Critics say the 300,000-member union preaches equality but does not invest its $450m war chest in minority funds. It helped propel Bill De Blasio’s into City Hall and backs AOC.
One of New York state’s most powerful unions is being accused of hypocrisy by refusing to invest in diverse businesses and of selling out underpaid workers — while sending a gusher of cash to progressive causes.
The local, the largest in New York City, controls more than $450 million in assets held by the union itself and in eight separate funds run on behalf of hundreds of thousands of members, public records show. At the same time, the union preaches for “equality, justice and democracy,” saying it campaigns for causes including mobilizing “against injustice — racial, economic and environmental,” according to 1199’s website.
But public records inspected by The Post shows that one of those eight funds alone, the National Benefit Fund, has more than $17 million invested with major Wall Street firms including Blackstone and Apollo Global Management, Beverly Hills-based Platinum Equity, and a series of other hedge funds and private equity funds.
Despite progressive rhetoric, 1199 SEIU union has focused most of its investments in hedge funds and and asset managers such as Stephen Schwarzman’s Blackstone Group, which are not minority- or female-owned or led.A spokesman for 1199 SEIU told The Post that each of the eight funds are separate legal entities that “continue to meet the stringent minimum funding requirements.” He also said that “1199 SEIU values socially-responsible investing.
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