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essential for multi-employer funds with these large blocks of money. I will say more about that in a minute. No fund with a similar structure would be improperly served. The named fiduciary must corne from the largest bank -- at Central States we have to choose one of the 25 largest banks, 25 largest broker dealers or 25 largest insurance companies in the united States to be our named fiduciary or our manager of banks. For Central States I think that size requirement is again very important and very good. I wouldn't say that a $10 million fund should use the same criteria, but I think certainly we should. After a thorough search aided by George Gould, the respected head of Madison Resources, Inc., and by Senator Saxbe, the trustees selected Morgan Stanley, Inc. as named fiduciary for the Pension Fund's assets. We had other candidates such as Equitable, Prudential, Merrill Lynch, Bear Stearns, E.F. Hutton, Alliance Capitol. And I might say that back in 1977, when a much less comprehensive but similar process went on, there were only about two firms that responded they would even be interested.
publicly. We sent invitations to 15 and 12 responded I want to point out Morgan Stanley has total control of and authority over the specific investment decisions of the Fund and the complete right to hire and fire other firms tQ manage the portfolio. The trustees promised to get the Fund out of the casino business. The Fund's investments in Nevada, mostly gaming establishments, have been reduced from $260.6 million to $34.7 million, and that is basically in one property that's still left. And Morgan Stanley is actively working to dispose of the remaining Nevada assets. And let me underline this, no future invest ments in gaming or resource properties will be made by this Fund. We strongly supported the Labor-Management Racketeering Act and incorporated key provisions of. that Act. For instance, those relating to the disqua1i- fication of convicted felons, that is applicable to all of our employees. We strongly support it. I testified before Senator Roth's committee shortly after I came to the Fund, three or four weeks, and supported the bill which didn't become law for two and a half years, but which we have had in our consent
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\ - If you have issues viewing or a
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APRIL 24. III e ••••••
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The President's commission on organ
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Weill also present a case study of
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speoific circumstances with them, w
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MR. HARMON; Well, they were linked
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PRESIDENT'S COMMISSION ON ORGANIZED
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and the public for destructive and
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hundred locals are heavily influenc
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with nylon rope and repeatedly stab
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MR. ETO: Yes. MR. RYAN: The structu
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MR. RYAN: What office does he hold?
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not pay me -- if he did not pay me,
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MR. RYAN: Did you report to Vincent
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I told him that I pleaded stipulate
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9th did you receive a call from Joe
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cial? MR. ETO: Yes. I-iR. RYAN: Is
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witness. MR. HARMON: Mr. Chairman,
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eport to Vincent Solano, the presid
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1983, to compel the attendance and
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in his statement are virtually the
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charges of a Grand Jury investigati
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Local I in Chicago? same grounds. M
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same grounds. MR. RYAN: Are you fam
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the construction of the building an
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construction of a building from the
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equest that he not be required to t
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that would normally perform that fu
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something? COMMISSIONER METHVIN: Di
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consideration on the job site. that
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ACTING CHAIRMAN SKINNER: The aftern
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member of the local, as a field rep
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So he asked me to go in and clean t
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worked until they was ready to drop
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epresentatives of the Laborers? MR.
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occurred in 1981 and Mr. Fosco was
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MR. FOSCO: General President of the
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I'lR. FOSCO: I exercise my rights u
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of the record. And you should advis
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MR. HARMON: Are you prepared, Mr. C
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Mr. Ryan will handle the questionin
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MR. RYAN: When you responded to thi
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other people there. A leader of the
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snapped open. Several TDU members w
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Hitt? MR. HITT: Yes, they did. MR.
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his client to exercise his constitu
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"Same answer." MR. QUILLEN: On the
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him. to organized crime? MR. HARMON
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Local l07? MR. RISPO: No, sir. MR.
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soma people in Philadelphia -- ther
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And then a couple of years later th
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Coca-Cola, Spiegel's, J.C. Penney s
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other words, whatever the drivers e
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said he would call Williams? MR. RI
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ackground when he was doing his bus
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corporations. during the mid '70s?
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I went down to the bar to talk to S
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company. The drivers -- basically w
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did enforce the contract, that hold
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So the guy lost everything. Now tha
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victed of homicide? MR. RISPO: You
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MR. RYAN: Very recently? MR. SOLOMO
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MR. SOLOMON: Yes. MR. RYAN: Were th
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period? MR. SOLOMON: Yes, sir. MR.
