And this is just the start of why Apple cancelled Jon Stewart over a purported Lina Khan interview.
FTC announces rule banning noncompetes
101–110 of 530 posts
Re: FTC announces rule banning noncompetes
#102-best- -reason- -ever-:
The Commission also finds that instead of using noncompetes to lock in workers, employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions.
Re: FTC announces rule banning noncompetes
#103My attorney friends tell me that the FTC doesn't really have the ability to do this, since contract law is part of state law. (My poor paraphrasing, not theirs.) I've been surprised I haven't seen this mentioned on social media or in the news. Are my friends wrong, or are people celebrating because this is just a step in the right direction even if it may not do anything yet?
If growing food for your own use is interstate commerce, contract law is interstate commerce.
Re: FTC announces rule banning noncompetes
#104> The Commission also finds that instead of using noncompetes to lock in workers, employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions. I absolutely love this.
I do too and it feels to some extent that its about sending a message. I worked at Citadel, and they had these posters about Integrity, Winning and being a meritocracy and all that but their ever more constraining non-competes completely flew in the face of it and it was upon them putting one of those agreements on me that I started to become disillusioned with the firm (around the same time that I found that Ken Griffin was donating to Trump's campaign).
I tried to negotiate to get them to at least agree making the non-compete periods pay out my full comp and not just base, but they absolutely refused to budge an inch. Some people I knew there had non-competes locked in at their base salary when they started, which in some cases was 10+ years ago, meaning that it was a relatively paltry amount. They also had a clause in them that stipulated that it was 100% at the discretion of the firm as to whether they would enforce it or not- meaning that it wasn't even a guaranteed paycheck if you left... they would decide- and only after you left or were fired- if they were going to enforce it, leaving you in limbo until they made their decision.
F non-competes. Mine worked out okay, my wife got burned hard on them and it took her career at least 2 years to recover from hers.
Re: FTC announces rule banning noncompetes
#105Can they also ban tipping culture?
Re: FTC announces rule banning noncompetes
#106Earlier quoted context omitted.
the FTC regulates options? it seems like thats a mixture of the SEC and IRS
CFTC regulates commodities-based options, the SEC securities-based ones. The FTC and IRS are not proximately relevant.
I was charitably hoping they were referring to employee stock options where their existence is primarily due to tax regulations of granting RSUs of illiquid company shares, hence IRS
but yes, not at all relevant
its hard for me to understand why people get the agency acronyms mixed up and interchanged. I can sort of see it, but I’ve just never seen people be so confidently wrong outside of perhaps the eastern medicine crowd.
Re: FTC announces rule banning noncompetes
#107Earlier quoted context omitted.
I suspect this won’t survive a challenge in front of the current Supreme Court, unfortunately.
I am not entirely sure. Without anti compete stealing your competitors staff becomes a valid business strategy. Buy up the competitions best people and cripple them. This favors those with the most capital not the least.
It also favors workers. By increasing salaries. And forcing companies to compete for them.
Labor is a market. It is too often ignored in favor of private equity concerns.
Re: FTC announces rule banning noncompetes
#108Earlier quoted context omitted.
I suspect this won’t survive a challenge in front of the current Supreme Court, unfortunately.
It'll be interesting to see what happens. It does sound like this clearly falls under interstate commerce, so within the scope of Fed action. Is there something that makes you think otherwise? Beyond court composition, that is.
That this is coming from the executive branch, not the legislative branch.
Re: FTC announces rule banning noncompetes
#109The U.S. Chamber of Commerce is likely to file suit: https://www.uschamber.com/finance/antitrust/chamber-comments...
I thought that non-governmental business association was pro-competition; guess not. Edit: it was a dig to the pro-competition façade some pro-business people put forward.
Why would you think that? Lobbying organizations exist to advance the interests of their members. Their members in this case are businesses. This will restrict the control businesses have over their former employees. Therefore, they don’t like it.
Re: FTC announces rule banning noncompetes
#110I’m sure all the politicians in the United States, who champion the “right to work”, will of course support banning legal contracts which have the sole purpose of restricting your right to work.