Dec 13, 2010
Genentech, a large biotech company based in California, announced that it will be laying off 840 employees in San Francisco and Vacaville, California.
These layoffs follow Genentech and other big companies’ campaign against California’s Proposition 24, which sought to repeal a large corporate tax break. Genentech spent more to defeat this proposition than any other company – claiming it was a “job killer.”
Well, Genentech and those other companies defeated Prop 24 and kept all their tax breaks. But it didn’t take long for Genentech to prove that the real job killers are the bosses themselves.