The situation in Australia

Gary MacLennan g.maclennan at SPAMqut.edu.au
Sun Jun 3 16:43:29 MDT 2001


There have been two very interesting corporate collapses here in Oz - an
insurance company HIH and a telephone company One-tel. there are several
features of this that are really in need of comment and I hope some of the
other Oz subscribers will chip in.

For me the fly by night nature of capital has been ruthlessly
revealed.  The directors in both companies ran cut prices outfits which
could not possibly sustain their level of operation.  The directors also
paid themselves huge salaries and lied relentlessly to all and sundry. They
sucked in thousands in what amounted to a sting.  In the case of One-tel
the victims included the Murdoch and Packer families. They lost millions
between them.

The directors also came from elite schools in Victoria - Cranbrook and
Scotch College (?).
So this was the ruling class cheating and lying to one another.  Very
edifying.  I did see a late night TV discussion where Mark Latham of the
Labor Party said that if Capital did not get its act together then the
people would lose faith in capital.

Latham is a right wing intellectual, not as bright as he thinks he is.  But
any theorist in the Labor Party is bound to be remarkable.  That he should
slip into such rhetoric is interesting. Perhaps it is another straw showing
which the way the wind is blowing. Let's hope so.

regards

Gary






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