Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Big businesses promise Obama they'll pay their suppliers faster
biz journal ^ | 7-11-2014 | Kent Hoover

Posted on 07/11/2014 7:29:13 AM PDT by Citizen Zed

President Barack Obama can't keep children from entering the U.S. illegally, but he can jawbone big businesses into signing a pledge to pay their suppliers faster.

So goes this "Year of Action" at the White House.

The White House announced its SupplierPay initiative Friday morning. Large companies ranging from Apple to Westinghouse Electric Co. have committed to either accelerating their payments to their small suppliers or helping them access working capital at a lower cost.

(Excerpt) Read more at m.bizjournals.com ...


TOPICS: Chit/Chat
KEYWORDS:
Or else?
1 posted on 07/11/2014 7:29:13 AM PDT by Citizen Zed
[ Post Reply | Private Reply | View Replies]

To: Citizen Zed

Big businesses do string out their smaller vendors shamelessly….but so does the gummint. The gummint should handle their own mess and leave the businesses to deal with the other.


2 posted on 07/11/2014 7:36:25 AM PDT by C. Edmund Wright (www.FireKarlRove.com NOW)
[ Post Reply | Private Reply | To 1 | View Replies]

To: C. Edmund Wright

Good point.

This is a good example of something which is questionable for government to be involved in.

This is a problem in the business world, namely, how some businesses pay vendors slowly. And then this causes cash flow problems for vendors. But does it rise to the level of presidential involvement? Does it rise to the level of someone such as a president advocating federal legislation on the subject?


3 posted on 07/11/2014 7:39:46 AM PDT by Dilbert San Diego (s)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Dilbert San Diego

it is a problem, but it is not anywhere for the government, let alone the President, to get involved.

Not all problems should be addressed by government. In fact, relatively few should. This is one that should not.


4 posted on 07/11/2014 7:41:36 AM PDT by C. Edmund Wright (www.FireKarlRove.com NOW)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Dilbert San Diego
Our company is able to get some of the best pricing available for accounts much larger than ours simply because we treat our vendors fairly and pay them in a timely manner. Who would've thunk it?

And, no, ObaMao did not tell us to do this. It is something we do on our own and did long before his dictatorial a$$ crossed the White House threshhold.

5 posted on 07/11/2014 7:50:35 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Citizen Zed

Or else?

Kickbacks are built in


6 posted on 07/11/2014 8:03:45 AM PDT by molson209 (Blank)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Citizen Zed

We had a few large customers who played all sorts of games with payment dates, “mandatory” holdbacks and just outright underpayment. We charged them more, put them on the bottom of the list for shipping and held up future orders until net-30 interest charges were met. Often the actual person buying our stuff had no idea about the games the purchasing department was playing in order to squeeze out a couple of percent. Other customers paid quickly for the agreed amount. They were treated like kings.


7 posted on 07/11/2014 8:04:16 AM PDT by KarlInOhio (The IRS: either criminally irresponsible in backup procedures or criminally responsible of coverup.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: C. Edmund Wright

General Electric is probably the biggest offender in terms of stretching out payments to vendors.

That’s one way they bankroll GE Capital, using OPM (other people’s money) to drive profits up and up.

Since GE is a big Obama supporter and the ultimate crony capitalists, I’ll bet THEY didn’t have to agree to pay their vendors more speedily.

Just sayin’


8 posted on 07/11/2014 8:16:38 AM PDT by Walrus (I love the America that used to be ---I hate the America that now IS!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Walrus

great point


9 posted on 07/11/2014 9:09:42 AM PDT by C. Edmund Wright (www.FireKarlRove.com NOW)
[ Post Reply | Private Reply | To 8 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson