The Western Lines

March 6, 2009

Bonded to reality

Filed under: Bonds,economy,Rudd,stock market — ralphbuttigieg @ 10:21 am

Right, this is really useful, Mr Rudd wants Pacific Brands to pay back money the government gave them:

THE Federal Government will try to retrieve taxpayers’ money given to Pacific Brands in view of the company’s decision to slash 1850 jobs, Prime Minister Kevin Rudd said on Friday.

Public outrage over the sackings, to be carried out over the next 18 months, is increasing as Pacific Brands prepares to send its manufacturing operations out of Australia.

Also we have the traditional union response to job lose, boycotts and industrial action.

CFMEU national secretary John Sutton plans to propose a boycott of King Gee, Hard Yakka and Can’t Tear ‘Em brands when the union’s national executive meets next week.

Sorry but I don’t think its going to help. This is the reality:

The company is heavily into doubt and has to restructure to survive. The alternative is bankruptcy. However I do have one question ; why were they given the money in the first place?

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