Removing obscene profits for executives and shareholders as the driving force of corporations would be a start. A fairer division of the spoils is necessary to keep society functioning. This might need to be achieved by higher taxes on the top tier since they don’t seem to understand the crisis their never-sated greed has created.
Source: Greed is the problem, not workers – » The Australian Independent Media Network
Dan Andrews wants a State-run SEC to compete with private corporate gougers. Matthew Guy doesn’t his donors are the gougers and don’t want State control. Australians want an Australian ABC the LNP don’t their donors don’t want to be questioned, examined or held to account.
We can do this exercise with Health, Education, Jobs, Housing and welfare the LNP says privatisation is best for everyone. Well, we have had decades to see it doesn’t work. Decades to see that Dan Andrews made Victoria the best state in the country. Far better than when Matthew Guy was the Planning Minister for scandals
- One factor pushing inflation is companies making high profits
- The rate of profit growth has vastly out-paced wage growth
- Inflation reduces the purchasing power of wage earners
Soaring corporate profits are being blamed for fuelling inflation, as figures show companies in Australia are enjoying sky-rocketing profits despite the pandemic.
Source: The profit crisis is the inflation-driving pressure we don’t talk about – ABC News
The CEO of Iron Mountain Inc. told Wall Street analysts at a September 20 investor event that the high levels of inflation of the past several years had helped the company increase its margins — and that for that reason he had long been “doing my inflation dance praying for inflation.”
Source: Iron Mountain CEO Says He’s Been “Praying for Inflation”
Any fines handed out to corporations were a slap on the wrist and not really regarded as fines but investments toward greater profit. As are Lawyers, Accountants Professional Lobbyists, Media and PR companies.
A strengthening of consumer protections to be introduced to Parliament on Wednesday will raise the maximum fines levied on companies engaging in anti-competitive behaviour from just $10 million, or 10 per cent of their revenue, to $50 million or 30 per cent.
The government will raise the base maximum penalty, unchanged for decades, to stop companies from simply absorbing fines as part of the cost of doing business.
Source: Big business facing steep fine increases amid crackdown
But the biggest scam came last week when Qantas handed down its profit results and declared a $400m share buy-back. The board apparently deems it okay for Alan Joyce and co to spend the airline’s excess cash – publicly subsidised cash – not on disaffected workers, not on tax, not paying back subsidies, not on services for customers but on … drumroll, buying its own shares in order to prop up the stock price and lift executive bonuses.
Source: Lufthansa paid back its debt, Qantas bought its own shares – Michael West
Foreign gas giants Shell, Chevron, Exxon are enjoying an explosion in revenue while paying virtually no income tax and forking out just spare change in royalties. What’s the scam?
Source: Robbing Australia: profits soar for gas giants, royalties and tax languish – Michael West
Morrison has a unique campaigning method. Death by boring repetition, and a boundless lack of shame. Only today he was upset that Lismore residents are not more grateful for Government assistance. He also broke old ground today, informing us that if we vote for Labor, we will get Labor. That is something of a compliment to the Australian Electoral Commission, and a huge relief. He sees no warning in the South Australian election debacle. So, call the election. We know you now.
Source: Time to end the party of greed – » The Australian Independent Media Network
Over the past two weeks, Koch Industries has distinguished itself as one of the few major corporations to remain in Russia as the country’s president, Vladimir Putin, continues to carry a full-scale military invasion of Ukraine. Nearly 400 companies – such as McDonald’s, Starbucks, BP, Deloitte, Ford, GM, Hilton, and Netflix – have suspended their operations in or divested from the Russian economy.
Still, Koch Industries is not the only laggard. Companies like Halliburton, AbbVie, Bosch, Cargill, Subway, White & Case, Accor, and Amway have apparently refused to sever ties. Many of them have argued that breaking away from the country would be most punishing to Russian citizens, especially amid crippling U.S. sanctions.
Source: Koch Industries refuses to break ties with Russia despite Corporate America’s mass exodus | Salon.com
Pirates with Confected Rights have no concern for people
A Thai gold mine owned by Australian company Kingsgate has been accused of creating “deserted villages with broken families”. It was closed by the Thai government, but an obscure clause in a “free trade” agreement has allowed the lucrative mine in Central Thailand to reopen. Tim Ginty reports.
Source: Riches for Australian miner equals misery for Thai villagers – Michael West Media
The ATO’s corporate tax transparency data again shows that hundreds of companies have been able to reduce their tax bills to zero
ATO deputy commissioner Rebecca Saint said the agency was still seeing some companies avoid tax by shifting profits offshore
Company financial accounts do not always give the full picture of tax positions and the ATO wants companies to be more transparent
via ATO data reveals one third of large companies pay no tax – Politics – ABC News (Australian Broadcasting Corporation)
Virgin using the Coronavirus to sell the business for more than it’s worth (ODT)
via Virgin Australia: buy the business, don’t bail out the shareholders – Michael West
Isn’t this against all investment principles that the greater the diversity of shares the lesser the risk? That there’s safety in numbers. Doesn’t this principle apply to management of investments? It wasn’t that long ago the people of America had to bail out the Chase Manhattan Bank the worlds biggest bank. Has 2008 been forgotten? (ODT)
More deals ahead
Billionaire bond trader Jeffrey Gundlach is also an indirect part of this universe. Oaktree owns 20 per cent of his DoubleLine Capital LP after spending about $US20 million for its stake in 2009.
Such constellations of billionaires are likely to become more common as the world of finance consolidates. Marks expects plenty more deals.
“The industry is continuing to drive toward concentration of greater amounts of money in fewer groups,” he said. “Strategic partnerships are going to be a theme for the future.”
Wall Street billionaires join forces to create $670b powerhouse
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
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
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
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
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
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
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
J. Michael Pearson, CEO of Valeant Pharmaceuticals, unabashedly defends greedy poli
cy of shareholders over sick people.
Source: Valeant CEO: Profit More Important Than Helping the Sick
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