December 2007 - Posts

• SEIU's Top Ten Reasons David Rubenstein Purchased the Magna Carta

  NEW YORK, /PRNewswire-USNewswire/ -- It might be all the eggnog we have been drinking this week, or just the unbelievable irony of it all, but SEIU's folks at BehindtheBuyouts.org couldn't resist some idle speculation about what may have been going through David Rubenstein's head this week when he plunked down $21.3 million to buy the Magna Carta, one of the foundational documents of Western freedoms, human rights, and civil liberties. So, with all due respect to our striking brothers and sisters at the David Letterman Show, here are:     SEIU's Top Ten Reasons Why Carlyle Group Co-Founder David Rubenstein Purchased the Magna Carta     1. That $21 mil was burning a hole in his pocket.     2. 13th century feudalism provides blueprint for personnel policies at Manor Care and other Carlyle-owned companies.     3. After executing the expected dividend recapitalization at $1 million per section he could triple his investment within the first six months.     4. Being called a nouveau billionaire doesn't carry same cache as the term "medieval baron."     5. Prop to hold up at next Congressional hearing on tax breaks for buyout billionaires.     6. Only way he can legally take an eraser to those pesky sections about due process (while attempting to steamroll regulations designed to protect nursing home residents).     7. Finding that perfect holiday gift is a *** when you are worth a gazillion dollars.     8. Human rights charter is the perfect white elephant gift at the Abu Dhabi Government's holiday party.     9. Can't wait to show his buyout industry buddies the part about how all citizens should be subject equally to the laws of the land.     10. The Magna Carta's Return On Investment (http://online.wsj.com/article/SB119801881068437867.html )is better than Carlyle's (these days).     Bonus Reason:     Rubenstein's public statements to the contrary, freedom today does actually have a price. And just in case you were wondering, most of us can't afford it.     With 1.9 million members, SEIU is the fastest-growing union in North America. Focused on uniting workers in three sectors to improve their lives and the services they provide, SEIU is the largest health care union, including hospitals, nursing homes, and home care; the largest property services union, including building cleaning and security; and the second largest public employee union. posted Dec 21 2007, 09:48 AM by admin with no comments

• Regulators, Markets Challenge Manor Care Buyout

  By Al Yoon and Jonathan Keehner, Rueters NEW YORK, Dec 14 (Reuters) - Key funding for Carlyle Group's $6.3 billion leveraged buyout of U.S. nursing home giant Manor Care Inc. has been pushed to the first quarter of 2008, delayed from initial investor expectations amid sour markets and regulatory delays. The deal has drawn organized protests from consumer and labor groups fearing that pressure for greater profits will worsen care for senior citizens and conditions for employees. In West Virginia, a state authority on Friday will reconsider its prior approval of the deal after a request from a union. "The hope is that the Health Care Authority will reexamine the terms of this deal," said Sherri McKinney of the Service Employees International Union, which requested the review. Click here to read the rest of the article. posted Dec 17 2007, 09:53 AM by admin with no comments

• Union boss acts locally, thinks globally

  Andrew Stern, head of SEIU, says foreign as well as U.S. workers should share in employers' success. - By Molly Selvin, Los Angeles Times Staff Writer Andrew Stern, maybe the most powerful union boss in the country, doesn't always act the part. As president of the Washington-based Service Employees International Union, Stern, 57, has attracted attention for standing with Wal-Mart Stores Inc. Chief Executive H. Lee Scott Jr. and other corporate leaders, some of them decidedly anti-union, to push for a healthcare overhaul and for meeting with government officials in China in an effort to help improve working conditions there. In Los Angeles and across the country, Stern has helped negotiate significant wage increases and benefits for janitors, nurses, security guards and others in the fast-growing service sector. Unlike most other unions, SEIU has grown -- to 1.9 million nationally -- in part by reaching out to low-wage and immigrant workers and with in-your-face tactics, including the Justice for Janitors walkout in Los Angeles 17 years ago. Click here to read this article. posted Dec 10 2007, 09:08 AM by admin with no comments