Lisa Rab’s article on Progressive was typical misinformed hyperbole normally found within the pages of Scene.
Lisa begins by discussing how employees were let go, alluding that their salaries were instead spent on naming rights for Progressive Field. She failed to mention that this amount is paid from an advertising budget and not an operating budget. While accurate that naming rights are in the “ballpark” of $50 million, she also failed to mention this cost is only about $3.5 million annually – a small drop compared to competitors’ budgets. Also lost was the fact that competitor’s GEICO’s $500 million advertising budget (nearly five times that of Progressive)
is being backed by billionaire tycoon Warren Buffet’s seemingly bottomless
checkbook…
This article appears in Mar 12-18, 2008.
Yes, there was a severance package. What you conveniently fail to mention is that the package was REDUCED for the vast majority of employees in June, 2007 while the package for the “higher-ups” – that you obviously admire so much – was INCREASED. I distinctly remember Glenn and “Trisher” in the ‘Springs telling a room of us not to worry; the change in severance was just to “be more according to the market.” Yeah…just a coincidence.
Sorry to burst your bubble but deceit and duplicity aren’t in accordance with any “Golden Rule” I’ve ever heard of. You know, the “Golden Rule” that’s part of the vaunted “Core Values” you’re so proud of. Neither is herding veteran employees like cattle and sending them home forever, with some half-baked explanation and then quaintly referring to it as a “correction.” Nor is it treating someone like the guy in this article.
No, Lisa’s article is not hyperbole. It’s the sad truth.