Skip to comments.Global Crossing: Labor's Questionable Windfall
Posted on 03/14/2002 3:14:26 PM PST by Big BunyipEdited on 04/13/2004 2:16:31 AM PDT by Jim Robinson. [history]
The unfolding scandal involving Global Crossing may be about to engulf an unlikely group: the U.S. labor movement. The labor connection involves a union-owned life insurance company that was one of the original investors in the fiber-optic outfit, providing some of initial seed money to Global founder Gary Winnick. It was a savvy deal for the unions that own the insurer, ULLICO Inc., earning the company a $500 million profit on a $7.6 million investment.........
(Excerpt) Read more at businessweek.com ...
..Aaron Bernstein is the left wing bast... who tried to scuttle the Business Week article on Ron Carey. He is awfully weak and always has a far left political agenda...the idea that he would expose these union leaders and McAulliffe is hard to swallow...this is something that needs more detailed investigation.
Terrry McAuliffe let the fearless AFL "leaders" in on the deal and in turn they had to kick back ........ they just doubled down on this one ........ trading on insider pension moves is certainly not new .... but when the bottom falls out and you use the fund to prop up your own position is a ballsy paper trail (unless you have Mary Jo White on the case)
Bob Georgine is just the tip of this iceberg
I doubt these guys took much money out of their own pockets to fund the DNC ....... I'm sure the gratitude to Terry's DNC is reflected with the union coffer
it looks like the fearless AFL "leaders" partially Funded Global Crossing's IPO with Bernie Rappaport's Union Labor Life (backed by union pension funds) and all got on board for the ride up then used the insurance company's assets to prop up the stock so the AFL directors could get out at the top
the lawyers in these matters. Stanley Brand is representing Arthur Anderson in the criminal case. He was a talking head Clinton defender...he represents some of these union leaders and many of the PACs associated with their unions.
My guess is that these union leaders also contributed (from the union coffer) to the DNC and to Gore. It may be that this was a means to get money out of ULLICO and into the politcal arena. I'll bet that this was at least some of what was going on here.
this is a variant on the Union First Credit card deal ........ when will Ted Kheel surface ?
In 1995, Kheel played a major role arranging the sale of the AFL-CIO's "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 Party's 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 Carey's 1996 Teamsters reelection bid.
A bio on Steed from page 48 of the Global Crossing's SEC page...
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.
Jade, this ping is for you incase you weren't on the ping list.
Double Crossing might become the biggest nightmare of the elite of the DemonicRats from Senators to Union leaders.
Remember they did it for the chilrun, abortions for all and expanding the Gay Agenda. None of these elite fascists did these things to enrich themselves. (Yeah sure!)
"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)."
Not a 'new' revelation to many, but a pretty good HISTORY.
The 'beginnings' of Terry McAuliffe from 'Mother Jones, April, 1997.
it's the hippies v. the construction workers ......a 60s redux ......except that now the war protesters have some of the sissy unions ..... but the hard hats still hate them (and their unions are still candy stores for the mobs and will therefore support whomever owns the cops)
Bernstein is a rat who must be analyzed carefully. He will do anything to build up the left and destroy everything he believes is not the left. It looks like he is trying to knock off Georgine and the Bldg Trades and exhonorate Sweeny and the left. Bernstein wants the left to control Labor and to continue to pump 90% plus into the Democrat Party.
President Clinton: "Arms dealer? Golly, gee, I thought he said he was delivering my double
order of General Tso's chicken with egg roll from the Chinese restaurant on "O" Street."
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