Self-Dealing and Breach of Duty at Ullico, Inc.

Publication

Self-Dealing and Breach of Duty at Ullico, Inc.

Abstract

The Majority Staff of the Committee on Governmental Affairs issued a report on the corporation ULLICO in response to grand jury investigations into their stock transactions, which reported that ULLICO illegally conferred benefits onto directors at the expense of their unions. This report summarizes the ULLICO investment and repurchase scheme and their response to the Thompson investigation, including findings that they participated in concealment of executive compensation, insider benefits, and abuses of authority.