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To: long-gone who wrote (88627)	8/16/2002 6:32:14 AM
From: long-gone	Respond to of 116764

OT(?) Union Leaders Accused of Profiting From Insider Trading Jeff Johnson, CNSNews.com Thursday, Aug. 15, 2002 WASHINGTON – A non-profit group that fights forced unionization and illegal political uses of union dues filed an unfair-labor-practices complaint this week against a company that provides life and health insurance products to union members. National Right to Work Legal Defense Foundation (NRTW) alleges that Union Labor Life Insurance Co. Inc. (ULLICO) allowed top union leaders to profit from insider information through a "scheme" NRTW compared to the questionable accounting practices recently exposed at a number of U.S. corporations. The complaint was filed with the National Labor Relations Board. NRTW alleges that among those who personally profited from the stock transactions were Morton Bahr, president of Communications Workers of America; Douglas McCarron, president of United Brotherhood of Carpenters; and Martin Maddaloni, president of United Association of Plumbers and Pipefitters. Exploiting the Proletariat – Just Like Enron "These guys got rich, basically, off the workers they're supposed to be protecting," said Dan Cronin, spokesman for NRTW. "This is exactly what Enron did." Calls to United Brotherhood of Carpenters and United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry were not answered. ULLICO and Communications Workers of America refused to comment on NRTW's allegations. The NRTW complaint alleges that the union leaders and other members of ULLICO's board of directors were advised to buy 4,000 shares of the company's stock in 1999 for $53.94 a share, at the urging of ULLICO President Robert Georgine. In May 2000, according to the complaint, the board voted to inflate the value of ULLICO's stock to $146 a share. The vote was taken, NRTW alleges, despite the questions about the true value of the stock. Because ULLICO is not a publicly traded company, it has the option of determining the value of (cont) newsmax.com