Hello Buster49,
Robert Georgine is ULLICO’s (The Union Labor Life Insurance Company)
chief executive officer and until January 2000 was president of the
labor federation’s Building Trades Department.
ULLICO Inc. was founded as The Union Labor Life Insurance Company in
1925 to provide death benefits to the families of union members. After
seven decades ULLICO has emerged as a diversified financial services
company that creates and distributes a broad range of insurance,
managed care, investment, and fund administration products.
Source: Ullico Website
http://www.ullico.com/profile.html
Robert A. Georgine, chairman, president and chief executive officer of
ULLICO Inc., has held many posts in public interest, industry, and
advisory groups.
“Aside from his duties at ULLICO Inc., president emeritus of the
Building and Construction Trades Department, AFL-CIO, and a member of
the labor organization's Executive Council. He also serves as
president of the Center to Protect Workers' Rights, and is on the
boards of the American Council of Life Insurance, Citizens for Tax
Justice, the National Housing Conference, and the Alliance to Save
Energy. He is a member of the Advisory Committee to the Harvard-MIT
Joint Committee for Urban Studies, and is an executive committee
member for the National Center for Productivity and Quality of Working
Life. He also serves on the board of the National Italian American
Foundation, the National Environmental Development Association, and
the National Resource Center for Consumers of Legal Services.”
Source: Ullico Bulletin July 2001
http://www.ullico.com/bulletins/july2001/bulletin07_01f.html
========================================
Robert Georgine had been in the news lately in relation to Ullico’s
inside stock deals.
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“Ullico Spells Union Corruption” by Lee Sustar – April 12, 2002
“According to recent reports in the Wall Street Journal and Business
Week, union officials used ULLICO funds to stuff millions of dollars
into their pockets with Enron-style insider deals involving Global
Crossing, the now-bankrupt telecommunications company. At the top of
the list was Robert Georgine, who recently retired as head of the
AFL-CIO Construction Trades Department after 26 years and remains
chair of ULLICO.
(..)
In 1997, Georgine took advantage of connections with top Democratic
Party operatives to invest ULLICO funds in Global Crossing. Georgine
and other union officials were able to profit personally as well--at
the expense of the unions they represent.”
(..)
In December 1999, Georgine secretly gave ULLICO directors and officers
a chance to buy stock before the price was increased to reflect gains
in Global Crossing. But when Global Crossing stocks tanked, most union
board members sold ULLICO stock at $146 per share--because they knew
that ULLICO stocks would soon be reduced to $75 per share. Total
profit for directors: $6.5 million.
Source: Socialist Worker Online Website
http://www.socialistworker.org/2002-1/402/402_11_ULLICOCorruption.shtml
==================================
In the “Union Corruption Update” of November 11, 2002
“That still leaves Morton Bahr, President of the Communication
Workers. of Amer. (CWA), Robert Georgine, former. head of the
AFL-CIO's Bldg. & Construction Trades Dept., United Assn. of Plumbers
& Pipe fitters pres. Martin Maddaloni, and former. Intl Assn. of Iron
Workers. Pres. Jake West, as four of the leading union chiefs still
clinging to their stock profits from ULLICO. The union-owned insurance
company saw its stock first skyrocket, then plunge, as ULLICO
directors bought into Global Crossing, whose stock rose during the
telecom bubble, then crashed into bankruptcy in 2001.
The five officials mentioned above, and other ULLICO board members,
were allowed to buy and sell ULLICO stock before its value was reset
at the beginning of each year. Thus, board members could buy ULLICO
stock "low," before its value rose along with Global Crossing's in
1999, then sell back their stock "high," before it was readjusted
downward as the telecom bubble burst in 2000 and 2001 and Global
Crossing spiraled toward the 4th largest bankruptcy in history. But
ULLICO's rules only allowed individuals, with a relatively small
number of shares, to participate. As a result, large pension funds
were stuck with ULLICO's falling stock. ULLICO officials are now under
investigation from the U.S. Dept. of Labor and Dept. of Justice.”
Source: National Legal and Policy Center
http://www.nlpc.org/olap/UCU3/05_23.htm
==================================
In an article on November 18, 2002 in Business Week “Labor Chieftans'
Secret Stock Deal” by Aaron Bernstein, and Paula Dwyer:
“At the end of 1999, Georgine owned 52,868 shares of ULLICO, according
to the company's proxy. But he bought many of them with an
interest-free loan from ULLICO, say those with knowledge of the
transaction. So he stood to make millions off his shares. It's not
clear if this raises legal problems, but even his supporters concede
that he's likely to take heat from the labor movement if word gets
out. Georgine also could have a difficult time returning such a large
sum, as McCarron has offered to do.
(..)
If ULLICO directors do decide to return their stock profits, it may
help to insulate them from the grand jury. After all, it would be
tougher to convict anyone of improperly taking money they voluntarily
gave back. Of course, disgorgement would also be a public admission
that they shouldn't have taken the money in the first place. Either
way, labor's image will be tarnished.”
Source: Business Week
http://www.businessweek.com/magazine/content/02_46/b3808108.htm
==================================
In the “Union Corruption Update” of November 25, 2002
“Union Directors Colluding to Keep Internal Report from Grand Jury
Directors of the Union Labor Life Insurance Company (ULLICO) are
attempting to keep a report on their insider stock deals under cover
of "attorney/client privilege," and away from the U.S. Attny in
Washington, D.C.
ULLICO pres. and ex-chief of the AFL-CIO's Bldg. & Construction Trades
Dept., Robert Georgine, allowed the union boss directors to buy and
sell ULLICO stock before its value was reset at the beginning of each
year. Thus, with ULLICO's stock highly leveraged on the telecom firm
Global Crossing, directors could buy ULLICO stock "low," before its
value rose along with Global Crossing's in 1999. As the telecom bubble
deflated in 2000 and 2001, they were allowed to sell back their stock
"high," before its price was readjusted downward as Global Crossing
spiraled toward the 4th largest bankruptcy in history. But ULLICO's
rules only allowed individuals, with a relatively small number of
shares, to participate. As a result, the huge union pension funds,
which largely own ULLICO, were stuck with its falling stock.”
Source:
National Legal and Policy Center -- Organized Labor Accountability
Project
http://www.nlpc.org/olap/UCU4/05_24.htm
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Additional information that may interest you:
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Robert A. Georgine and J for Jobs account.
“Now in its twenty–third year of providing tax–exempt pension plans a
sound means to invest in a portfolio of high–quality mortgages, the
account began its existence humbly enough with one participant: the
United Brotherhood of Carpenters Pension Fund.
"It was a modest start," noted Georgine, "but I had a lot of faith in
the merits of such an account. Something that made good money for
pension funds and helped employ union workers at the same time was
something very easy to get behind," he said. "At the time, there was a
lot of money invested in union pension accounts that wasn't being used
in ways that helped union workers, and unemployment was high. Why not
put the money to work helping union workers and businesses at the same
time."
Source: Ullico Bulletin – November 2000
http://www.ullico.com/bulletins/nov2000/bulletin09_00f.html
A letter from Robert Georgine to Maria Echaveste in 1995
http://www.capital.net/~frankn/BuildingConstTradesDept_Georgine_Letter_1995_05_31.htm
Search Criteria:
"Robert Georgine"
"Robert Georgine" "Building trades" "Labor Movement"
I hope you find this helpful.
Best Regards,
Bobbie7-ga |
