One of the most annoying sayings in American politics is “what happens in California will next happen in the rest of the country” as if California is always at the cusp of all the good ideas in politics. Well, apparently the Service Employee International Union (SEIU) is finding that old bromide not very helpful because its latest political coup failed to pass in California. So, in true never-say-die union thug fashion, the SEIU is reversing the truism. It didn’t work in California, so they are trying to force it on the rest of the nation anyway.
The Wall Street Journal’s Deal Journal has an interesting little story on how the SEIU is taking their legislative fight against Private Equity firms to Congress since they lost their battle in the California State House to force the PEs into stricter regulation.
It seems that the SEIU thinks that the PEs should have greater transparency in their investing practices. The SEIU imagines that it should be allowed to create rules for the PEs to reveal all sorts of information on their investments they currently don’t have to disclose.
Of course, what the SEIU is trying to do here is use that info to root out what investments that the PEs have with non union companies and then use that info to try to pressure the PEs into closer involvement with unions.
In any case, the transparency law failed in Sacramento so the SEIU is now shifting focus to Congress to try and force the bill that failed in California on all of us.
It is interesting how the unions are trying to force other people to comply with more transparency laws when unions have always fought tooth-and-nail to defeat transparency laws when it comes to their own business!
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