Nightmare for Jobs as Eircom to Shed 2,000

[ang]

Yet more job losses in the midst of this turning corners debacle being steered by probably the most inept government we have ever been exposed to:-


Eircom wants to slash up to 2,000 jobs at the former State-owned telecommunications giant in a devastating blow that will heap further pressure on Brian Cowen just days after the Government claimed the recession is over.

The Sunday Independent has learned that Eircom, saddled with debts of more than €3bn, is planning the largest redundancy package in the State since the downturn began three years ago.



These job losses are on top of the 1200 voluntary redundancies by Eircom due to be completed by September.

Moodys recently downgraded Eircom credit ratings stating the company was not reducing it's debts fast enough and lacked strategic development.


Bond markets last month delivered a devastating assessment of the company, saying Eircom is now the fifth-riskiest company in the world in terms of its chances of defaulting or restructuring its debt.

http://www.independent.ie/national-news/nightmare-for-jobs-as-eircom-to-shed-2000-2245555.html

It will all be ok though because as long as we keep pumping thousands of millions of our money in to Anglo and the other zombie financial institutions in the state we shall have a great recovery and a miraculous return to full employment.

It must be true because Brian says so.

[greengoose]

Don't be worrying! The incompetents will be announcing another twenty or so jobs to be created over the next three years and the economy is improving. We atre turning the corner, the worst is over and NAMA will be making a profit by 2050 or thereabouts.

[ang]

Just a little note on Brian turning corners:-


He added, however, that we needed a succession of good quarterly results before we could truly say that the corner had been turned.

http://www.independent.ie/national-news/lenihan-it-was-flu-and-im-back-2245556.html

So we have been untruly turning corners???

[greengoose]

Just a little note on Brian turning corners:-


So we have been untruly turning corners???

That's the man with the flue who said it! Probably the only person this fine summer who had a 4 day flue and a hospital stay. Bet he didn't enter via the A&E.

Lying, spinning and plain incompetence seem to be the profile for an FF minister. The proof of the pudding is in the eating. The economy is in tatters, the country is in tatters and we are being told that corners are being turned. On potholed road I assume. :rolleyes:

[C. Flower]

We'd do well to look at the disaster of the eircom sale, and where it's left us in terms of delay and failure to get broadband in place. It has been directly responsible for Ireland losing IT jobs.

Today the press will be full of stories telling us what a great thing it will be to sell off every last State asset and piece of infrastructure we have - and FF and FG will be in full agreement on it.

[Andrew49]

Am expecting Dan Boyle to ride to the rescue of these 2,000 workers - after all he did propose, in 2002, compensating the 450,000 people who got burned in the Eircom shares debacle:
"What we need is the establishment of a special compensation fund, which would be funded by those institutional buyers of shares who have profited greatly from the share issue." Source (http://www.independent.ie/national-news/parties-slug-it-out-over-eircom-shares-80m-compo--plan-320849.html)

[C. Flower]

Am expecting Dan Boyle to ride to the rescue of these 2,000 workers - after all he did propose, in 2002, compensating the 450,000 people who got burned in the Eircom shares debacle: Source (http://www.independent.ie/national-news/parties-slug-it-out-over-eircom-shares-80m-compo--plan-320849.html)


Eircom is ranked at the Company 5th most likely to default on its debt, in the world.

http://www.google.ie/url?sa=t&source=web&cd=2&ved=0CBYQFjAB&url=http%3A%2F%2Feircomsucks.blogspot.com%2F&ei=4X8wTOaUIZDKjAedtpnDBQ&usg=AFQjCNGnVxtYsYVDHnGaTXocLVamDGGOEw

http://www.google.ie/url?sa=t&source=web&cd=1&ved=0CBMQFjAA&url=http%3A%2F%2Fwww.telecomseurope.net%2Fcontent% 2Feircom-ranked-top-five-debt-risk&ei=4X8wTOaUIZDKjAedtpnDBQ&usg=AFQjCNEHaoIkfHCugcYbkg7ZwfsVDYgvqw

But the people who have bankrupted the State, and are responsible for the Eircom debacle, are now telling us that selling off everything else we have is the "only game in town".

[Baron von Biffo]

Who'll upgrade the network after Eircom reduces it staffing to a couple of hundred dort speaking sales staff in a call-centre ?

[C. Flower]

Who'll upgrade the network after Eircom reduces it staffing to a couple of hundred dort speaking sales staff in a call-centre ?

