Turns out, giving employees stocks doesn’t automatically make them act like owners.
“Back in July 1994, when United was listing badly, company employees gave up $4.9 billion in wage, benefit, and work-rule concessions in exchange for a majority stake in the publicly held company. They would own the shares through a vehicle called an Employee Stock Ownership Plan. ….
Suddenly, 60,000 of United’s 78,000 workers?