Harlem civil rights leader Al Sharpton on Saturday slammed one of New York’s most powerful unions for its failure to steer its assets into a minority-run investment fund.
During his weekly broadcast from his National Action Network headquarters in Harlem, Sharpton said he is concerned that the influential Service Employees International Union Local 1199 is not investing in ways that reflect the diversity of its members, following an exclusive report by The Post about the union. hypocritical investment strategy.
“Across the board, unions and labor must conduct business in a way that reflects their politics, and I believe they will,” Sharpton said.
“But I will make sure; we will sit with them. I think it’s important. I want a member [NAN] and union members should be assured that we will meet him [union presidents] in the next week or so. That’s important.”
Harlem civil rights leader Al Sharpton slammed one of New York’s most powerful unions for failing to steer its assets into minority-run investment funds.GNMiller/NYPost
Sharpton said he has met with George Gresham, president of SEIU 1199, and will continue discussions with the powerful union, which operates in New York, New Jersey, Maryland, Massachusetts, Washington, DC and Florida.
His scathing comments came less than two days after The Post revealed that the union failed to invest its funds with a minority investment fund.
The SEIU union, which helped propel Bill de Blasio to two terms as the city’s mayor, has ignored lobbying efforts to invest some of its wealth in women-owned and minority-run funds.
Sharpton said he has met with George Gresham (seen above), SEIU’s 1199 president, and will continue discussions with the union. Getty Images
“Across the board, unions and labor must conduct business in a way that reflects their politics, and I believe they will,” Sharpton said Saturday during his weekly broadcast from the National Action Network headquarters in Harlem.GNMiller/NYPost
The union, led since 2007 by Gresham, boasts that the majority of its 304,982 members are women, while it has focused efforts on recruiting among minority communities.
But records examined by The Post show that one of those eight funds alone, the National Benefit Fund, has more than $17 billion invested with major Wall Street firms including Blackstone and Apollo Global Management, Beverly Hills-based Platinum Equity, and a series of another. hedge funds and private equity funds.
“They really don’t support their diversified foundation in terms of their investment strategy,” said Robert Greene, CEO of the National Investment Company Association, an industry association for diversified private equity firms and hedge funds. “They have little investment with minority-run investment funds.”
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Source: thtrangdai.edu.vn/en/
