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Sahra Wagenknecht

Sahra Wagenknecht
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June 9th, 2009

Force billionaire family to help

Press statement by Sahra Wagenknecht of 9 June, 2009

Translated by Carla Krüger
On the threatening insolvency of the Arcandor corporation, Sahra Wagenknecht, Member of the European Parliament and of the party executive of DIE LINKE, states:

“Property creates an obligation“, it says in Article 14 of the German Basic Law. Roughly 27 percent of the shares of the Arcandor Group are in the hands of the Schickedanz family. It has profited for decades of the often badly paid work of the sales clerks – women and men – and as owner bears the responsibility for the management mistakes that now threaten 50,000 employees with social annihilation. This billionaire family needs to be taken to task so as to thwart an insolvency and to secure the jobs at Arcandor in the long term.

Moreover, the Sal. Oppenheim Group, the second most important owner, is the largest European independent private bank group with a balance sheet of 41 billion Euros. Therefore, it should not be any problem to provide the Arcandor Group with corresponding credits. The federal government now needs to exercise pressure on the other creditor banks. It is inacceptable after all that banks such as Commercial Bank or the Bavarian Regional Bank that count among the creditors of Arcandor and were supported by the state with billions, now refuse to provide sufficient credits for the necessary rehabilitation of Arcandor.

In order to increase the pressure, the federal government may refer to Article 14, Paragraph 3 Basic Law: There it is written that an expropriation is admissible to the benefit of the community. And does it not serve the common wealth if 50,000 jobs are saved and the Karstadt locations in the German inner cities can be upheld? The employees of Arcandor may not be left in the lurch. We do not need a state shield for billionaires, but certainly one for the working people and their families who bear no responsibility for the situation that developed.

Sahra Wagenknecht
Berlin, June 9, 2009


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