i'm no socialist but

I read tonight that RIO plans to axe 14,000 jobs (http://www.bloomberg.com/apps/news?pid=20601087&sid=avS_EtK0pS4k&refer=home) in order to reduce costs to “to appropriately low levels until we see credible and meaningful signs of a recovery in our markets”

Hey guess what asshole (no your not an asshole, I'm referring to Albanese), each and everyone of those 14000 employees have, in the past 12 months, probably added more to the value of RIO than you and your crew sitting in your Collins St offices - too proud to recommend a diamond in the rough offer from the boys in Lonsdsale St, that as time has proven would have been good for all shareholders.

I stand to be corrected, but would argue that there have been very few execs (US aside) in ASX history who have presided over such an appalling destruction of sharehodler value and wealth, and then have the audacity to expect the markets to laud and praise their efforts to avoid diluting capital whilst reducing 'costs' by sacking the very same people who produce that which they sell ... sadly though I note that RIO:LN is up 15% on this news.

Here's a tip, how about flying Albanese at the back of the plane on his next trip to the UK ... that would save one productive job from the $400m set aside for redundencies. On my figures, his appalling incompetence rewarded by first class seats could offset at least a further 18 jobs a year ... its a start.

Unless of course Albanese would like to put his hand up for a package - in which case we can all go home. (Oh, hang on a sec ... its actually cheaper to have this asshole on the books)

What's the bet this asshole puts his hand out for more money come AGM for displaying incredible business acumen in the face of a volatile and hostile takeover, whilst prserving shareholder value by avoiding an quity raising or dividend reduction.

Absolutely disgusted and ashamed to be a RIO holder ... now where's the next blog