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An internal probe and preliminary criminal investigation, regarding alleged misappropriation of funds, has resulted in a lifetime ban against Tyrone Freeman, now the former head of United Long-Term Care Workers Union. Freeman, who had ostensibly served the interests of approximately 190,000 union members, who each earn an average wage of about $9 per hour, has also been ordered to repay more than $1 million of allegedly misdirected funds.

Some of the indicated misappropriations involved Freeman's directing of questionable payments to the businesses of both his spouse and her mother, among others. Additionally, some of the transactions which are being investigated involve payments which Freeman had allegedly directed to himself.

The Los Angeles Times, which originally broke this story in August, outlines the results of an internal probe which has been conducted by Service Employees International Union (SEIU). LA Times reports: "The SEIU's inquiry included hearings conducted by former California Supreme Court Justice Joseph Grodin. His report to (SEIU President, Andy Stern) stated that Freeman had engaged in a pattern of financial malpractice and self-dealing."

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Service employees union boss takes it on the chin originally appeared on BloggingStocks on Thu, 27 Nov 2008 11:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Andy SternAndySterninquiryinvestigationLA TimesLaTimesLos Angeles TimesLosAngelesTimesSEIUService Employees International UnionServiceEmployeesInternationalUnionTyrone FreemanTyroneFreemanThu, 27 Nov 2008 11:02:00 EST<![CDATA[What do labor unions have against private equity?]]>http://www.bloggingstocks.com/2008/08/26/what-do-labor-unions-have-against-private-equity/http://www.bloggingstocks.com/2008/08/26/what-do-labor-unions-have-against-private-equity/http://www.bloggingstocks.com/2008/08/26/what-do-labor-unions-have-against-private-equity/#commentsFiled under: ,

I'm not normally one for union-bashing, but I'm puzzled by organized labor's record of private equity-bashing. The New York Post reports that the two million member Service Employees International Union wants increased government oversight of the private equity industry, with a special emphasis on the various banks that are in desperate need of cash.

"The biggest buyout firms are used to gaming the system to turn a profit -- it's no surprise they want special rules now to take over another sector of our economy," SEIU president Andy Stern told the Post.

KKR and other buyout shops counter that the SEIU is trying to unionize employees at companies acquired by private equity, and is grasping at straws to drum up support.

That may be the case, but I can't imagine one has to do with the other. Employees should join unions (or not) because they feel (or don't feel) that their pay, job security and working conditions will benefit from membership. Bashing buyout firms would seem to be an irrelevant sideshow and a counterproductive one at that. Many union pension plans are large shareholders in banks and other firms that stand to benefit from private equity involvement, and they may be shooting their members in the foot by fighting macro issues like banking regulations that have absolutely nothing to do with their members' interests.

What do labor unions have against private equity? originally appeared on BloggingStocks on Tue, 26 Aug 2008 15:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>LaborPrivate EquityPrivateEquityService Employees International UnionServiceEmployeesInternationalUnionUnionsTue, 26 Aug 2008 15:55:00 EST