The Official Organ of LaborNET
click here to view the latest edition of Workers Online
The Official Organ of LaborNET
Free home delivery
Issue No. 145 19 July 2002  

Two Wings Flapping
The one element missing from the current debate about the relationship between the labour movement and the ALP is any discussion about what's in it for the unions.


Interview: In The Tent
The Australian Services Union's Martin Foley on the dilemma facing trade unions affiliated to the Labor Party.

Bad Boss: The Desk Nazi
Everyone�s mail is on the money this week. Yep, Australia Post, courtesy of the born-to-rule attitude so beloved by the Workplace Relations Minister has been nominated for the Tony Award.

Media: Hold the Presses
The withdrawal of mainstream news outlets from the reporting of industrial relations is playing right into the bosses' hands, writes Andrew Casey

Workplace: Putting Bullies In Their Place
Ever wonder where the schoolyard bullies from your formative years ended up? Chances are they are still making someone�s life hell in an Australian workplace today. Even worse, one of them might be your direct supervisor.

Industrial: Women and Work
The last fortnight may well prove a turning point for working Australian women and their families, argues ACTU President Sharan Burrow

International: Whine and Dine
The political and industrial wings of British labour are at each other's throats, reports Andrew Casey.

History: Black Adder
Old King Cole had good tutors. Roger Milliss captured the style of conservative government witch-hunts in Serpent�s Tooth, his cathartic apology to his father, Bruce.

Review: Bad Movie
While the search for Australia's worst boss is well underway, Joel Schumacher's Bad Company seems to point the finger squarely at the US Government - albeit accidentally.

Poetry: I Remember
Dermott Ryder knocks our Resident Bard off his podium this week with a little ditty about a bloke called Honest John


 Builder Blows Whistle on Kangaroo Court

 Alarm Over Unis in Detention

 Unions Spark New Super Push

 Abbott Trips on Entitlements - Again

 Picnic Day for Union Members Only

 Memo: John Travolta - Come Fly With Us!

 Cole Comfort to Bodgey Builders

 Unions Eye SA Casuals Victory

 Burrow: Paid Mat Leave Just First Step

 Mayne Warning � But Will They Listen?

 Drought Relief Should Extend To Rural Workers

 Coca Cola Action Bubbles Globally


The Soapbox
The Royal Circus
CFMEU organiser Terry Kesby gives a first hand account of his experience before the Cole Royal Commission.

The Locker Room
Bravely Running Away
Phil Doyle is bewildered by the Australian Cricket team�s reluctance to join John Howard�s War On Terror.

Nothing Exceeds Like Excess
As the world market lurches under the weight of its own amorality, regulators and business lobbies are locking horns over the need for more rules.

Week in Review
A Share of the Action
Sharemarket jitters produce mea culpas from the magnate set but, as Jim Marr discovers, loyal followers in the Howard administration aren�t likely to join the chorus any time soon.

 Make My Week!
 Real Reform
 Hooray for Frank!
 Reform or Die
About Workers Online
Latest Issue
Print Latest Issue
Previous Issues
Advanced Search

other LaborNET sites

Labor Council of NSW
Vic Trades Hall Council
IT Workers Alliance
Unions on LaborNET
Evatt Foundation

Labor for Refugees


Week in Review

A Share of the Action

Sharemarket jitters produce mea culpas from the magnate set but, as Jim Marr discovers, loyal followers in the Howard administration aren�t likely to join the chorus any time soon.


Well, blow me down, and tickle me with a feather duster ... "executive remuneration linked to share prices can lead to an unhealthy preoccupation with supporting a company's share price and too heavy a focus on short-term performance." This might be as obvious as the nose on a seasoned wino's face to the average Joe but, coming from the boss of the Australian Secutiries and Investments Commission, it is being treated as a flash on blinding insight. Mr Knott is one of a number of business "players" addressing himself to the issue of corporate governance.


While big business continues its whinge about the prospect of the ACCC having some powers, the Australian Consumers Association says they should be strengthened. It fingers the Commonwealth Bank, GE Capital Finance, Colonial State Bank, St George Bank, Primus, Orange, Microsoft and for forcing consumers into unfair contractual arrangements. It points out that Colonial State Bank consumers can be deemed in default of their home loans if they are late paying off a credit card bill.


Two out of three insurance companies within the doomed HIH Group were insolvent fully two years before the whole outfit went tits-up, leaving$5.3 billion in bad debts, according to evidence at the HIH Royal Commission.


On the subject of Commissions Royal, we wonder what Old King Cole makes of a Master Builders Association plan to lower insurance costs and give consumers increased protection. Cole has set himself up as something of a champion of the under-capitalised, marginal industry player, railing against CFMEU efforts to ensure compliance with tax, workers comp, safety and a host of other liabilities. The Master Builders Association is negotiating with insurers to create a non-protit corporation offering discounted insurance to builders, subcontractors and developers with "exemplary" records. Under the proposals, members would have their work inspected and they would be required to undertake education on codes, practises and occupational health and safety. In short, to make the thing work it seems it will not be open to the chancers, phoenixers and tax rorters relied on so heavily by counsels assiting the Cole Commission. A suspicious mind, with a limited grasp on industry reality, might even see it as compulsory unionism by the back door.


