The article shows that the Teamsters do not invest in Bain capital and that
they have a committee that filters out companies such as Walmart and Bain that
they do not want to invest in because they are worker unfriendly. Certainly the
Teamster's will invest in the system they are more or less forced into that but
they do try to exert some control and not just pick out the highest return
without considering other factors. There is nothing at all hypocritical about
the specific criticism of Romney and Bain.
Cheers, ken
Blog: http://kenthink7.blogspot.com/index.html
Blog: http://kencan7.blogspot.com/index.html
________________________________
From: raghu <[email protected]>
To: Progressive Economics <[email protected]>
Sent: Thursday, June 7, 2012 2:27:33 PM
Subject: [Pen-l] Exhibit #106255 for union hypocrisy and general awfulness
Are you surprised that people hate unions?
http://www.cnbc.com/id/47631088/
------------------------------snip
If you’ve been listening to Teamsters President James Hoffa lately,
you might think the Teamsters hate private equity.
After all, Hoffa made this blistering criticism of GOP presidential
nominee Mitt Romney and his career in private equity at Bain Capital
on May 7th: “He represents everything that is wrong with our financial
system. He made his money as CEO of Bain Capital by destroying U.S.
businesses, sending good-paying American jobs overseas and filling his
pockets with millions while putting workers out on the street.”
But it turns out that the Teamsters themselves make plenty of money
from private equity through investments made by their regional pension
funds, which are independently administered.
In fact the Western Conference of Teamsters Pension Trust has about
$1.5 billion invested in private equity funds, according to the head
of that pension board’s investment committee, Rome Aloise.
And Aloise, who has been a Teamster since 1967, says he’s not
comfortable with broad-brush criticisms of the private equity
industry, whether they come from the Obama administration or anybody
else. “I’ll be honest with you,” he told CNBC. “I cringe sometimes
when I hear them beating up private equity for the sake of beating up
private equity.”
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