ZerroHedge is reporting that Political missed a staff payday, and believes the cut of USAID funding may be why, as Politico got millions in government money, including some USAID money for subscriptions:
Original: https://www.zerohedge.com/political/politico-ny-times-propped-millions-dollars-us-government
Archive: https://archive.is/gkrOV
We have a state run media worse than anything the soviets or Orwell ever dreamed of.
Yeah this is crazy, the Biden administration was using our tax dollars to pay the media to run their propaganda, this is a huge scandal.
The Biden administration? You think this started four years ago?
Sure both sides have used usaid for all kinds of bullshit but the reason it's a buncha corrupt lefty shit right now is because of whoever "biden" put in charge of it.
Right now? Do you know what forum you're on?
I would argue if you look at Western European media it's much worse. People call the BBC a "reliable" source of news.
https://kotakuinaction2.win/p/19AKYJ3E8o/what-a-coincidence-usaid-funding/c/
This explanation is a huge red flag.
There's really only a handful of reasons this could happen.
Payroll person submitted late, but in that case employees would get their deposits the following business day.
Payroll person didn't wire funds to the payroll company late, or the payroll company submitted a funds pull request that got rejected by the bank or wasn't approved in time by the payroll department.
Insufficient funds
None of these require investigation because the reason is immediately obvious.
The only way it makes sense is if they recently switched to a new payroll provider and this was the first live run, but even then the reason should be obvious.
I mean it’s likely a coincidence; I would be shocked if they kept so little cash on hand that missing a single month’s revenue would send the company into bankruptcy. That said, I would expect to see a couple layoffs from the end of the payments
Once you have a working system that has been in operation for long enough, its very likely that they cut back to the barest minimum. Which could be paying their employees with the check they get the day before from the government. That would also mean they both might not recognize or be quick enough to use the cash on hand to solve the issue because of how used they are to not thinking about it.
Exactly, they might be doing their own form of living paycheck to paycheck like us poors do.
Even a company that's doing well, what are they supposed to do, leave their millions in cash just sat there to immediately access and be stolen by inflation? And not earn interest?
They're running by just-in-time inventory and payroll. Because the gov punishes you for not. Which is insane.
The politico frontpage begs you to subscribe to them.
Most media in general is on thin ice right now and treading water. The Guardian is OBNOXIOUS when it you visit it, it practically bends its ass over to you to spend money on their "journalism".
I wouldn't be surprised USAID funding being pulled would actually cut into them.
I agree. Just saying it's a weird explanation. Usually a company would just tell the employees the actual reason. "Unfortunately, we missed the payroll deadline for this cycle. You'll receive your funds tomorrow morning. (insert corporate apology)."
And I think many would be surprised how little cash on hand some businesses have. I worked for a company with $100M revenue with roughly 200 employees, and we had a few month period where the receivables team was pushed really hard to collect payments because every payroll was a photo finish if we'd have enough to cover.
We always could have tapped more credit but we did everything we could to avoid that and I got the sense the owner would have paid a few days late rather than do that.
Eventually we regained our cushion but it was a rough stretch.
This is so fucking funny, one week without slush fund money and Politico literally can't make payroll.
NYT when?
About thirty minutes ago
So you're telling me NYT would probably be dead by now.
What an amusing turn of events haha.