The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1925-03-28

The executive council of the American Fedora
ton of Labor will meet some time this spring or
summer to hear the report of the special committee
on life insurance authorized by the Ell PasO con-
vention.
The organization of life insurance companies by
the oficadom of the labor unions is simply an ex-
tension of the banking schemes that have made
union officials and considerable section of the la
Dor movement guardians of capitalism instead of
its enemies.
The B. and o. company union plan is the ex-
preston in industry of the business enterprises of
union officials.
There are immense profits in the life insurance
business and with their appetite whetted by the
venture into banking the labor takers have been
cycling hungrily the premiums paid by workers on
their policies The "labor'' life insurance com
panies are intended to divert a large portion of
these sums into the hands of fakerdom.
= The Federated Press dispatch announcing the
coming meeting of the executive council, says
President Woll and Chairman Perkins of
the special committee will bring forward detailed
plan of action, based the need to keep in labors
hands the profits on this vast business and to keep
the control of billions of investments out of hands
that are hostile to every aspiration of the labor
movement"
Just how labor unions are going to keep control
for labor when the machinery of the labor unions
becomes vast investment concern is something
that requires little Qualification. The best example
Of how control of the funds of labor union banks
are kept in the hands of 'abor" is the partnership
of the bank of the Brotherhood of Locomotive En-
gneers in the Empire Trust company Wall
Street concern of which Schwab of steel trust fame
is a director.
Life insurance, labor banking, the B. and o. plan
surely a trio of measures that show cOnclusively
the fact of the surrender of labor oficialdom to
capitalism; complete proof that "trustbusting" of
the LaFollette brand protection to the middle
class investor is the extent to which radicasm
rayaged the businessmen at the head of the Amer
lean trade union movement.
Imperialism impoverishes the masses, but it can
afford to and does encourage the labor aristocracy
to build fortunes for itself Except for vested in
terest in the dues payments made by the members
the labor bureapcrats have interest in the or
gained labor movement.
Barring this fact they are of the same social
category as the rotarians, kiwanises and members
of the commercial clubs.
1t is no wonder that they use the same tactics
the capitalists proper towards the Communists
who are performing a great service to the Ameri-
working class in exposing the alliance of trade
union officials and capitalists for castrating the
labor movement
One of these days the American working class
will hear of great scandals in '1abor" life insur-
ance and banking concerns similar to those that
have discredited the trade union takers in Ger
many and the scandinavian countries
The trade union bureaucracy is going to drown
in the cesspool of corruption that is already form
ing inside their financial institutions.
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