The Canadian Auto Workers unions came out in defense of former Nortel employees today, denouncing news of fat executive bonuses at the bankrupt computer company.
"This is the worst kind of abuse of corporate power - laying off workers and leaving them with nothing while the executives who drove the company into the ground fill their pockets," said CAW President Ken Lewenza in a late-morning press release. "This is deplorable and must be stopped."
Lewenza also criticized Thursday's Ontario court ruling that Nortel retirees and former employees will not receive the severance or termination pay as set out in their separation packages.
"This is another example of why we need urgent changes to the bankruptcy laws in this country," Lewenza said.
"It is exactly this kind of manipulation of the system that plunged the world economy into crisis last fall - it's truly repugnant that we've learned nothing from this experience."
Lewenza said CAW will continue to fight on behalf of the current and former Nortel workers.
During the height of the company's success in the 1980s, the CAW represented approximately 5,000 Nortel employees.
News of another round of corporate bonuses at Nortel surfaced Thursday after a sensitive internal corporate document was obtained by Canada's public broadcaster.
