Business Greed

You think that business isn’t greedy? Here are some facts. All of these items are taken from recent news articles from well known and well respected business journals.

Item 1
From AOL.com
ASBESTOS, Quebec -- A plan to increase production from Canada's last asbestos mine near this town named for the deadly mineral has enraged physicians and public health workers around the globe.

The Jeffery Asbestos mine has been shuttered since 1982, when the American company that ran the mine, Johns Manville, filed for bankruptcy in the face of an avalanche of asbestos-related lawsuits. But plans are afoot to reopen the mine, exporting most of the deadly contents to nations such as India, China and Vietnam that have no restrictions on the use of asbestos and where cheap and durable building materials are in high demand.

Canada is currently considering a plan to provide $58 million in loan guarantees, which would allow to the mine to resume operations. Leading the charge is G. Bernard Coulombe, an Asbestos resident and the force behind the loan guarantee push. Mr. Coulombe scoffs at the notion that Canadian chrysotile asbestos is a carcinogen, and maintains that it is perfectly safe, something the World Health Organization denies. It’s no surprise that Mr. Coulombe believes his product is safe, as he owns a full 65 percent of the mine.

Item 2
From International Business Times
G.E’s Jeffrey Immelt’s appointment has labor leaders concerned
The International Association of Machinists and Aerospace Workers (IAM) pointed out in a press release that in just the past five months, Immelt has eliminated “scores” of U.S. jobs when he ordered the closure of GE plants in Virginia, Massachusetts and Ohio.

“We are rewarding the guy who is turning off America’s lights, literally,” said IAM International President Tom Buffenbarger.

“Two of the plants on Immelt’s hit list made incandescent light bulbs. Replacement bulbs will be made in – you guessed it – China.”
IAM further noted that while Immelt was closing down U.S. plants, he was signing deals with the Chinese.

In the past week alone, Immelt inked multi-billion dollar deals for 50 GE power plants in China, as well as a joint venture that will place GE’s most sophisticated cockpit avionics in the hands of a country that is poised to compete directly with U.S. aerospace manufacturers, IAM explained.

“The U.S. aerospace industry is currently one of the few with a positive impact on the nation’s balance of trade,” said Buffenbarger. “We can ill afford to place its future in the hands of a man who is supporting its most determined competitor.”

Item 3
From Forbes.com (Forbes Magazine site)
January 2009 Layoffs
Layoffs for January 2009 at America's 500 largest public companies*:
163,662 People in ONE month. 68 companies were involved. Read the list here.

Item 4
From the Wallstreet Journal on line
June 10, 2010

U.S. companies are holding more cash in the bank than at any point on record, underscoring persistent worries about financial markets and about the sustainability of the economic recovery.

The Federal Reserve reported Thursday that nonfinancial companies had socked away $1.84 trillion in cash and other liquid assets as of the end of March, up 26% from a year earlier and the largest-ever increase in records going back to 1952. Cash made up about 7% of all company assets, including factories and financial investments, the highest level since 1963.

Read the rest of this article here.