SEIU 1199’s Hypocrisy Goes Beyond Its Investment Portfolio | ET REALITY

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Despite supporting progressive policies and causes, the powerful union SEIU 1199 refuses to honor its own ideals when it comes to investing the money it controls, or even defending its own workers.

The union, which represents 125,000 health care workers, primarily in the New York area, backs a Who’s Who of far-left Democratic politicians such as Rep. Alexandria “Tax the Rich” Ocasio-Cortez and state Sen. Michael Gianaris.

He was instrumental in Bill de Blasio’s rise to mayor and endorsed far-left Maya Wiley in 2021; it’s virtually guaranteed that she will side with the leftmost electable candidate in any race.

Rejecting calls for more diverse asset management, 1199 ruthlessly pursues solid returns for its multibillion-dollar pension funds through big-name Wall Street firms, hedge funds and private equity groups.

“They have invested very little in minority-managed mutual funds,” said Robert Greene, executive director of the National Association of Investment Companies.

That is to say: 1199 puts aside ideology when its own interests are at stake; he just wants everyone else to pay for “social justice.”

That cold calculation may also explain why she has been hindering The Ain’t IA Woman Campaign, a grassroots group fighting for the rights of home care workers, most of them women of color and new immigrants.

It should be noted that this year 1,199 opposed a City Council Bill to eliminate the 24-hour work day. for home care workers, leaving them only paid for 13 of those hours.

The union has complex relationships with health insurers, the hospital industry and other care providers, allying with management to push for increased state subsidies for the sector and reach agreements such as a $30 million arbitration agreement from one class action lawsuit for lost wages. that left the average home care worker receiving a modest $500 check.

During negotiations over this year’s state budget, the Empire Center reported that 1199 backed a plan to effectively deny a promised minimum wage increase by redirecting that money to a fund that subsidizes employer-sponsored health coverage, a measure that would have provided a cash infusion to offset millions of dollars in losses by health care workers. union home care. profit fund.

Make no mistake: SEIU 1199 is a enormous strength in state and local politics.

His boss, George Gresham, has even lectured Gov. Kathy Hochul: “We don’t work for you, you work for us.”

But it’s surprising how often “we” turns out to mean the interests of Gresham and the union leaders, not the needs of members or 1199’s own ideals.

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