Vulture hedge fund Elliott Management is pushing for changes at AT&T that would lead to drastic job cuts, increased use of authorized retailers at AT&T Mobility and the sale of part of AT&T's existing wireline footprint.
In a statement opposing Elliott's plans, CWA President Chris Shelton said, "Elliott Management has taken the obsession with shareholder value to an extreme, pushing proposals that in the end benefit only a small subset of shareholders – themselves. Anyone who thinks that Paul Singer and Elliott Management intend to 'deliver far-reaching benefits' to AT&T's customers is not familiar with the destruction this vulture hedge fund leaves in its wake. Working people are putting the vultures on notice. We will no longer feed your greed."
AT&T's great strength has been its dedicated, highly-skilled workforce. That workforce is also the foundation for its future. Instead of allowing Elliott to raid the company's assets, AT&T should invest in its core business by delivering high-speed internet, video, and wireless service to all Americans and invest in its workforce through improved training and retention programs.
President Trump tweeted his support for Elliott's involvement with AT&T, adding to his record of putting corporate profits and prosperity for Wall Street hedge fund managers over American jobs. Trump's corporate tax cut plan increased incentives for offshoring, and his administration approved the T-Mobile/Sprint Merger, which will result in the loss of 30,000 jobs.