Wednesday, March 16, 2011

Gegare on how Hoffa lost millions

Fred Gegare today (March 16, 2011) on his website revealed at least one of his serious disenchantments with Teamsters President James P. Hoffa contending that a panicked Hoffa dumped millions of dollars in stock held by IBT entities at rock-bottom prices during the financial crisis of 2009.
“Nearly $30 million dollars of Teamster dues money and charitable contributions were lost when Hoffa's weak knees got the best of him. Countless millions more have been lost because the IBT no longer owns the stock and can't benefit from the market's rebound,” Gegare said.
Gegare has an inside knowledge of the Hoffa Administration since he is an International Vice President who was elected on Hoffa’s 2006 slate. He shocked the Teamsters world when he announced last year that he was running for Teamsters International president against Hoffa.
At the time, Gegare claimed that the union faced a dire future under Hoffa’s disastrous leadership. That generality finally has been brought somewhat into focus by Gegare proclaiming today on his website that Hoffa ignored the advice of financial professionals and bypassed the Teamsters General Executive Board to sell the stock. He said, “By running scared, Hoffa incurred staggering losses that have crippled some of the IBT's most important funds. The Strike and Defense Fund plunged nearly $15 million. The Scholarship Fund saw $3.4 million vanish. The General Fund experienced a $10.2 million decline.”
If Gegare has many more weapons of character destruction to use against Hoffa such as this rush to sell the stocks that portrays him as somewhat clueless then the Teamsters 2011 election will prove to be exciting indeed. In addition the question of the silliness of the rank and file voting to elect James P. Hoffa as a strong leader, because his father Jimmy Hoffa was, will be resurrected.
Gegare is heading the Fighting for the Members slate in his campaign against Hoffa.
Sandy Pope, president of New York Teamsters Local 805, also is running for the Teamsters International Presidency with the backing of Teamsters for a Democratic Union.

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