INVESTMENT: Equitable Alchemy

Few organizations in American society are endowed with such a complement of criminals, confidence men, rogues and ruffians as the International Brotherhood of Teamsters. And nowhere within that fraternity was rapacity more apparent than in the management—most people would call it mismanagement—of the union's $1.4 billion Central States, Southeast and Southwest pension fund. Under the guidance of both icy Jimmy Hoffa and shuffling Frank Fitzsimmons, trustees treated the fund as a pot of honey to be ladled liberally to friends and acquaintances. Now, after a two-year investigation by the Department of...

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