Kiss Me Hardie From The Outsider
The $300+ million bale out of James Hardie Industries asbestosis fund by the Australian State and Federal Governments is another disgraceful chapter in the history of this apology for a company.
The deal struck in 2007 gave the directors a get out clause if its cash flows fall. And they have seen to hide behind this feature so as not to put any money into the fund for the last two years despite their moral obligation to meet the needs of asbestos victims.
So now these corporate vipers are being supported by the taxpayers of Australia and NSW with loans that do not have to be repaid until 2020.
Presumably by then the snakes will have shed their corporate skins to resurface in a new jurisdiction (Australia, Holland, Ireland – ummm!-let’s try Russia) which will insulate them from meeting their obligations.
Matt Peacock has got it right. James Hardie is a killer company and its directors are criminals.