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| SEIU's Andy Stern |
Remember when Andy
Stern, SEIU’s President Emeritus, pocketed
thousands of stock options in a pharmaceutical company after billionaire Ron Perelman appointed him to serve on
the company's Board of Directors?
Well… SEIU’s "maverick" leader has accomplished yet
another "first" for a "labor leader."
Corporate bankruptcy!
That's right. Stern’s
pharmaceutical company -- SIGA Technologies
-- recently filed for Ch. 11 bankruptcy.
So how did Stern's corporate wet dream turn into a scene
from Enron?
According to an
article in the Wall Street Journal, Delaware's highest court ordered
Stern's company -- SIGA Technologies
-- to pay damages of $232 million or more for ripping off another company that helped
to fund the development of SIGA’s main drug product.
“SIGA says it has grounds to appeal, but doesn't have the
money to post the necessary bond for the full amount of the damages, plus
interest,” says the WSJ. That's why SIGA is filing for bankruptcy.
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| SIGA's stock price: 99 cents |
As these events unfolded, SIGA’s stock price plummeted
to just 99 cents a share.
Ain’t karma a bitch!
When Stern was the President of SEIU, he abandoned thousands
of low-waged security guards at AlliedBarton
after he reportedly cut a backroom deal with their boss, billionaire Ron
Perelman, according
to the Huffington Post.
Next, only weeks after Stern resigned as SEIU’s president,
Perelman returned Andy’s favor by placing Stern on the board of SIGA, where
Stern has pocketed bags
of cash.
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| Ron Perelman aka 'Sugar Daddy' |
Stern quickly employed the D.C. political connections he acquired
during his time atop SEIU to apparently lobby the federal government to
award SIGA a massive no-bid, $433 million contract, which prompted investigations
into illegal bid rigging by U.S. Senator Claire McCaskill (D-Mo.).
To help out his SEIU buddy, Perelman also created and funded a
custom-made job for Stern – the
Ronald O. Perelman Senior Fellow at Colombia University's Business School
in NYC where Stern pulls down a handsome paycheck.
And now… the bankruptcy.
Like Tasty said… karma is a bitch!
Stay tuned for more...
