That's sad.
Especially considering how much of a beating my beloved hotel market is taking, and I've actually dished out raises/sustained all but one salary(which was because of work performance).
Granted, I guess it's the difference of who is running the biz. There are people out there like you describe that just squeeze out every ounce they can. If it's rough times, I completely understand. But if they are still pulling in numbers or in some twisted reality actually have gained share, then that blows.
Jeez, I'd hate to work for a company like that...but I guess it's better than not having a job at all!