If Eircom defaults on its massive debts, will there be a network ?

[Baron von Biffo]

If Eircom defaults on its massive debts, will there be a network ?

The exchanges, cables and all the rest will still be there but in the hands of the receiver. Expect a gun to the governments head to buy it all back or face having it sold off for scrap.

Some day someone will sit down and calculate how much the Eircom privatisation cost the state. Unfortunately it probably wont be done until everything else has been flogged off.

[C. Flower]

The exchanges, cables and all the rest will still be there but in the hands of the receiver. Expect a gun to the governments head to buy it all back or face having it sold off for scrap.

Some day someone will sit down and calculate how much the Eircom privatisation cost the state. Unfortunately it probably wont be done until everything else has been flogged off.

A scrappy copper-wire based network is not what we should be spending our money on in 2010.

[Sidewinder]

Let it go bust and into liquidation, have the debts written off and the ESOP disbanded (cos the shares are worthless) then have the State do a CPO for €1 on the network infrastructure, fire all the existing management and put a new experienced team in there in a fresh new company (with none of the existing debt, management, or useless employees) to start urgently planning the national broadband infrastructure that Ireland will desperately need if it to have any hope of competing internationally.

And tell all the usual trousering trough-snouters who will demand their cut/payoff/golden handshakes to ******* right away off.

Job done.

[C. Flower]

Let it go bust and into liquidation, have the debts written off and the ESOP disbanded (cos the shares are worthless) then have the State do a CPO for €1 on the network infrastructure, fire all the existing management and put a new experienced team in there in a fresh new company (with none of the existing debt, management, or useless employees) to start urgently planning the national broadband infrastructure that Ireland will desperately need if it to have any hope of competing internationally.

And tell all the usual trousering trough-snouters who will demand their cut/payoff/golden handshakes to ******* right away off.

Job done.

+ 1.

If we want to survive, we have to start thinking like this, and acting on it.

[Gruffalo]

Let it go bust and into liquidation, have the debts written off and the ESOP disbanded (cos the shares are worthless) then have the State do a CPO for €1 on the network infrastructure, fire all the existing management and put a new experienced team in there in a fresh new company (with none of the existing debt, management, or useless employees) to start urgently planning the national broadband infrastructure that Ireland will desperately need if it to have any hope of competing internationally.

And tell all the usual trousering trough-snouters who will demand their cut/payoff/golden handshakes to ******* right away off.

Job done.

Exactly. This should have been done long ago. Fecking disaster of a company.

[Baron von Biffo]

A scrappy copper-wire based network is not what we should be spending our money on in 2010.

When Eircom was state owned its purpose was to provide a telecoms service. The day we sold it its purpose changed to being a profit generator.

There's no way Eircom's owners are going to dig into their own pockets to replace copper in every village and boreen in the country with fibre. They'd have to be mad, specially when you realise that while they'd be burdened with the huge capital costs they'd have to rent it to their rivals at whatever price the regulator comes up with.

Better to brace ourselves now for the reality. If Eircom goes under the taxpayer will be lumped with the losses. If Eircom stays afloat the tax payer will be lumped with the infrastructure costs.

[Xray]

And we are going to follow exactly the same model with the HSE, ESB, public transport, water and anything else we can think of as the "market" is never wrong.

[Baron von Biffo]

Let it go bust and into liquidation, have the debts written off and the ESOP disbanded (cos the shares are worthless) then have the State do a CPO for €1 on the network infrastructure, fire all the existing management and put a new experienced team in there in a fresh new company (with none of the existing debt, management, or useless employees) to start urgently planning the national broadband infrastructure that Ireland will desperately need if it to have any hope of competing internationally.

And tell all the usual trousering trough-snouters who will demand their cut/payoff/golden handshakes to ******* right away off.

Job done.

You do realise that the owners of that infrastructure are nice people? These aren't nasty, bolshy, nurses and teachers bellyaching about their grubby little pocket money. We're talking about respectable people with rights and legitimate expectations. The sort of chaps who might be members of one's club. You don't just take things off people like that.

Anyway back to more important things. I saw a scobie smoking outside the dole office last week. If they can afford to smoke, the dole is too high.

[Xray]

Would it be too smart to ask who they owe the money to? Surely not a State supported bank? Is there an imagination solutions whereby they need to lose a 3 billion euro debt and we need a phone company.