Deals and People May 14, 2001

Bush To Nominate EEOC Head

May 14, 2001 (PLANSPONSOR.com) - The Bush administration is ready to nominate candidates for two key government positions, including head of the Equal Employment Opportunity Commission (EEOC).
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President Bush plans to name Cari Dominguez, a former high-ranking Labor Department official, to head the Equal Employment Opportunity Commission. He also plans to nominate Brian Roseboro, a risk management expert and former chief foreign exchange officer for the Federal Reserve Bank of New York, as assistant secretary of the treasury for financial markets.

Equal “Opportunity”

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Dominguez, currently a principal at Dominguez and Associates, a workforce issues consulting firm, previously served as director of the Labor Department’s Office of Federal Contract Compliance Programs and later as assistant secretary of labor for employment standards during the prior Bush administration.

Once confirmed by the Senate, Dominguez will be designated as chairman of the five-member commission, replacing Ida Castro, according to the White House. Dominguez will serve a five-year term expiring July 1, 2006.

Castro and the other two current EEOC commissioners are Democrats, serving in fixed, staggered five-year terms, the earliest of which expires in July 2002. Bush still needs to fill the fifth remaining vacancy and to name a new general counsel to the commission, according to BNA.

Dominguez, a native of Cuba, received bachelor’s and master’s degrees from American University and graduated from Massachusetts Institute of Technology’s advanced public management fellowship program.

Treasury Tap

If the Senate confirms his nomination, Roseboro’s duties would include oversight of the Treasury Department’s debt management operations.

Roseboro, 41, is deputy director of market risk management at American International Group.

He has previously worked at investment bank SBC Warburg Dillon Read and at the First National Bank of Chicago. From 1983 to 1986 he held several positions at the New York Fed, including chief dealer for foreign exchange trading, according to Reuters.

Administration May 12, 2001

Union-Owned Bank Seeks Freeze of Enron Exec Accounts

December 5, 2001 (PLANSPONSOR.com)- Charging that Houston energy trader Enron's economic problems represented a "grotesque fraud," Amalgamated Bank on Wednesday sought to freeze the bank accounts of Enron senior executives.
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In a lawsuit filed in US District Court in Houston, the bank, owned by the Amalgamated Clothing and Textile Workers Union, said insiders gained about $1.1 billion from the sale of more than 17.3 million shares of stock over the past three years, according to Reuters. Enron’s market value peaked at almost $80 billion in August 2000, and is now worth less than $1 billion.

Amalgamated, which manages worker retirement funds, sought to freeze the Enron executives, accounts, alleging they reaped huge profits by artificially inflating the stock price of the once-mighty company.

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Among the 29 accounts targeted to be frozen was that of board member Wendy Gramm, former chairman of the Commodity Futures Trading Commission and wife of Senator Phil Gramm (R-Texas).

Representing Amalgamated in the suit was the law firm of Milberg Weiss, which also represented the bank in a suit last year accusing top executives at Sprint and WorldCom of using their failed merger to reap hundreds of millions of dollars in early-vesting stock options.

The lawsuit was the latest of about 15 lawsuits filed against Enron, and marks an increase in the number of defendants and the amount of money they were accused of gaining. The other lawsuits accused the insiders of earning about $73 million.

In addition, a number of larger pension funds that invested in Enron, which filed for Chapter 11 bankruptcy protection on Sunday, are reportedly considering legal action, according to published reports. 

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