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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Wednesday, October 29, 2003 ::
Union fund chiefs probed in stock deal By James G. Lakely - washingtontimes
In August 2001, Global Crossing was rocked by accusations of accounting fraud, sending the stock price into a free fall. Mr. Georgine, according to both an independent Ullico investigation and the House committee, told executives to sell their Ullico shares before the stock bottomed out.
Rank-and-file union members who owned stock weren't permitted to sell before the shares were nearly worthless.
US House panel urges further probe of Ullico deals By Peter Szekely - Reuters
In 2000, Ullico offered to buy back the shares at large profits as Global Crossing -- and Ullico's large investment in it -- plummeted. Union pension funds, were limited in how many shares they could sell back to Ullico.
Ullico manages financial assets and sells insurance through its Union Labor Life Insurance Co. subsidiary.
Committee on Education and the Workforce Press Release Committee Releases Final ULLICO Report; Calls on Labor Department to Fully Investigate Whether Sweetheart Stock Deals Violated Federal Labor and Pension Laws
“At the very same time that union leaders were joining the chorus of well-deserved criticism of Enron and others for corporate misconduct, ULLICO set up a system of insider stock deals that made millions for the board at the expense of rank-and-file union members,” said Rep. John Boehner (R-OH), chairman of the Education & the Workforce Committee. “Our Committee’s investigation has concluded that the union leaders who set up these sweetheart stock transactions may well have violated federal labor and pension laws.”
“We are hopeful that the Department of Labor sheds light on these unanswered questions because American workers deserve to know whether ULLICO directors violated the law and made millions at the expense of the rank-and-file union members they represent,” added Boehner. “The Committee will continue to exercise its oversight authority to ensure that these labor and pension laws are effective in protecting the rights of American workers, and if they are not, in considering legislative solutions to guard against similar future abuses.”
------------------------------------------- posted 7:01 AM :: reference link ::
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