![]() LABOR CALENDAR; click here for latest listings Baltimore Symphony Musicians picket line: Fri, August 16, 11:00am – 12:30pm ![]()
Union says Safeway undermined by private equity plunderers
As UFCW Local 400 members prepare for contract negotiations with Safeway, the union says one factor looms as perhaps the greatest obstacle they face: the toxic impact of private equity. “Private equity is the ultimate example of our rigged economy,” says Local 400 President Mark Federici. “They’ve gamed the system so no matter what happens to the corporations they acquire, it’s ‘heads they win, tails you lose.’” In 2013, Cerberus Capital Management, a private equity firm, bought Albertsons through a leveraged buy-out and then in 2015, when Albertson’s bought Safeway, Cerberus borrowed almost $8 billion dollars to finance the transaction. “As a result,” says Local 400, “the entire Albertsons empire is under the control of Cerberus and owes $12.5 billion dollars to bond-holders. Meeting this enormous debt burden has thus become the priority for Cerberus, rather than investing in Safeway’s stores and workers.” But even that’s not the whole story, because Cerberus is also paying itself millions in management fees. Federici said that success at the bargaining table depends on both inside and outside strategies, finding investor-related pressure points while empowering members to mobilize at the same time. Read more about this on Local 400’s website. photo: Steve Feinberg, billionaire co-founder and CEO of Cerberus Capital Management ![]() Washington-Baltimore News Guild wins CWA organizing award Today's Labor Quote: George Meany
The plumber and founding president of the AFL-CIO, who was born in New York City on this date in 1894, claimed, in his official biography, that he had "never walked a picket line in his life," but he also said that "You only make progress by fighting for progress." Meany served as secretary-treasurer of the AFL from 1940 to 1952, succeeded as president of the AFL, and then continued as president of the AFL-CIO following the historic merger in 1955 until retiring in 1979. ![]() Today's Labor History Click here to check out this week's Labor History Today podcast. On this week’s show: Labor lawyer Matt Fusco on Scabby, the giant inflatable union protest rat, which is facing extermination at the hands of the Trump labor board. Gregory Wood, author of “Clearing the Air: The Rise and Fall of Smoking in the Workplace,” and a special LHT remix of the labor classic “Which Side Are You On?”
August 16
IWW War Trials in Chicago, 95 go to prison for up to 20 years - 1918 ![]()
Material published in UNION CITY may be freely reproduced by any recipient; please credit Union City as the source for all news items and www.unionist.com as the source for Today’s Labor History. Published by the Metropolitan Washington Council, an AFL-CIO "Union City" Central Labor Council whose 200 affiliated union locals represent 150,000 area union members. JACKIE JETER, PRESIDENT.
You are receiving this email because our records indicate that [email protected] signed up to receive this newsletter. Click here to edit your subscription preferences |
![]() |