{"id":880,"date":"2002-08-13T20:45:43","date_gmt":"2002-08-14T03:45:43","guid":{"rendered":"http:\/\/mossback.org\/archives\/2002\/08\/big-labors-enron\/"},"modified":"2002-08-13T20:45:43","modified_gmt":"2002-08-14T03:45:43","slug":"big-labors-enron","status":"publish","type":"post","link":"https:\/\/bennett.com\/blog\/2002\/08\/13\/big-labors-enron\/","title":{"rendered":"Big Labor&#8217;s Enron"},"content":{"rendered":"<p>\t\t\t\tULLICO is a financial services company run by labor bosses that invests pension funds. Through a scheme where directors could buy shares in ULLICO at a price set annually, and a scheme to buy them back at a price vastly in excess of their true value, the bosses ripped-off the workers and their pension funds in a manner that would make an Enron director blush. The story is here: <a href=\"http:\/\/www.nationalreview.com\/mowbray\/mowbray081302.asp\">Joel Mowbray on Labor &#038; ULLICO on National Review Online<\/a><\/p>\n<blockquote><p>Sure enough, the collapse of Global Crossing&#8217;s stock dragged down ULLICO&#8217;s value, nearly halving the stock price to $74. All those who sold shares between November of 2000 and May of 2001 wound up receiving double what they would have at ULLICO&#8217;s true value.<\/p>\n<p>Among the union leaders who took advantage of the sweetheart deal were the following ULLICO board members: Morton Bahr, president of the Communications Workers of America; Martin Maddoloni, president of the plumbers union; William Benard, former head of the asbestos workers union; Jacob West, former head of the ironworkers union; and Douglas McCarron, president of the carpenters&#8217; union. <\/p>\n<p>The personal profiteering of union bosses coming at the expense of rank-and-file union workers is at the heart of NRWLDF&#8217;s complaint to the NLRB. The suit charges that ULLICO&#8217;s special deal to its board members violated the Taft-Hartley Act of 1947 by &#8220;enriching union officials to the detriment of ordinary workers,&#8221; says Stefan Gleason, vice president of NRWLDF.<\/p><\/blockquote>\n<p>A grand jury is looking into ULLICO at the moment; indictments at 11.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ULLICO is a financial services company run by labor bosses that invests pension funds. Through a scheme where directors could buy shares in ULLICO at a price set annually, and a scheme to buy them back at a price vastly in excess of their true value, the bosses ripped-off the workers and their pension funds &hellip; <a href=\"https:\/\/bennett.com\/blog\/2002\/08\/13\/big-labors-enron\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Big Labor&#8217;s Enron&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16],"tags":[],"class_list":["post-880","post","type-post","status-publish","format-standard","hentry","category-politics"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbifyw-ec","_links":{"self":[{"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/posts\/880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/comments?post=880"}],"version-history":[{"count":0,"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/posts\/880\/revisions"}],"wp:attachment":[{"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/media?parent=880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/categories?post=880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bennett.com\/blog\/wp-json\/wp\/v2\/tags?post=880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}