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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Wednesday, February 26, 2003 ::
Sale of stock in unions' firm draws fire Since his start 50 years ago as a teenage laborer on downtown Chicago's streets, Robert Georgine has steadily marched up the ranks of organized labor.
He became president of the wall and ceiling framers' union, then head of the AFL-CIO's influential Building and Construction Trades Department. Finally, he rose to president of Ullico Inc., an insurance and investment company created by organized labor 77 years ago to offer low-cost insurance to workers.
Now the 70-year-old Chicagoan has come under fire for making more than $1 million in profit from the sale of the insurer's stock in a deal that has upset other members of organized labor. Altogether, Georgine and other Ullico officials and board members reaped about $6 million from the same deal, he said.
With corporate executives under fire for scandals, the nation's unions cannot afford even the appearance of impropriety, officials say.
"When the labor movement is fighting as never before to protect workers' retirement savings, Ullico must live up to the standards we ask others to meet," AFL-CIO President John Sweeney wrote in a letter to Georgine.------------------------------------------- posted 3:26 PM :: reference link ::
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