Teamsters: Cashing in Their Chips

Cashing in Their Chips

Time was when it was difficult not to mention the Teamsters Union Central States Pension Fund and federal organized-crime investigations in the same breath. In one case after another, the feds found, the fund served as a cash cow for the Mafia, especially by investing in Mob-controlled Nevada casinos whose profits could easily be skimmed. By 1976 Central States, the largest multiemployer pension fund in the U.S., had nearly $250 million tied up in Nevada gambling operations.

Now, for the first time in more than 20 years, the Teamsters have cashed in every chip. On Jan. 29 the fund received a...

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