Showing posts with label Wright Investors Service. Show all posts
Showing posts with label Wright Investors Service. Show all posts

Monday, November 9, 2009

Ex-union official says former boss thought Bruno "would do us favors in return"

Today marks the beginning of the second week of testimony in the corruption trial of former Senate Majority Leader Joe Bruno.

The most important testimony this morning came from Mark Congi, former president and assistant business agent at the Laborers' Union Local 91 in Niagara Falls. Congi plead guilty in 2006 to racketeering and is currently serving a 15-year prison sentence. The charges are unrelated to the Bruno case.

Congia served as trustee of the union's pension fund before his indictment in 2002. He testified his former boss Michael "Butch" Quarcini, who died in 2003, said it would "be to our benefit" to let Wright Investors Service handle part of its investments. Bruno "would do us favors in return," Congi alleged Quarcini to have said.

Indeed in 2001, the union's pension fund trustees decided to give, according to Congi, a 20 percent share in their total investments.

Congi said his union had many interests before the state including trying to get money from the Dept. of Transportation for road projects and persuading an American Indian tribe to build a casino in Niagara Falls.

Congi testified he knew of Bruno's relationship with Wright, but that no one at the company
disclosed to him that Bruno was working for them.

During cross-examination, Abbe David Lowell tried to discredit the witness by suggesting he had an interest in saying these things while on the stand. Part of Congi's agreement with the government was if he cooperated he could face a reduced prison sentence. Congi replied "I'm here to be truthful," and "There's nothing I expect at all."

Check back tomorrow for highlights of this afternoon's testimony.

Friday, November 6, 2009

Take back the bookends, Sen. Bruno

Peter Ward, president of the New York Hotel & Motel Trades Council, said in his testimony to the jury today, that he returned a set of glass bookends sent to him by Sen. Joe Bruno. It's unclear what the purpose of the gift was. In addition to serving as the council's president, Ward is a co-chair of the union's pension fund committee.

Ward admitted to a "cordial" relationship with the former Senate majority leader, which he said dates back to around 2005. He testified Bruno spoke with him over the phone about letting Wright Investors Service handle his union's pension fund investments. Ward said Bruno described the company as "friends of his," but neglected to mention he was employed by them.

I was "uncomfortable" about it, Ward said. I was "unclear why the senator was asking me to do it," he added. Wright would never land the investment deal, a fact which Bruno's defense emphasized.

Earlier in the morning, the jury also heard from John Cordo, who from 1996-2000 served as assistant counsel to Bruno in charge of labor issues. He testified he had no knowledge of a financial relationship between the majority leader and Wright.

The trial resumes at 9 a.m. Monday.