Skip to comments.A Link To Global Crossing, Terry McAuliffe and AFL-CIO
Posted on 02/09/2002 3:03:05 PM PST by Bayou City
From SEC Edgar on line form S-1/A filed on 07/23/1998
BENEFICIAL OWNERSHIP OF COMMON STOCK
MRCo, Inc. (4).................... 16,959,462
111 Massachusetts Avenue NW
Washington, DC 20001
Michael R. Steed(19).............. 16,974,462
Note 19 on Page 54
Includes all shares of Common Stock owned by MRCo, Inc. Mr. Steed is the Senior Vice President of ULLICO and the President of MRCo, Inc., which is a wholly-owned subsidiary of ULLICO. Includes 15,000 shares of Common Stock issuable upon the exercise of options within 60 days of July 13, 1998. Includes 368,353 shares of Common Stock issuable upon the exercise of GCL Warrants.
Now for the connection... Laborers.org
Kheel and McAuliffe Raise Some Money
News reports that labor lawyer Theodore Kheel gave $20,000 in illegal cash to Careys 1996 campaign were easy to overlook for those not familiar with who he is or his long role in labor relations. Cornell University has a new facility at its famous Industrial and Labor Relations School and it is named after the generous Kheel. Probably the finest labor relations training institution in the country, the Cornell school was founded by Irving Ives, a respected labor expert and patrician Republican who served on the Senate Labor Rackets Committee with Arkansas Democrat John McClellan. Ives, with then-Senator John F. Kennedy, sponsored the labor reform legislation that became the great investigations legacy.
In 1995, Kheel played a major role arranging the sale of the AFL-CIOs "affinity credit card" from the Bank of New York to Household Finance. The sale brought over $35 million to the AFL-CIO, which gave it the liquidity to pump over $30 million into the Democratic Partys 1996 congressional campaigns. Kheel brokered the deal with Democratic fundraiser Terry McAuliffe. In 1992, Kheel had convinced the newly elected Carey to endorse the credit card program. Carey delivered 1.5 million Teamsters who previously had not participated in the program. Kheel profited handsomely, from the new Teamsters in the credit card program, and he subsequently contributed the $20,000 to Careys 1996 Teamsters reelection bid.
McAuliffe, chairman of a record-breaking Democratic fundraiser in May and chairman of recent Democratic convention in Los Angeles, has long been associated with organized labor. In addition to his work on the Union Privileges "affinity" credit card, McAuliffe has had a major role handling investments for the AFL-CIO Union Labor Life Insurance Company (ULLICO). But while he may be welcome at AFL-CIO headquarters, he is reportedly persona non grata at the International Brotherhood of Electrical Workers (IBEW). McAuliffe-related businesses borrowed millions of dollars in loans over the years from the Electrical Workers Pension Plan for a series of business ventures, many of which he defaulted on. The loans themselves were highly favorable to McAuliffe, and there is evidence that the former Electrical Workers secretary-treasurer who made these loans was himself in business dealings with McAuliffe. Labor rackets investigators have been looking into the underlying transactions, and the trustees of the plan have been sued for their negligence in making these imprudent loans. The transactions scream kickbacks to any experienced labor rackets investigator, but the probe remains stalled.
I hope the probe heats up........get them Rats!!
MICHAEL R. STEED--Mr. Steed, a director of GCL since its inception, is Senior Vice President of Investments for the Union Labor Life Insurance Company, ULLICO Inc. ("ULLICO") and its Family of Companies and President of Trust Fund Advisors, ULLICO's investment management subsidiary. Mr. Steed joined ULLICO in November 1992 after serving seven years as President and Founder of A.F.I.C. Group, Ltd., a financial and investment consulting firm. From 1983 to 1985, Mr. Steed was the Executive Director of the Democratic National Committee. He received his JD degree from Loyola University School of Law in Los Angeles and his BA degree from Loyola Marymount University in Los Angeles.
Private Capital Investing: The Logic Revealed
A new undersea fiber-optic cable company named Global Crossing Ltd. went public on August 14, 1998. That morning, at the moment Global Crossing's stock began trading on the Nasdaq, ULLICO Inc.'s $7.6 million private capital investment in the company was worth at least $320 million - a 4,000 percent gain in about a year and a half.
A gain of this magnitude is not hard to understand if you know that Global Crossing is involved in wiring the world to meet the explosive and seemingly limitless demand for Internet, voice, and video services. It also makes sense when you know more about a special program at ULLICO and the skilled investment team that manages it.
The Global Crossing investment is part of a private capital investment program that began quietly in 1992 with several small investments. Since then, ULLICO and its subsidiaries, such as The Union Labor Life Insurance Company and MRCo, Inc., have committed $145 million in a total of 55 alternative investments. They are "alternative" in the sense that in addition to achieving high returns, they have the collateral benefit of maintaining and creating union jobs.
"I'm extremely pleased with the results of our private capital investing program to date," said Robert A. Georgine, Chairman, President and CEO of ULLICO Inc. "While our experience with Global Crossing is exceptional by any standard, it demonstrates the inherent soundness of our whole approach to alternative investing. It is one more way for ULLICO to serve unions and their members, and organized employers."
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So perhaps they broke out a little piece for Terry!
This should be sent to Waxman, Lieberman, etc. as well. They seem to think that the peons of America are too stupid to connect the dots unless they tell us what we're supposed to think and know. Oh, and don't let me forget, "Mr. I did not have political relations with that man, Mr. Lay, Fritz Hollings".
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