The Los Angeles Times ran a great story yesterday about corporate hypocrisy. Genentech is a California bio tech firm with a market cap of about $100 billion and annual sales of a million. Genentech was also one of the major opponents of Proposition 24, which appeared on the ballot in California last month. . . . Genentech said that Proposition 24 must be defeated or businesses would be forced to lay off workers. . . .The measure was defeated by a large margin and the corporations got to keep their tax breaks. Oh, and soon after the election, Genentech announced it was laying off 840 workers in California.
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