliott Management and other hedge funds have launched against U.S. companies in recent years to extract massive short-term profits through layoffs, stock buybacks, and asset-stripping—all at the expense of workers and future growth.

“We have seen these strategies destroy too many of our nation’s companies, jobs, families, and communities already. We can’t afford further losses of quality unionized middle-class jobs if we are to build a prosperous and equitable future for the generations to come.”

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