Tell Us Something We Didn’t Know

The Bell Group litigation is shaping up to be Australia's largest litigation case with many commentators predicting years of court hearings and countless millions of taxpayer dollars to be spent on proving what we already know...banks are bastards. While we wait in hope for this fact to go down in the annals of law, a number of studies released this week report that the big end of town is occupied by boring, conservative, bean-counting execs who care little about their workforce's insecurities...again, tell us something we didn't know!

PICKS OF THE WEEK

Blame the bean counters

THE performance of Australia's big corporations has been hampered by boards stacked with accountants and lawyers at the expense of entrepreneurs and innovators, according to a new study.

Full report: http://www.dailytelegraph.news.com.au/common/story_page/0,5936,6774871%255E704,00.html

Our bosses 'indecisive conformist panderers'

The Australians who run business and government organisations are below international benchmarks, a study has found.

Full report: http://www.smh.com.au/articles/2003/07/23/1058853142206.html

Feeling insecure? Someone should tell the boss

A study has found that most bosses don't think their employees feel insecure about their jobs and that their human resources people are on top of key workplace issues. This is news for their senior managers and employees. They say workplace insecurity is getting worse and many reckon their HR departments are clueless.

Full report: http://www.theage.com.au/text/articles/2003/07/20/1058639660468.htm

Head of Harris Scarfe on 37 charges

The Australian Securities and Investments Commission yesterday laid 37 charges against Melbourne society scion Adam John Trescowthick following a lengthy investigation into the collapse of Harris Scarfe Holdings two years ago.

Full report: http://www.smh.com.au/text/articles/2003/07/18/1058035204955.htm

Refinery closure to affect jobs and businesses

A study has found that up to 500 jobs could be lost in Adelaide's south as a result of Mobil's decision to mothball its Port Stanvac refinery.

Full report: http://au.news.yahoo.com//030723/21/kz9v.html

Keeling settles to avoid bankruptcy

Creditors owed $103 million by former One.Tel boss Brad Keeling this week agreed to a proposal allowing him to avoid bankruptcy.

Full report: http://www.smh.com.au/text/articles/2003/07/22/1058853073552.htm

Office staff go as Ion keeps eye on main game

Car and motorcycle parts maker Ion has completed a big part of its group integration policy with the transfer of clerical functions from its Albury transmission plant to its Melbourne head office.

Full report: http://www.theage.com.au/text/articles/2003/07/21/1058639728017.htm

HIH workers to share $5m

About 1000 members of the HIH Insurance Group staff superannuation fund are due to share about $5 million as the wound-up fund distributes its surplus.

Full report: http://www.smh.com.au/text/articles/2003/07/20/1058639665480.htm

Dealer out for 5 years

A fourth person involved with the promotion of promised returns of up to 50 per cent per year on investments in the now defunct Wattle Group has been punished for his involvement in the fraudulent scheme.

Full report: http://www.smh.com.au/text/articles/2003/07/20/1058639665489.htm

BELL UPDATE

In a relatively quiet week for Adler and the boys from HIH, we have the opportunity to get up-to-date on the bourgeoning Bell group litigation in Western Australia. Three big banks face costly litigation in fallout from the WA Inc debacle of the 80's. If their conduct is found to be unbecoming, the banks could be hit to the tune of $1 billion and possibly as much as $2 billion in what is being touted as the largest litigation case in Australian history.

Court hears for whom Bell tolled

Shareholders in the now-defunct Bell Group were told a 1988 takeover bid by Alan Bond would give the company "purpose and direction" - when in fact he intended to sell it piece by piece, a Perth court has heard.

Full report: http://www.theage.com.au/articles/2003/07/23/1058853135899.html

Bell case spotlight on bankers

Bell Group liquidator Tony Woodings yesterday took Australia's biggest civil litigation to the very top of the Australian banking tree, putting Westpac directly in a $1.4 billion frame and shining the spotlight on National Australia Bank chief Frank Cicutto.

Full report: http://www.theage.com.au/text/articles/2003/07/22/1058853069691.htm

Bank 'greed' fired Bell plan

SIX Australian banks were motivated by "cold hard cash" and not by the principles of corporate governance when they agreed to bail out the Bell Group as it teetered towards insolvency in the early 1990s.

