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Issue No. 252 | 18 February 2005 |
Wood for the Trees
Economics: Super Seduction Interview: Bono and Me Unions: The Eight Hour Day and the Holy Spirit Economics: OEC-Who? Technology: From Widgets to Digits Education: Dumb and Dumber Health: No Place for the Young History: The Work-In That Changed a Nation Review: Dare to Win Poetry: Labor's Dreaming
Detention Centre for Darling Harbour We Have Way of Making You Walk Financiers Squash Capital Idea Taskforce Stands Over Families Big Australian Changes the Rules
Politics The Soapbox Postcard The Locker Room Parliament
Millstone Revealed But Then Again
Labor Council of NSW |
News Financiers Squash Capital Idea
The subsidiary of US giant, General Electric, that recorded a $64 billion profit last year, has rejected an AMWU request to stand aside and allow displaced employees to collect before putting the bite on administrators for its $10 million. GE Capital is developing a reputation around Melbourne for dealing to business in a single-minded debt collection campaign. It is believed to have been a key player in the recent failures of manufacturers, National Forge and Ion. AMWU state secretary, Dave Oliver, was disappointed by GE's hardline response. "GE turned over $153 billion, last year, and administrators have told us that once they take their $10 million out of ABM Plastics, the company won't be able to meet redundancy entitlements," Oliver said. "We asked them to take a back seat so loyal workers with up to 25 years service could get their money. That should have left GE with at least eight of the $10 million it is claiming. "Basically, they told us to go to hell." But GE is not the only corporate feeding off displaced employees. Their Porsche driving-boss, Abe Waisman, is setting up a brand new operation within sight of frustrated picketers. Administrators knocked down the company's plant and machinery to Australian-based multinational, Amcor, for $6 million, then told them, if they hung around and finished outstanding orders everyone could be paid - except them. "Nobody thought that was a great idea so we set up a picket and nothing has been coming or going," Oliver explained. Union members estimate Amcor got the plant and equipment at bargain-basement rates. It, too, has refused to meet the redundancy shortfall. In a pincer movement designed to force workers to walk away from their money, a NSW-based food processor, Greens, is seeking IRC orders against them, and administrators are chasing a federal court injunction. About 60 employees, and their supporters, took the battle to Waisman's mansion in saburious Brighton, last weekend. They held a barbecue and leafleted Downes St to let the good burghers know their ponytailed neighbour had form. Besides opening the new company, Waisman still drives a Porsche and his estranged wife gets about in a Mercedes Benz. He has holiday homes at beach resort, Lorne, and in the southern snowfields.
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