Harry Krause wrote:

It just figures that you would be a big fan of Wal-Mart, the rogue
emplouer, predatory retailer and largest U.S. purveyor of goods made by
exploited workers in the communist People's Republic of China.

For a moment, let's go with your rant and pretend it's true.

Tell us then, is what Walmart does any different than the theft going on
at Ullico?


Perhaps those people who think that a military invasion of another
country to steal its assets is immoral? But, then, what would you know
about that kind of morality?

Yes, let's talk about morality, something you know little about
personally. Let's talk about Ullico, and stealing and fraud:

-----------------------
For media inquiries, please contact the individual listed below:
Harry Krause
ULLICO Inc.
(202) 682-7957



Union Pension-Owned Company Set to Lose $20-$30 Million

Its stock windfall from the bankrupt Global Crossing now gone, Georgine,
former head of the AFL-CIO's Bldg. & Construction Trades Dept., blamed
chief financial officer John Grelle for the losses. Days later, Grelle
resigned in protest, blasting Georgine for not selling the company jet,
which costs $3 million a year. There was no indication if Grelle also
called on Georgine and other union boss directors of Ullico to return
the more than $6 million they made in inside deals of Ullico stock in
2000 and 2001. In the late 90s, Ullico was able to buy Global Crossing
stock at its initial public offering (IPO) price. By 1999, a $7.6
million investment had mushroomed to $335 million. After pricing its own
stock at a set $25 per share, Ullico directors changed the rules,
setting a new price at the beginning of each year.

Global Crossing spiraled toward bankruptcy, and Ullico's stock took a
tumble, the Ullico directors who had bought their stock at $54 a share
were given two opportunities to sell it back, the first time for $146 a
share, the second time for $75. As Georgine and the other Ullico
officials made $6.7 million in profits, the union pension funds that own
Ullico could not take advantage of the same deal.

[New York Times 3/28/03]
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Oh, right, I forgot. This Ullico fraud is something you will not talk
about. You just want to talk about others and not about your own
involvement in immoral acts.

One has to shake ones head about someone who has taken a sanctimonous
attitude about workers rights, fairness, and compensation, and then is
involved with a company who is stealing from those very workers. Such is
democratic liberalism: watch my mouth not my hand.

-- Charlie


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