NY Bank Holding Company Turmoil, Will State Investigate?

An Associated Press headline reads: “Leader of UNITE HERE resigns as labor feud grows.”  But, that is only part of the story.  UNITE HERE is the bank holding company for Amalgamated Bank of New York.  The Chairman of Amalgamated Bank, Bruce Raynor, said the bank’s holding company “is in total chaos.”

When is the NY State Banking Department going to investigate Amalgamated Bank’s Holding Company, UNITE-HERE?  How many workers’ forced dues are tied up in Amalgamated Bank and its holding company?  What is the state doing to protect the depositors?

The long-simmering clash between rival factions at the labor union UNITE HERE grew increasingly bitter on Friday as its general president resigned and accused his opponents of breaking into his office to steal sensitive files.

It’s the latest turn in a nasty divorce that has split the union of roughly 400,000 hotel, restaurant and clothing workers and diverted millions into a drawn out legal dispute.

Bruce Raynor, the union’s general president, claimed he was being forced out of his post and said he would take another top spot at a newly formed union affiliated with the Service Employees International Union.

Raynor said. “Our union is in total chaos.” [Thus, the Holding Company is in chaos.]

Raynor claimed UNITE HERE staff loyal to Wilhelm broke into his office at the union’s New York headquarters last Friday and stole numerous files, including his personal files from the mediation sessions.

Pilar Weiss, a spokeswoman for UNITE HERE, contested Raynor’s characterization that documents were stolen. Rather, she claimed the union was securing documents that officials suspected were about to be destroyed or removed from the building.