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.” _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
