Category: Corporate Greed

Universities increase profits at low-paid workers’ expense

Universities have become institutions whose primary aim is to make money, in particular by attracting more high paying overseas students than their competitors and cutting back on labor costs of both academic staff and support services.

Source: Universities increase profits at low-paid workers’ expense

Unclaimed wages likely to top one billion dollars

 

A landmark study has found a silent underclass of vulnerable Australian workers is owed an estimated billion dollars with almost a third paid $12 per hour or less – almost half of their legal entitlements.

The University of NSW (UNSW) and Univerity of Technology Sydney (UTS) research found that fewer than one in ten migrant workers has taken action to recover unpaid wages, even though they know they are being underpaid. The remaining nine in ten suffered wage theft in silence.

via Unclaimed wages likely to top one billion dollars

It’s raining bonuses at RFG after horror for investors, franchisees

Retail Food Group paid some of its top brass lavish pay packets over the past 12 months even as its market value decimated from a high of $897 million to just $77 million during that time.

The revelations of hefty salaries and additional bonuses at RFG came as the embattled franchise chain which owns the Gloria Jeans and Donut King brands among other businesses announced on Friday it had appointed restructuring expert Peter George as its new chairman.

via It’s raining bonuses at RFG after horror for investors, franchisees

It is greed that has led Australian banks to steal from dead people | Richard Denniss | Opinion | The Guardian

Greed is good. Or so said Michael Douglas’ character Gordon Gekko in the 1980s hit film Wall Street. Gekko went further, stating “Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind”.’

But greed also leads Australian banks to steal from dead people.

via It is greed that has led Australian banks to steal from dead people | Richard Denniss | Opinion | The Guardian

Research Exposes $16 Billion Bottled Water Industry’s Predatory Marketing Practices

Fake News this is Fake

The industry spends billions of dollars per year convincing Americans that bottled water is safer than tap—even though more than two-thirds of the product comes from municipal water sources

via Research Exposes $16 Billion Bottled Water Industry’s Predatory Marketing Practices

Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Apartments recently built and under construction in Sydney

via Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Puerto Rico Electric Power Authority Cancels Whitefish Energy Deal | HuffPost

There were other concerning details in the contract, like the high rates Whitefish was charging for labor. The company was paying $240 an hour for a general foreman and $227 for a lineman. For some context, the U.S. Bureau of Labor Statistics says first-line supervisors of construction sites make about $43 an hour and construction laborers make about $23 an hour.

Source: Puerto Rico Electric Power Authority Cancels Whitefish Energy Deal | HuffPost

Aveo: How elderly Australians are being ripped off in retirement villages

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Source: Aveo: How elderly Australians are being ripped off in retirement villages

Source: Aveo: The retirement villages that swallow vulnerable people’s money

Source: Bleed them dry until they die: the Aveo residents who suffer cruelty and neglect

The East India Company: The original corporate raiders | William Dalrymple | World news | The Guardian

The long read: For a century, the East India Company conquered, subjugated and plundered vast tracts of south Asia. The lessons of its brutal reign have never been more relevant

Source: The East India Company: The original corporate raiders | William Dalrymple | World news | The Guardian

EpiPen CEO hiked prices on two dozen products and got a 671% pay raise | Business | The Guardian

Heather Bresch, Mylan executive who came under public scrutiny this week for raising EpiPen prices, reportedly raised prices more than 20% on 24 products

Source: EpiPen CEO hiked prices on two dozen products and got a 671% pay raise | Business | The Guardian