Here's another humdinger by way of homily. Get this - corporations focus too much on their bottom lines and need to pay more attention to community and enironmental concerns. Says who? Well, Leon Davis actually and he is the chairman of Westpac. Yes, you're right, Westpac is a bank and a bloody big one at that.



They're beating their breasts and wringing their hands about corporate governance over in the US as well. Amazing what a bit of a glitch on the old stockmarket will induce in champions of deregulation. Trouble with old George is that nobody takes him seriously which, given that he is a wholly owned subsidiary of US Inc, is probably not all that surprising. Now those pesky journos are raking over the whole Harken business again. Bush was a director of Harken, a member of its audit committee in fact, when he decided to sell his entire holding for $US800,000 ($4 a share), barely two months before the price went into free fall. Those shares now trade for 40 cents a piece but the Securities and Exchange Committee absolved Bush because the price went up for one day, after he sold.


Corporate scandals move one block closer to the White House with news that vice president Dick Cheney had been party to allegedly illegal accounting practises by his oil company. Cheney stays mum about corporate wongdoing, refusing to answer all inquiries about his tenure as CEO at the oil services giant, Halliburton, a position he held until 2000. But Devid Lesar, Cheney's successor, informs Newsweek magazine that the VP had been "fully aware" of accounting formula that counted projected revenue as earned profits, obscuring the true picture of company finances from shareholders.


Analysts Merrill Lynch reveal that if US corporations were compelled to tell the truth by including stock options as costs, many would suffer massive hits to their bottom lines. Such a bookkeeping change would reduce reported earning across the country by billions of dollars with more than 100 companies suffering declines of more than 20 percent in their reported earnings. Internet seach engine, Yahoo, for example would have seen its earnings per share turned from plus 10 cents a share to a loss of $1.47. According to Merrill Lynch, 42 percent would have been carved off Dell's earnings, 35 percent from AOL Time Warner and 22 percent from Microsoft.


Still, reassuringly, Cheney and Bush have a cunning plan. They want to recruit more than four percent of their country men and women as citizen spies. The extraordinary plan, known as TIPS, or the Terrorism Information and Prevention System, would leave the US with a higher percentage of citizen informants than the former East Germany when the Stasi was at the peak of its powers.

TIPS informants are being primarily recruited from those whose work gives them access to homes, businesses or transport systems. Posties, utility employees, truck drivers and train conductors are amongst those being targeted. Civil liberties groups warn that, in conjunction with the Patriot Act passed earlier this year, there is potential for abusive, large-scale, secret investigations of US citizens.


Federal Reserve boss Alan Greenspan catches onto the reality of unregulated capitalism, albeit a bit late in life, informing a Senate committee that "infectious greed" has gripped the nation's business community. Dr Greenspan professes to being "deeply distressed" to learn accountants are ratifying dodgy figures because he always banked on their integrity. "I was wrong," he confesses. "The incentives overcame the good judgement of too many corporate managers. It is not that humans have become any more greedy than in generations past. It is that the avenues to express greed had grown so enormously."


Meanwhile, back in Australia, the champions of economic deregulation in the Howard Government, refuse to back down on internationally-challenged regulations that see asylum seekers thrown into detention centres. After 12 and 13-year-old Woomera escapees take refuge in the British Consulate in Melbourne, it emerges that while they were holed up in the South Australian desert with their mother and siblings, their father was living in Sydney under a temporary protection visa


Finally, building industry unions are understood to be taking lessons in direct action from Nigerian village women holding 700 Chevron Texaco employees hostage at the giant Escravos oil terminal. The 600 women, aged 30 to 90, are threatening to strip naked if the American multi-national does not hire local labour and devote some of its profits to developing their run down communities. "Our weapon is our nakedness," says Helen Odeworitse, a representative of the women in the seven-day-old protest. Some Nigerian tribes consider displays of deliberate nudity by wives, mothers or grandmothers an act that shames those at which it is aimed. No comment has been received from the mainly American, British, Canadian and Nigerian oil workers on the protest front line. Labor Council secretary John Robertson says building industry workers are watching Nigerian developments with "mounting interest".


*   View entire issue - print all of the articles!

*   Issue 145 contents

email workers to a friend printer-friendly version latest breaking news from labornet

Search All Issues | Latest Issue | Previous Issues | Print Latest Issue

© 1999-2002 Workers Online
Workers Online is a resource for the Labour movement
provided by the Labor Council of NSW
Last Modified: 15 Nov 2005

Powered by APT Solutions
Labor Council of NSW Workers Online