In the months and weeks leading up to mid-March 2020, some curious things happened. Knowledge of the novel coronavirus in the West grew at a steady pace, but the tone was subdued. “That’ll never come here,” most thought. Some empirical models from prominent universities claimed otherwise. By March, people were getting worried.
Behind the scenes, society’s top one percent made some troubling moves. Four members of Congress sold off most of their stocks ahead of the huge crash brought on by the pandemic. This made national news and sparked outrage from both sides of the aisle. Now, evidence is emerging that several CEOs made similar moves before quietly departing.
Throughout 2019, an unusually high number of CEOs left their positions and sold off much of their stock shares. CEOs from United Airlines, McDonalds, HP, PG&E, Warner Bros, Best Buy and more all left throughout the end of 2019. In January of 2020, 219 CEOs stepped down. This is remarkable.
CEOs leave their positions all the time, of course, even when profits are soaring. However, since the end of the last financial crisis, the economy has been booming. CEOs have left at ever-lowering rates through the 2010s. Except, however, 2019. 2019 saw a historic number of CEOs leaving their positions. This is troubling, as it speaks to some foreknowledge on the parts of at least some of these business leaders.
AT&T CEO Randall Stevenson is leaving the company in the midst of the COVID-19 pandemic. His departure is odd, given the timing, and raises many questions. John Stankey, AT&T’s former president, will be promoted to CEO in Stevenson’s stead.
Stephenson, who served as CEO for 13 years, will now become the executive chairman of the board of directors for AT&T. The timing of the change in leadership is troubling. Unemployment is soaring in the US, and the country is staring down the brink of a major economic downturn. Many economists are predicting a coming depression.
Unemployment is at an all-time record high in the US. Small businesses forced to shut their doors by lockdown orders are missing lease payments. Marketing small business is all but impossible when they aren’t even allowed to have customers in the building.
Citizens are cutting back on spending across the board just so they can buy food. Mortgages are going unpaid and rent strikes are now a regular occurrence. This is not the picture of an America that is well off.
Once boasting a roaring economy, America now struggles with its likely future: a major economic depression.
