Working Life

Here’s a riddle: what large entity has the theoretical access to deploy a few trillion dollars, quickly, if given the chance? If you answered the Chinese or US governments, thank you for playing and please try again another time. The answer: labor unions.

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   On the face of it, it’s a good thing when the labor movement leverages the trillions of dollars–yes, that’s TRILLIONS–that sit in pension funds. It’s been a topic of debate for a long time. The question is: what do we get? Here is the example, via The Wall Street Journal: New York Gov. Andrew [...]

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   Pardon me while I yawn. The measly fine that Citigroup is paying to settle civil complaints charging that the bank defrauded investors is really something else: it’s a stay-out-of-jail, keep-your-reputation card for Robert Rubin and a lot of other senior Citi officials, past and present. Instead, this deal–as was true with the miniscule fines [...]

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