Here is a very hard-line piece from David Olive today in the Star about what the Canadian government should do about Caterpillar – a tone I’m not used to seeing Olive, the Star’s business columnist, come out and write in his pieces, so he’s obviously ticked off:
We could nationalize EMD, for which there is abundant precedent across the continent. America’s third-largest bank, biggest insurer and dominant home-mortgage guarantors are now wards of the state. Short of nationalization, Ottawa could impose prohibitive tariffs on all Cat products. That might eventually bring Athabasca tarsands production, heavily reliant on Caterpillar equipment, to a halt. Which would be a useful topic of discussion [...]
I was reading a column that Martin Reg-Cohn wrote yesterday on the continuing saga in London where as those who’ve followed it know, Caterpillar has locked out it’s workers in a draconian effort to get them to slash their wages by half – this as the CEO earns a million $ salary and the company worldwide made profits in the billions of dollars.
I agree with the column where he says it is now time for the Premier and by extension, his Labor Minister Linda Jeffery, need to do something more then just issue statements saying they are “hopeful” the 2 sides will moderate their tone. Let’s cut to the [...]
The big news down in this area the past few days – specifically in London – is that the big company Caterpillar decided to lock all of its employees out at its London based ElectroMotive plant. It is trying to force its employees there to take more then a 50% wage cut in salary and benefits, as well as trying to get rid of the pension plan. You might think the company is in a bad position, but it has profits in the billions of dollars, while it gives its CEO a multi-million dollar salary. Times aren’t tough for it – it’s just decided it’s going to try to break [...]