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May 09, 2003
Labor Financial Scandal - Heads Roll
Want to know the difference between a financial scandal at a labor union-related outfit versus a corporate firm?
Well, the size of course. The media focuses obsessively on tiny union scandals as if they are equivalent to the trillions of dollars in investor money that went down the rathole of Wall Street lies, hype and scams.
But a bigger difference is that unions fire the CEOs responsible for allowing scandal to happen. When scandal-ridden ULLICO Inc. was caught manipulating numbers at the expense of union pension fund shareholders, the rightwing media was all agog.
But while Wall Street firms received slaps on the wrist from regulators last week, their CEOs are still mostly in place.
But the head of the union fund ULLICO was just fired.
That's accountability. Maybe corporate America should learn something from it.
Posted by Nathan at May 9, 2003 05:09 PM
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Posted by: Bartholomew at July 27, 2004 03:09 PM
