Labor's Money: Invested for Purpose & Profits


IN Washington this week the A.F.L.-C.I.O. opened a new branch—a department of investment, to be headed by a onetime investment banker. The big union's new division points up the fact that rich U.S. labor organizations, with $4 billion in their coffers, are becoming an increasingly important factor in investment markets.

Although they are traditionally conservative in their investments, there is growing evidence that the unions are changing their ideas, are eagerly looking for new uses for their bankrolls. There are two reasons for the unions' move away from the safe but low-yield...

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