:: rawblogXport ::

union news / workers rights / construction / safety / irony...
today's home page

google news

recent posts:
  • Combs' Clothing Line Accused of Sweatshop Conditio...
  • Doctors: Most 9-11 workers still ailing By AMY WES...
  • House panel questions union firm's trades By LEIGH...
  • B.C. Carpenters Union: Members to finally get affi...
  • Local 183 Denounces International Union's Response...
  • Free speech kept off U.S. streets By DAVID LINDORF...
  • This Man Is Building a $1 Billion Construction Emp...
  • Robotic harvesting of citrus may solve labor short...
  • CIA-Leak Scapegoat Still At Large The Onion 'We'r...
  • Unions rip WTC health registry By MAGGIE HABERMAN ...

  • BlogRolling:

    blogs that link here

    eXTReMe Tracker
    Powered by Blogger

    Powered by BlogRolling

    Listed on BlogsCanada

    member union label

    Get Firefox!

    email d@ve2300
    this weblog is the work of dave livingston, a union carpenter in nelson bc canada

    the web

    references to rawblogXport:
    Confined Space
    "Hat tip to rawblogXport for this."
    Jordan Barab, Confined Space
    "a great labor news digest..."
    Labor Blog
    "rawblogXport was there, providing consistently good labor news..."
    Political Site of the Day
    Confined Space
    "Senators Push Legislation to Toughen OSHA Penalties"
    Workers Comp Insider
    Human Fall Traps
    Workers Comp Insider
    "May is labor history month"
    Workers Comp Insider
    "A tip of the hat..."
    "Union Democracy in Carpenters"

    FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of labor and economic issues, etc. We believe this constitutes a "fair use" of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 Chapter 1 Sec.107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.

    "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 :: 0 comments ::
  • -------------------------------------------

    Comments: Post a Comment

    unions: the folks that brought you the weekend Powered by Blogger