Group Says Unions Have Their Own Enron

Fox News ^ | 08-15-02 | Major Garrett

[RJayneJ]

WASHINGTON

[RJayneJ]

I searched and did not find it listed.

[Hugin]

I saw a report on Fox last night about this. Let's see if it gets one tenth the media exposure of Enron, Worldcom, etc.

[Ernest_at_the_Beach]

Also reported here:

Big Labor’s Enron : Self-dealing benefits union bosses at the expense of workers.

And From:

Tuesday, August 13, 2002 He hit me first! Unable to shake the accusations that they're in the pocket of big corporations who steal money from working people's retirement plans, conservatives are attempting a new approach: liberals do it do. It's a time-tested strategy: cloud the issues, make everybody seem to be the same, and no harm will be done to you. In the National Review Online, Joel Mowbray calls ULLICO, a financial-services company run which primarily invests money from union pensions, "Big Labor's Enron." If labor unions are corporate criminals as well, then we can all forget about all the money the President's friend Ken Lay stole from thousands of retirement accounts (the last figure was $247 million; why isn't he in jail yet?). However, even though it did not stop Mowbray from writing the article, the biggest problem with ULLICO was that it was heavily invested in Global Crossing (which Mowbray calls "the telecom favored by wealthy Democrats such as Terry McAuliffe" -- what does that mean? Is Terry McAuliffe complicit in what happened there, Mowbray?). ULLICO did not anything that wrong except get burned by the criminals at Global Crossing. Mowbray wants a Congressional investigation, except he does not think one will happen because "Sen. Ted Kennedy, chairman of the Senate committee that would be tasked with looking into ULLICO wrongdoing, received $1,000 from ULLICO in 2000. ULLICO's political action committee has handed out $31,500 this year, 94 percent to Democrats." I'm sorry to point this out, though, but $31,500 does not make one a big spender in Washington. And the $1,000 that Ted Kennedy received two years ago? I'd hazzard a guess that Kennedy has room service bills from two weekends ago which are higher than that. ULLICO is not the issue that's depressing America's confidence in the financial markets and their bank accounts -- Enron is and the administration's timid response to Enron is. (Timid may be too generous, since there has been a complete lack of response to the current economic crisis from this White House.) Mowbray should stop trying to confuse the issue and join millions of others who want the real corporate crooks behind bars. posted by Partha Mazumdar at 8/13/2002 05:55:36 PM I Comments [4]

[Free the USA]

There are more articles under Union Bosses Index Bump

[dd5339]

bump

[RJayneJ]

ping

There are additional sources here.

[mlocher]

Analysts say the developing scandal could undercut union attacks on big business

this was my first thought as i read the first three sentences of the article. it also begs the question of what good unions do for their workers if they cannot even secure a decent pension for their workers. let the heads roll...

[mlocher]

If labor unions are corporate criminals as well, then we can all forget about all the money the President's friend Ken Lay stole from thousands of retirement accounts (the last figure was $247 million; why isn't he in jail yet?). However, even though it did not stop Mowbray from writing the article, the biggest problem with ULLICO was that it was heavily invested in Global Crossing (which Mowbray calls "the telecom favored by wealthy Democrats such as Terry McAuliffe" -- what does that mean?

if labor unions are corporate criminals as well, then we can send them to jail with key lay, terry mcauliffe, et. al. this article seems to be written by a socialist who does not the unions to look bad.

[RJayneJ]

Me too. I was telling JohnHuang2 about it and decided to look up the article. I have been watching Fox off and on all day and have yet to hear another word about it.

[WindMinstrel]

this will be dusted under the rug by the same scumbags who decided that Toricelli didn't commit any crimes...

[RJayneJ]

Thanks for the additional source. I'll be curious to see if this is all the coverage it will get. Funny that it surfaced during the August recess.

[RJayneJ]

Sadly, I think you might be right.

[LarryLied]

Global Crossing is an absolute disaster.

The Canadian Imperial Bank of Commerce(CIBC) gave Winnick the start up money for Global for a 25% stake in the company.

The largest shareholder in CIBC is the chairman of Hutchinson-Whampoa--Li Ka-shing.

Dean C. Kehler, Andrew R. Heyer, and Jay R. Bloom all of whom worked with Winnick under Milliken at Drexel in the 1980s worked for CIBC and arraigned the deal.

CIBC hedged Global and made over $1 billion.

Winnick sold out his shares for $735 million

Li Ka-shing and Hutchinson-Whampoa bought Global Crossing this week for about 25% of what Winnick and CIBC made selling Global stock.

Details here:

http://www.freerepublic.com/focus/news/732403/posts

[Vidalia]

"Li Ka-shing and Hutchinson-Whampoa bought Global Crossing this week for about 25% of what Winnick and CIBC made selling Global stock."

The Chi-Coms must think they got a good deal, but on what?

Brokers should tell their clients just who these groups are and wholeheartedly suggest a sell-off to send the stock price to about $.02 or less, if that's possible at this late date...

[conservatism_IS_compassion]

Rush had this story today.

[RJayneJ]

That's encouraging. I know we all fret about what the Dems can do to us in the next election, but they are in worse shape than they would like to admit. They can't buy a break it seems. The party is split down the middle between the Clinton and Gore factions. Every time they think they can damage the Pubbies, the latest scandal winds up blowing up in their face again. They have two threats from the left in the black faction of which Al Sharpton may run to get concessions, especially if Lieberman ends up doing well, and the Ralph Nader faction that kept Gore from the presidency last time. Poor babies...

[gov_bean_ counter]

Dam*, there's that 1999 date again. Pesky little problem for the Dems in their run for the roses.

[LarryLied]

Did Rush mention the full story of Global? Where Winnick got his money and where he spent it?

[Freedom'sWorthIt]

I did not see this til now. No surprise of course. And it will not be seen on ABC,CBS, NBC....but thanks for the report. Bookmarked.

[LarryLied]

Winnick is suing Global Crossing now. He wants $500,000 in back rent owed to one of the side companies he and his pals set up to milk Global.