Dirt Diggers Digest No. 37
June 10, 2003
Editor: Philip Mattera
1. Greenpeace publishes parody of ExxonMobil annual report
2. Treasure trove of union density data
3. Fair Labor Association releases factory audits
4. Study of Citigroup's predatory lending in the South
5. Citigroup at bottom in corporate governance ranking
6. Analysis of the union victory at Tenet
7. Canadian insider trading data now available online
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1. Greenpeace publishes parody of ExxonMobil annual report
As part of its corporate campaign against ExxonMobil's role
in global warming, Greenpeace has published a glossy,
full-color parody of the energy giant's annual report (see the
link at www.dontbuyexxonmobil.org). In place of photographs
of happy employees and tables of financial results, the "Revised
Annual Report" features pictures of protests and data on the
company's harm to the environment. ExxonMobil has warned
that it may sue Greenpeace for "fraudulent use" of its logo.
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2. Treasure trove of union density data
Your editor has just learned that a website featuring a wealth
of union density data -- far more than what the Bureau of Labor
Statistics includes in its annual release on the subject -- was
created late last year by two academics. The site, called UnionStats
<www.unionstats.com>, was assembled by Barry Hirsch of Trinity
University and David Macpherson of Florida State University as
an offshoot of their detailed analysis of the union affiliation question
asked as part of the Census Bureau's annual Current Population
Survey. The site has, for example, union density data for
metropolitan areas, industries and occupations going back to
the 1980s.
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3. Fair Labor Association releases factory audits
The Fair Labor Association <www.fairlabor.org>, a coalition
of universities, clothing manufacturers and non-profits formed
in response to the anti-sweatshop movement, has made
public the findings of what it calls independent audits of seven
major footwear and apparel companies. The audits, which can
be found at http://www.fairlabor.org/all/transparency/index.html,
cover Adidas, Eddie Bauer, Levi Strauss, Liz Claiborne, Nike,
Phillips-Van Heusen and Reebok.
The disclosure of the audits appears to be a response to
criticisms from anti-sweatshop activists about a lack of
transparency on the part of the FLA. Activists have also
charged that the FLA's employment standards are too weak.
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4. Study of Citigroup's predatory lending in the South
The Institute for Southern Studies has announced that its
Southern Exposure magazine is publishing a report on
predatory lending practices by Citigroup in the South. An
advance version of the report, written by Michael Hudson
and titled BANKING ON MISERY, can currently be found
at http://www.southernstudies.org/reports/bankingonmisery.pdf.
The full report, along with other features on predatory lending,
will appear in the Summer 2003 issue of Southern Exposure.
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5. Citigroup at bottom in corporate governance ranking
Citigroup received the worst overall rating in an assessment
of 1,700 public company boards of directors conducted by The
Corporate Library (TCL) website <www.thecorporatelibrary.net>.
TCL's Board Effectiveness Ratings are based on factors such
as the experience and expertise of directors, the mix of
directors, and the willingness of the board to make "strong,
effective decisions on key issues like financial reporting,
strategy and CEO compensation." A summary of the 2003 ratings
can be found at http://www.thecorporatelibrary.net/ratings2003.html
but access to TCL's complete board of directors database is
available only by subscription.
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6. "Boardroom chaos": article analyzes union victory at Tenet
"Bringing Chaos to the Boardroom" is the title of an article
published by a website called The Black Commentator
<http://www.blackcommentator.org/45/45_cover.html> on
the turmoil at Tenet Healthcare Corporation that led to an
unusal agreement between the for-profit hospital company and
the unions that have been trying to organize its employees.
The article acknowledges that union campaigners were not
primarily responsible for disclosing the fraudulent practices
of the company, but there is an interesting quote from Tenet's
new CEO about the role played by SEIU's TenetMonitor website.
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7. Canadian insider trading data now available online
Canada has beaten the United States in the race to put insider
trading information on the web. This week, Canada's System
for Electronic Disclosure by Insiders, or SEDI, went online at
the website www.sedi.ca. Searches can be done either by
the name of the insider or the company.
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Philip Mattera
Director of the Corporate Research Project
Good Jobs First