That's capitalism
A hurdle as important as the 4 minute mile was finally overcome in
Corporate America when a CEO finally cracked the $100 million dollar
compensation barrier in the non-Bill Gates division. This stunning
achievement was attained by Lawrence Coss, head of Green Tree
Financial, a firm that loans money for mobile homes. Mr. Coss was
given a $102 million bonus because, said company spokesman John
Dolphin, "The shareholders are delighted with Green Tree's
performance... The only downside is you have to answer the media
critics." (What a downer).
Meanwhile only the Wall Street Journal of March 27th reported on
how Mr. Coss managed to delight his stockholders. Green Tree's
profits came from low income senior citizens who pay inflated loan
rates for their "manufactured homes" because of what the American
Association of Retired Persons describes as a lack of lending
competition. Mr. Coss had the "vision" to see this captive market.
*****
Explaining why his Christian Broadcasting Network was going to
begin producing soap operas and game shows, Pat Robertson admitted:
"Frankly, only a masochist would want to watch religious shows all
day long."
*****
Ryanair Chief Executive, Michael O'Leary, received £16.75
million in bonuses alone over the last three years. This is enough to
provide all 650 of his low paid staff with £25,760 each. But
O'Leary has refused employees' demands for improvements in pay and
conditions because the company "can not afford it".
*****
The 'market socialism' of the Stalinist regimes in China and
Vietnam has moved into the slave market. At least 12,000 Vietnamese
women have been sold to Chinese brothels or forced into 'marriages'
with Chinese men since 1991, according to the official Vietnam Womens
Union. Most of the women were kidnapped by criminal gangs and sold on
to pimps, who prevent them returning home.
*****
In the run up to the general election Fianna Fáil, Labour
and DL all argued over who was most sincere in wanting to legislate
for a minimum wage. So how come the Southern Health Board, packed
with politicians and their supporters, only pays a miserly £1.40
an hour to their 2,000 home helps? These workers do vital work,
looking after the ill and elderly in their own homes. The last
increase they got was five years ago when they were given an extra
25p an hour.
*****
US Vice President Al Gore visited Japan recently, and claimed that
the United States and Japan would become leaders in persuading other
industrial and developing nations (such as China and India) to pass
environmental laws (such as limits on carbon monoxide and other
greenhouse gases). Of course, no mention was made of the United
States or Japan of passing any environmental laws regarding their own
countries. And, or course, the press did not bother to point out this
little irony.
*****
The British advertising agency Impact FCA has created a new,
insidious marketing plan for its German telecom company Siemens. They
have employed 100 London cab drivers to insert little plugs and
comments for Siemens products into their casual banter with their
passengers. The drivers must mention three key selling points: German
technology, a small but powerful battery, and the ability to upgrade
the telephone for more services. What if this trend continues?
Corporate sponsorship of waitresses, bartenders, even average
citizens on the street?
*****
The cheek of the bosses knows no bounds. At the annual
shareholders meeting of Irish Life, the chairperon, Mr Conor
McCarthy, said the firm's performance over the past year was "a cause
for celebration". This did not go down well with the staff who have
been locked out since February. "Celebrations for yourselves, the fat
cats taking big pay rises" was the response from 100 workers present.
