Monday, February 12, 2007

CN Whines

CN says striking conductors' wage demands too high

Oh really. I think not. Not after record profits and cost cutting that has reduced jobs and has resulted in numerous accidents that endanger their workers, the public and the environment.

UTU asked for wage increases of 4.5 percent in the first two years of a three-year contract and 4 percent in the third, CN said. "The UTU's final offer on lump sum bonus payments - C$1,000 ($840) per year over the three-year period - was three times greater than the other recent agreements," CN said.

Ah. cry me a river.

CN is demanding a flat wage rate. Where it has won those concessions in the U.S. the rail workers are now doing twelve hour shifts. Gone is the eight hour day.

Report on Business Top 1000 listed the productivity of CN workers,


34. Canadian National Railway (De05) 21,540 Montreal,QC $336,676 $74,420

So each worker at CN produced a gross revenue of over three hundred thousand dollars for the company and made CN a profit of $74,000 each, thats after their wages, benefits, company taxes etc. had been paid out.

After all labour produces all wealth, all wealth belongs to labour.

Here is CN's ten year stock chart.

Not exactly boom and bust, just one long boom.

Paid for by CN workers and CN's disregard for public safety.

And while CN whines about paying out $1000 signing bonus spread over three years, thats a big $333 a year, to their workers, here is what Hunter Harrison earned in 2005.

He is the second highest paid CEO in Canada.

Canadian National Railway Co. Harrison, Hunter $56,219,496
Salary:$1,665,950 Bonus:$4,664,660 Subtotal:$6,330,610 2% chg
Other:$1,710,324 Share Units:$20,931,213 Option Gains:$27,247,347
TOTAL:$56,219,496 New option grant: 250,000 ($2,136,051)

That means Hunter earns a cool $29,281 a day!!! While begrudging CN workers a measly 4% wage increase and a pitiful signing bonus over three years. Yet each worker produces a profit of $74,000 each, which goes to Hunter and his Shareholders.

Ain't capitalism grand.


Time to Nationalize CN





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