Union Corruption

Author Subject: Union Corruption
Anon. Posted At 11:02:57 06/07/2001
National Legal and Policy Center -- Organized Labor Accountability Project


May 21, 2001 -- Vol. 4, Issue 10


For Influential Leaders & Important Decision Makers:
Information on America's most corrupt & aggressive unions


SEC Wins Injunction Against Oregon Union Fund Mangers
The Securities & Exch. Comm'n has obtained a permanent injunction against former Capital Consultants executives Jeffrey and Barclay Grayson, the first step toward barring Jeffrey Grayson for life from the money management business. Jeffrey Grayson is ex-CEO of Capital Consultants, the Portland, Or., money management firm that has reportedly lost more than $200 million of client money. Most of the losses came from union pension plans, including the Laborers' Int'l Union of N. Am. The Dep't of Labor continues an effort to recover money from Capital Consultants and the Graysons to defray the union trust funds' losses. SEC is not seeking money damages against the Graysons, although SEC has reserved the right to enforce a financial penalty against them.

In suits filed Sept. 2000, SEC and DOL claimed that the Graysons engineered a complex Ponzi-like scheme to disguise the fact that $160 million in loans to the former Wilshire Credit Corp. had actually failed. Dozens of union trust fund clients have sued the Graysons and others in connection with Capital Consultants' meltdown. Those suits are scheduled to go into confidential mediation where the various camps will attempt to reach a settlement May 29. [Oregonian 5/10/01]

max Re: Union Corruption (Currently 1 replies)
Posted At 14:22:33 06/07/2001

hello? could anon. explain exactly how unions are corrupt? this story simply contends that money managers are the culprits, not the unions themselves (or their members). immediately jumping to the conclusion that the union is corrupt is only a sign that the organization behind this post is woefully blinded by its ideology and sadly unconvincing.
IWA Re: Union Corruption (Currently 0 replies)
Posted At 19:48:22 06/10/2001

Messages that had been here were deleted after research proved that the writer misrepresented who they were while posting false propaganda.

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