Posted on 02/09/2002 3:03:05 PM PST by Bayou City
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."
GlobalCrossing :
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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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