Trading Places

Inside views on the jobs market

from Summit Notebook:

Diller to profitable companies: Lay off the layoffs

IAC Chief Executive Barry Diller took several groups to task at the Reuters Media Summit, but he reserved special disgust for CEOs at profitable companies who add to the country's rising unemployment rate.

Also targeted by the former Hollywood executive were "incredibly, shockingly stupid" Big 3 auto executives, the Internet's strange and growing dictionary, and Hollywood's lack of creativity.

Diller said companies had a higher obligation, especially in tough times like these:

"The idea of a company that's earning money, not losing money, that's not, let's say 'industrially endangered,' to have just cutbacks so they can earn another $12 million or $20 million or $40 million in a year where no one's counting is really a horrible act when you think about it on every level. First of all, it's certainly not necessary. It's doing it at the worst time. It's throwing people out to a larger, what is inevitably a larger unemployment heap for frankly no good reason."

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