. . . I'm getting a bit sick of some of these companies pleading hard times. Fisher and Paykel is just the latest, but a very clear example of the current environment, a la GM and the big three (or is it five?) flying in their corporate jets to talk to George W about a handout.
It seems to me that these companies (is DB going to be next ?) are not sacking hard-working employees to stay afloat. They are out-sourcing and down-sizing so that the profits can remain level. And so that the executives can maintain their current salaries (or there abouts).
Jeez life must be tough for John Bongard. His 7.5% salary cut will still leave him with something like a cool million a year. He's overseen massive job cuts at his company. Those minimum wage (or not much more I'm sure) jobs were outsourced to slave labour in Thailand and Mexico where they probably pay the workers 8 cents per hour, and he's sanctimoniously offering to drop his salary by the price of a new Mercedes. Damn! He might just have to drive last years model.
And he's gone cap in hand to the New Zealand taxpayer (so to speak) for a hand-out. He wants MY tax dollars so he can keep his wife in Gucci shoes and his mistresses in pretty lingerie.
So this year they're only going to make 30 million profit. I'm sure the ripple effect is going to mean little old mums and dads relying on their F&P dividend are going to have to turn the heater down this winter, but that's better than being one of the now unemployed F&P factory workers who won't have any heat at all.
I'd be willing to bet Bongard has a lovely palatial house somewhere on Paratai Drive. Maybe his ex-employees could front up there for soup and accommodation in the gardener's quarters.