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Pension Fund Blackmail

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    PENSION FUND BLACKMAIL UNIONS / Thursday, March 31, 2005 ... A notable sidelight to the Social Security debate has been Big Labor s battle to keep business
    Message 1 of 1 , Apr 1, 2005
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      PENSION FUND BLACKMAIL

      UNIONS /

      Thursday, March 31, 2005



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      A notable sidelight to the Social Security debate has been Big
      Labor's battle to keep business from supporting reform. In addition
      to its usual grassroots and congressional lobbying, the AFL-CIO is
      threatening to pull its $400 billion pension fund business from any
      financial services firms backing personal accounts, according to the
      Wall Street Journal.

      For example, three trustees representing the New York City
      Employees' Retirement System recently sent a letter to a half-dozen
      investment banking companies demanding a review of their Social
      Security stance.

      Ironically, says the Journal:

      Unions are using the clout they've acquired from investing in the
      stock market to oppose a plan to let individuals invest their own
      tax money in the same market.
      According to a Tax Foundation paper, of nearly $2 trillion in public
      employee pension plan assets, 55 percent are invested in corporate
      equities.
      Labor leaders don't mind stock-market investing when it enhances
      their own political leverage, the Journal editorializes, but for
      individual workers to build their own wealth, it is too "risky."

      Source: Editorial, "Pension Fund Blackmail," Wall Street Journal,
      March 31, 2005.

      For text (subscription required):

      http://online.wsj.com/article/0,,SB111222906625193741,00.html

      For more on Unions: Campaigns and Politics:

      http://www.ncpa.org/iss/uni/


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