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Issue No. 124 | 15 February 2002 |
Chickens Come Home
Unions: Winning the Heartland Interview: Swan's Song Corporate: Lessons from Enron Politics: What We Did Last Summer History: Solidarity in Song International: A Tale of Two Cities Poetry: Nobody Told Me Review: Labor and the Rings Satire: Rafter Named Bermudan Of The Year For Tax Purposes
Unions' Commit to Battle for Hearts Carr on Notice - Expectations Up Mad Monk Sides With Angels � Briefly Maritime Union Acts on Spy Scandal May Day Play-Off for Workers' Anthem Burmese Links Shroud Winter Olympics New Phone Venture One.Tel In Drag Two Million Face Rights Downgrade Enron Collapse Hits Share-Owner Agenda Corrrigan Snaps Up Rail Bargain Kinko Clowns With Workers' Rights Telstra's Tragic Delays Of Its Own Making Burrow Puts Case to World Economic Forum Shangri La Protests Hit Melbourne
The Soapbox The Locker Room Week in Review
'International Labour's Year in Review' - A Re-View Belly's Broad-Side Collins Gets Cryptic
Labor Council of NSW |
News Enron Collapse Hits Share-Owner Agenda
NSW Labor Council secretary John Robertson says proposals to weaken regulatory controls and reporting requirements couldn't have come at a worse worker shareholding proponents. Both Employment Minister, Tony Abbott, and Labor Party front bencher, Mark Latham, are outspoken advocates of tying workers interests to those of their employers through stock holdings. Robertson said the Enron collapse, attributed to inaccurate reporting and conflicts of interest involving accountants Arthur Andersen, had pushed the possibility of workers embracing such schemes "right down the agenda". When Enron filed for bankruptcy, last December, it cost 4100 American workers their jobs, entitlements and the vast bulk of their superannuation investments. The failure of the US's seventh-largest corporation devastated suppliers and sent shockwaves around financial markets. Stronger Controls "There is no future for employee share ownership unless we strengthen controls and deficit reporting requirements," Robertson said. "Unfortunately, politicians at federal and state levels are talking, instead, about loosening standards." Robertson called reports that NSW Labor Premier Bob Carr had added his voice to the light-regulation push "disturbing". The Electrical Trades Union has backed the call, warning that US-style deregulation will make collapses like HIH, Ansett or One.Tel more likely. The Labor Council will contact both state and federal Governments to express concerns about proposals to loosen regulatory regimes.
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