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:: Thursday, March 24, 2005 ::

Look For The Union Label -- In Finance BusinessWeek
Labor's new plan to manage its own assets could set Wall Street back a bundle

Still, labor faces unique problems that other membership groups don't. For one thing, it's in the middle of an increasingly divisive leadership struggle that could muddle the attempt to unify its financial entities. O'Sullivan is part of a group led by Service Employees International Union President Andrew L. Stern that's unhappy with Sweeney's track record. In recent weeks, insiders say, Sweeney has privately told people that if the Laborers were ever to quit the AFL-CIO, as Stern has threatened to do, Sweeney would ask loyal unions to kick O'Sullivan out of his ULLICO job. Similarly, another Stern ally, United Brotherhood of Carpenters President Douglas J. McCarron, already split from the AFL-CIO four years ago. At the Las Vegas powwow, Sweeney took steps to remove the Carpenters from related AFL-CIO bodies. If he follows through, McCarron could yank the $500 million or so his union has invested in ULLICO and AFL-CIO housing investment trusts.

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