![]() |
||
|
|
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
Politics The Soapbox Postcard The Locker Room Parliament
|
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.
|
| Search All Issues | Latest Issue | Previous Issues | Print Latest Issue |
|
© 1999-2002 Workers Online Workers Online is proudly designed, engineered |
|