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figures as in the past? MR. SOLOMON
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ACTING CHAIRMAN SKINNER: I guess --
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they should be provided 48 hours in
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or individuals involved in those en
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and'also with the investigation whi
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as a corporation to ensure that you
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MR. CLIMACO: Mr. Chairman, excuse m
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MR. PRESSER: Mr. Chairman, on the a
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ACTING CHAIRMAN SKINNER: Just a mom
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excused until tomorrow morning at 9
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Trustees unquestioningly paid milli
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Teamsters, was that a cost plus con
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ACTING CHAIRMAN SKINNER: This morni
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MR. RYANI Mr. Schaffler, would you
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Lasky. Has he been convicted, Geral
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I have no doubt that we could have
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laws of the Department of Labor? Le
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-----------------------------------
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ought out? MR. HARMON: Will Daniel
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labor union? MR. CUNNINGHAM: Yes. M
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MR. CUNNINGHAM: Well, that wasn't n
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MR. HARMON: Every union has a right
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these companies were run by ex-law
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persons by the name of Ruben Gonzal
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MR. CUNNINGHAM: No, none at all. MR
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MR. CUNNINGHAM: Primarily, yes, in
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ACTING CHAIRMAN SKINNER: Seeing no
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MR. CONNERTON: I am the chairman of
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that law firm? firm. that law firm?
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MR. CONNERTON: That's correct. MR.
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pension fund or health and welfare
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therefore, was consistent with the
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MR. CONNERTON: Again, subject to an
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premiums paid for the coverage of t
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was about 300 pounds, nnd he put hi
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COMMISSIONER METHVIN: I think the v
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ule; that the union can provide rep
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MR. CONNERTON: That is correct, Mr.
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We'll hear testimony from the execu
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MR. WALSH: There was a dual situati
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member of La Cosa Nostra? DR. AIOSS
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figure, sir. I'm not sure of the ac
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MR. RYAN: And when you took the job
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MR. RYAN: Dr. Aiossa, is it also tr
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MR. RYAN: What did that projection
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operation, Mr. Cantazaro, with the
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surveillance from September 1974 un
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MR. RYAN: At approximately 11:15 a.
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e spoken to? MR. RYAN: Usually the
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to me. MR. RYAN: You are answering
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organization here in Chicago known
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MR. RYAN: Let's talk about some oth
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of years? Fifi Buccieri? MR. SERPIC
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MR. SERPICO: No, I didn't. MR. RYAN
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quickly. MR. SERPICO: I'm sorry. AC
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now be in recess and we are going t
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these tapes were garnered. We asked
Page 569: SALVATORE AVELLINO: Well, maybe the
Page 577: -------------- ---- THOMAS RONGA: C
Page 581: eady to go to work. The union peopl
Page 584: favor now, first of all, he admits
Page 588: What does Avellino mean by "the env
Page 591 and 592: and then because eventually Tommy w
Page 593 and 594: words. manipulate it. RICHARD DeLUC
Page 597: the results of that study. With tha
Page 603 and 604: men of honor, the people in the mob
Page 607 and 608: Goldstock, on behalf of the Commiss
Page 612 and 613: trucking company? hurt. MR. HALL: M
Page 614: 50 percent more people that they we
Page 625: Mr. Dorfman was killed on January 2
Page 636: the -- Whether it be approaching us
Page 640: COMMISSIONER MANUEL: For many years
Page 656: course of the Hoffa investigation.
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ACTING CHAIRMAN SKINNER: Mr. Methvi
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on our democratic fabric. The notio
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Preceding page blank APPENDIX STATE
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I would like to welcome you to this
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y trucking fabric to non-union shop
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CCNVERSATION #: 4 DATE TAPE NUMBER
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Cc.wJ:Cru3ATIOO #: 6 DATE JUNE 28,
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SA EF SA EF 'l'R EF 'l'R EF TR EF T
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F A __ PAGE 4 CONVERSATION # 9 Sal
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SA EF SA PAGE 2 CONVERSATION #11 (c
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Corallo that a particular rebel car
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STA'I'EMENT SUBMITTED FOR THE RECOR
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with Mr. Dorfman which we had begun
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operators are able to answer the va
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The second cornerstone of the Civil
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As impressive as this litany of rac
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to the extent possible that the per
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us with investigating. Equally impo
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Commission Executive Director James
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CHICAGO Map shows areas where Vince
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Executive Director James Harmon and
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Robert E. Powell, retired First Vic
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Robert Cantazaro (left) was incarce
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Convicted racketeer Robert G. Boffa
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Samuel Solomon (foreground), accomp
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Commission investigator David Willi
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Robert Connerton (center), general
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Joseph "Doves" Aiuppa, second ranki
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Ronald Goldstock, Director of the N
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