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Balanced Fare: We Report, You Deride

Tuesday, August 13, 2002

A Complicated Story That May Not Attract a NY Times Editorial

This story has boardroom shenanigans, puzzling accounting decisons, troubling insider dealing, a sitting grand jury - everything except the greedy businessman at the heart of every scandal. The Times touched it last May, the WSJ has reported it, and now NRO turns over ULLICO. Never heard of ULLICO? NRO tells us it is "a financial-services company run by union bosses that primarily invests money from union pension funds.

OK, complicated share price maneuverings. I don't know if the WSJ archives are open to all, but here is a snippet:

"Company proxy statements reviewed by The Wall Street Journal don't record the precise dates on which directors sold their shares. But based on the fixed price at which Ullico shares traded during most of that 21-month period, those transactions may have earned half a dozen or more sellers hundreds of thousands of dollars each -- a total of $6.5 million or more in profits. Board members themselves approved the prices and rules that governed these sales."

Well. The MinuteMan learns about crooked union accounting. Red letter day. Still, we await the thunder from the Times.

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