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Smith slams Coles boss for ruining livelihoods

Dick Smith has come out firing again, this time at Coles Managing Director Ian McLeod, whose “new form of extreme capitalism” and “greed” he says is ruining local farmer’s livelihoods.

The well-known entrepreneur’s comments come after it was reported McLeod took home remuneration of $15.6 million in the 2010/11 financial year, according to the Herald Sun.

“Where does this extra money come from? This salary and most of Coles’ increase in profit clearly comes directly from Aussie farmers and Aussie processors as they are destroyed by this new form of extreme capitalism,” he said.

According to Smith, the result of McLeod’s “greed” could see more “country towns boarded up, more rural suicides.”

“Aussie farmers are now ploughing in their crops and Aussie processors are sacking workers and closing down because they cannot sell at a price that will even cover their costs because of the huge push by Coles to buy at lower and lower prices,” he said in a statement.

“Why keep pushing down down prices are down – and putting more and more Aussie farmers and workers on the scrap heap?”

Smith is now calling on the Coles boss to “give something back.”

“Ian McLeod, you’ve done incredibly well out of Australia… I look forward to hearing that you are fulfilling your obligation as a wealthy person and have become well known publicly as a major philanthropist.”

Just last month, Smith threatened to name and shame rich Australians who don’t give money to charity, suggesting they “rack off” if they continue to refuse to donate.

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Lorna Brett

Lorna Brett

Lorna was Dynamic Business’ Social Web Editor in 2011/12. She’s a social media obsessed journalist, who has a passion for small business. Outside the 9 to 5, you’re likely to find her trawling the web for online bargains, perfecting her amateur photography skills or enjoying one too many cappucinos. You can follow her on <a href="https://twitter.com/#!/dynamicbusiness">Twitter @DynamicBusiness</a>

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