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:: Friday, August 01, 2003 ::
Union Ullico Not a Circus Tricycle Is It?: As some board members get on the ULLICO circus tricycle, others have fallen off. Some have fallen right into the hands of an U.S. federal grand jury. The US Justice and Labour Departments are probing the transactions of ULLICO board members and a separate investigation is under way by the Securities and Exchange Committee.
With a multitude of regulators poking and prodding, some of the 'performers' in the ULLICO circus refused to testify voluntarily and had to be dragged kicking and screaming - under subpoena - into the proceedings. That's almost as funny as the AFL-CIO taking the moral high ground, despite the fact that the disgraced former ULLICO board members were mainly the leaders of AFL-CIO affiliates.
Not Crooked, Just Bent: Reflecting a plan worked out by the AFL-CIO, shareholders of the labor-owned Union Labor Life Insurance Company (ULLICO) elected new board members and installed a new chief executive officer on May 8. But the new board, meeting late that afternoon, still faced unclear finances at the insurer.------------------------------------------- posted 7:45 AM :: reference link ::
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