Pacifica caught illegally shorting pensions of KPFA's union workers

As usual, Save KPFA distorts the truth. Christina Huggins and the CWA Local 9415 were notified last week that all pension payments were current.

During all the years that the faction behind KPFAWorker.org controlled the Pacifica National Office, they did everything to make accessing Pacifica's financial information (by PNB members who had an absolute right to such information) as difficult as pulling teeth from a live shark. The main function of this obstruction was to prevent exposure of the financial shenanigans by their allies at WBAI in New York that almost bankrupted the Pacifica foundation and brought down the network.

As a general rule, anything the so-called 'SaveKPFA' faction says should be presumed to be a lie until it is proven to be a half-truth.

given the documented record of mendacity on the part of Save KPFA, isn't it about time that the folks who run this site consider banning them?

isn't there a line to be drawn somewhere when it comes to a group that is known for perpetual misrepresentations?

every time I read one of their posts, I discover that it is easily refuted, juvenile nonsense

ING, a Netherlands-based financial services giant was sued in 2006 by NY Attorney General Eliott Spitzer accusing the New York State United Teachers (NYSUT) of promoting high-fee low performance ING 403(b) plans to rank and file teachers without revealing ING was paying the union - 10 million dollars between 1994 and 2005.

On June 13, 2006, New York State Attorney General Eliot Spitzer announced that his investigation found NYSUT had broken multiple laws and “accepted payments from an insurance company to promote the company’s retirement products to NYSUT members” and that the union “did not disclose this arrangement and, instead, took steps to conceal it."
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The AG's investigation found NYSUT making money on union members’ financial losses, multiple instances of lies and deceit, multi-million dollar kick-backs, cover up, and multiple laws broken.

“NYSUT members often invested in endorsed products because they believed that the Union was vouching for the quality of those products. [NYSUT] – which urged members in flyers to ‘take advantage of your union-endorsed benefits’ – has a fiduciary duty to act in the best interest of members as it considers and endorses products.” (p. 3)

“In 2001, [NYSUT] began to receive payments of $600,000 per year from ING to pay the salaries of six ‘Coordinators of Financial Services’ who traveled around New York State and gave presentations on retirement issues to school districts and Union members.” (p. 6-7).

“The Coordinators held themselves out to teachers as working solely on behalf of [NYSUT] in the best interests of NYSUT members…In fact, however, the Coordinators’ salaries were paid entirely by ING.” (p. 10)

“Contrary to what they told Union members, the Coordinators acted as sales agents for ING. [T]he Coordinators used ‘soft pressure tactics…to apply to the Union leaders to stress the importance of being supportive of NYSUT and it’s [sic] endorsed products.’” (p. 10)

“Until it learned of [Attorney General Spitzer’s] investigation into retirement and insurance products, [NYSUT] had never disclosed to NYSUT members that [it] received payments from ING.” (p. 12)

“The foregoing acts and practices of the Trust violated the Martin Act, Article 23-A of the General Business Law, which makes it illegal to employ any deception or concealment in the purchase, sale or promotion of securities.” (p. 16)

“The foregoing acts and practices of the Trust violated § 63(12) of the Executive Law, because they demonstrate a persistent fraud or illegality in the conduct of a business.” (p. 17)

(Sounds like one shouldn't touch this ING place with a 10 foot pole, Ms. Huggins).