Saturday, April 30, 2016

Big Labor, Big Problems

By Frank Friday

Amid all the election hoopla this year there is an amazing story about to break, almost completely ignored by the liberal media. The country’s largest labor union, the Teamsters, is about to have its largest pension fund, the Central States, go bust. Without some sort of bailout, draconian cuts to pensions could be authorized by a May 7 deadline. Lots of other union plans may follow. If the Obama Treasury Department doesn’t approve the cuts, or the members vote them down, the whole fund will then be headed for bankruptcy court.

You may remember the Central States from such movies as Casino and Hoffa and TV shows like "Crime Story". Basically the scam was Central States, controlled by mob-connected union bosses, lent money to front men who bought Las Vegas casinos and in turn allowed the Outfit to skim untold millions. This was a great deal for everybody involved, except the working stiffs who saw their pension money being plundered by the Mafia. The Las Vegas racket ended years ago, but Central States continued to invest unwisely and now the jig is up, so to speak. This is all very much in keeping with the irreversible decline of union membership.......

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