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Archive for November 15th, 2004

Teamster Pensions and Yours

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Fantastic opener for an article on the failure of the Teamster pension fund at the hands of Wall Street – a fund which survived its time as the mob’s stash of capital… (Hint: think about this when wondering whether privatizing SS is such a fantastic idea…)

In the 1960’s and 1970’s, the Teamsters’ huge Central States pension
fund was a wellspring of union corruption. Tens of millions of dollars
were loaned to racketeers who used the money to gain control of Las
Vegas casinos. Administrative jobs were awarded to favored insiders who
paid themselves big fees. A former Teamster president and pension
trustee was convicted of trying to bribe a United States senator.

for nearly half a million union members who are expecting the fund to
pay for their retirement, those may have been the good old days.

1982, under a consent decree with the federal government, the fund has
been run by prominent Wall Street firms and monitored by a federal
court and the Labor Department. There have been no more shadowy
investments, no more loans to crime bosses. Yet in these expert hands,
the aging fund has fallen into greater financial peril than when James
R. Hoffa, who built the Teamsters into a national power, used it as a
slush fund.

Written by adswithoutproducts

November 15, 2004 at 9:34 am

Posted in Current Affairs