May 1, 2006

TALKS CONTINUE . . .

 

 Some Progress Made on Personal Securities

Trading Policy, But Company Still Stuck on 45-Day Hold

 

           The seemingly simple task of reducing to writing adjustments that had been made to the controversial Personal Securities Trading System through negotiations proved complicated Friday when the Guild asked some questions about the plan and company negotiators said they could be answered only by S&P’s regulatory affairs officials.

 

The problem was that no regulatory affairs officers were on hand at Guild headquarters for the talks. Company negotiators managed to hook Irene Greenberg up via speakerphone later in the day, however, and the union got answers to some of our questions, and some progress was made.

 

We took another stab at moving management off its demand that employees covered by the policy hold a stock for 45 days after a purchase before selling it at a profit. The company insisted a 60-day “hold” is the industry standard, although the Guild did its own poll of financial services companies that showed that clearly is not the case.

 

We shared those findings with the company negotiators, who didn’t seem moved by them, but said they’d take a look at the companies we examined.

 

Another meeting is set for Monday, May 8. N.Y. Guild President Barry Lipton, the union’s lead negotiator, said the union team will be prepared to stay at the table as long as it takes to come to an agreement on the trading policy and on the remainder of the contract.  He urged the company to be ready to do the same.

 

#####

 

05.01.06