IMF GS condemns bad ethics of new capitalism

GENEVA: IMF general secretary Marcello Malentacchi comments on the recent spate of "corporate misdeeds" in his newly-published opinion on the IMF website. He says that although the old-fashioned bosses were too paternalistic and did not care much for democracy in the workplace, most of them at least planned for the long-term, in order to secure the future of their company and its workers - not like today's CEOs whose "main concern appears to be driving up stock values so they can cash in on stock options." Malentacchi urges the entire trade union movement to fully support the U.S. AFL-CIO and its president, John Sweeney, who recently stated that the trade unions would no longer tolerate the greed of new capitalism. Read the entire opinion on the associated website link.