Full report: http://www.theaustralian.news.com.au/common/story_page/0,5744,6797577%255E643,00.html

Oates in brief court appearance

Former Bond Corp director Tony Oates, recently extradited from Poland to face charges over the $1.2 billion Bell Resources collapse in the late 1980s, made a brief court appearance this week.

Full report: http://www.smh.com.au/text/articles/2003/07/21/1058639732432.htm

LEGISLATION NEWS

Unless ASIC are given some arbitrary clout we may never see a corporate culture of transparency in this country.

Investors still kept in the dark over bonus payouts

Three-quarters of companies seeking shareholder backing for plans to give directors financial bonuses failed to properly inform their investors about the deal, an Australian Securities and Investments Commission review has found.

Full report: http://www.theage.com.au/text/articles/2003/07/22/1058853069752.htm

ASIC pulled plug on 89 floats short of facts

Almost 90 companies trying to raise a total of $383 million through share issues over the past financial year failed to provide investors with enough information, an investigation by the Australian Securities and Investments Commission found.

Full report: http://www.theage.com.au/text/articles/2003/07/21/1058639727677.htm

Targets of truth in profit season

SOME companies could miss profit estimates by as much as 10 per cent in the coming reporting season, despite the continuous disclosure system designed to prevent unpleasant shocks for investors.

Full report: http://www.theaustralian.news.com.au/common/story_page/0,5744,6783592%255E643,00.html

INTERNATIONAL

More Deaths in Colombia

Tuesday 15 July 2003 will go down as another tragic day in Colombian labour history, with three trade unionists assassinated on this day by government-sanctioned para-military death squads.

Full report: http://www.labor.net.au/news/1058838577_5514.html

President's crackdown on crime revives Colombia economy

Ensconced in an office protected by three metal detectors, a bombproof lift, 15 guards and three armoured-glass doors, Luis Carlos Sarmiento says Colombia is becoming safer.

Full report: http://www.theage.com.au/text/articles/2003/07/22/1058853069086.htm

AOL to fight $534m fraud charges

AOL Time Warner, the world's biggest media company, has been hit with two new lawsuits over allegations it fraudulently inflated revenues, with the state superannuation funds of California and Ohio seeking up to $US350 million ($534 million) in damages.

Full report: http://www.theaustralian.news.com.au/common/story_page/0,5744,6783674%255E643,00.html

Enron employees sue

A group of current and former employees of failed energy giant Enron said it filed suit to recover $US72 million ($A110.68 million) in bonuses paid just ahead of the company's bankruptcy filing.

Full report: http://au.news.yahoo.com//030723/2/kz9m.html

WORLD WIDE WEB

Corporate Campaign Inc.

In its 20-year history, Corporate Campaign, Inc. (CCI) of the United States has an unparalleled record of turning labour struggles into highly visible statewide and national campaigns while generating widespread organisational and financial support for its union clients. CCI brings to its campaigns a variety of skills to help unions win the most difficult battles with its team of experts in all facets of research and strategy development, political and community organisation, media and public relations, and fundraising. CCI package and disseminate information that places union adversaries on the defensive and sway public opinion in favour of the union.

In short, CCI develops strategies and tactics and structures campaigns in ways that strengthen internal union solidarity, maximise membership and family involvement and generate favourable media coverage. In doing so, CCI help union leaders create a collective bargaining atmosphere that places them on the offensive and that gives them real clout at the table.

http://www.corporatecampaign.org/intro.htm

QUOTE OF THE WEEK

10 more useful expressions for those HIGH STRESS days at work...

1. Stress is when you wake up screaming and realise you haven't fallen asleep yet.

2. I can't remember if I'm the good twin or the evil one.

3. I work 40 hours a week to be this poor.

4. Can I trade this job for what's behind door number two?

5. Too many freaks, not enough circuses.

6. Chaos, panic, and disorder - my work here is done.

7. Earth is full. Go home.

8. Is it time for your medication or mine?

9. Aw, did I step on your poor little bitty ego?

10. How do I set the laser printer to stun?

For further information

Contact:   Chris Owen
Email:   c.owen@labor.org.au