LIUNA's ''Pigs at the Trough'' Tour Coming to Lennar Annual Meeting
LIUNA-PIGS-TROUGH-TOUR
LIUNA ' the Laborers' International Union of North America ' will continue its 'Pigs at the Trough' tour Tuesday in Miami outside the annual meeting of Lennar, the nation's second-largest homebuilder.
The Pigs at the Trough tour is part of an effort by LIUNA ' the fastest-growing and most progressive construction workers' union in North America ' to draw attention to the role corporate homebuilders played in creating the current housing and mortgage crisis and how they are seeking a multi-billion dollar handout from Congress through the Foreclosure Prevention Act.
| WHAT: | Pigs at the Trough Tour comes to Lennar Annual Shareholder Meeting | |
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| WHEN: | 10:45 a.m. Tuesday, April 8, 2008 | |
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| WHERE: | Lennar Headquarters, 700 Northwest 107th Avenue, Second Floor | |
| Miami, Florida 33172 | ||
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| VISUALS: | Pigs at a trough | |
Corporate homebuilders helped create the current housing and mortgage crisis ' contributing to the loss of 359,000 construction jobs since 2007 -- by pushing buyers to subprime and high-risk loans through their own mortgage subsidiaries. The top corporate builders brought in $100 billion in revenues in 2006, much of it through their lending practices. At Lennar, for example, subprime lending increased 158 percent between 2005 and 2006. In the tax breaks homebuilders are seeking through the Foreclosure Prevention Act, Lennar could gain as much as $573 million.
In addition to activity outside of the shareholder meeting, representatives of the Central Laborers Pension Fund will attend to present a proposal to control excessive executive pay. The proposal would require that senior executive pay be linked to job performance. In 2006, as they were leading the company into decline, Lennar CEO Stuart Miller was given a $4.7 million bonus and Lennar COO Jonathan Jaffe was given a $1.8 million bonus.
The half-million members of LIUNA ' the Laborers' International Union of North America ' are on the forefront of the construction industry, a powerhouse of 10 million workers who produce 5 percent of the U.S. economic output.
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