Since when did it become the job of Colorado’s treasurer, secretary of state, and attorney general to interfere with business mergers and act as union arbitrators?
All three are lobbying the Federal Trade Commission to oppose the proposed $25 billion merger of Kroger and Albertsons for reasons that appear beyond their job description and six-figure salaries paid by Colorado taxpayers.
Secretary of State Jena Griswold, whose job it is to oversee elections and license businesses, has written to the Federal Trade Commission demanding they “stand up to corporate greed” and block the merger.
Why is she siding with unions like the Teamsters over greedy grocery stores that put LGBTQ+ rights and other progressive politics above profit?
Could it have something to do with the $13,500 the Teamsters spent on Griswold’s competitive reelection race last year?
Last time we checked, which was five minutes ago, the job of State Treasurer Dave Young was this:
The State Treasurer and his staff serve the citizens of Colorado by providing banking, investment, and accounting services for all funds and assets deposited in the Treasury.
Yet Young also signed his own letter to the FTC this week, which we expect the union that contributed $1,000 to his campaign will appreciate.
Just FYI, Young announced in the press release promoting his letter siding with unions that it’s now his job to “look out for the public good,” which presumably gives him power over everything except the public bad.
“I fully expect the CEOs and Boards of Kroger and Albertsons – both have boards and are publicly traded – to cut costs and return increased shareholder value, as that’s their primary job,” stated Colorado State Treasurer Young. “My job and that of the FTC, is to look out for the public good. The risks this merger poses to the public, our workers, and families here in Colorado and across the country, far outweigh the benefit to the shareholders of Kroger and Albertsons.”
The merger of the two grocery giants is intended to compete with major rivals like Walmart, Amazon, and Costco.
Cincinnati-based Kroger’s $24.6 billion deal to acquire Boise, Idaho-based Albertsons, unveiled in mid-October, would create a food and drug retailer with annual revenue of about $210 billion and 4,996 stores, 66 distribution centers, 52 manufacturing plants, 3,972 pharmacies, 2,015 fuel centers and 710,000 workers in 48 states and the District of Columbia.
Unions oppose the deal because they say it could lead to store closures and job cuts.
Colorado Attorney General Phi Weisser claims he actually wields the power to block the deal between the Ohio-based Kroger and Idaho-based Albertsons if he wants to, according to KDVR.
Weiser said he could block the deal between the companies if he believes it is anti-competitive.
“I might be working with other AGs. We’re actually doing a multi-state collaboration. I might work with the federal trade commission, but that is the authority our office has,” Weiser said. “If the parties are able to come up with a settlement that we believe is enforceable and effective and addresses the competition concerns, that’s another option as well.”
For those keeping score, the Teamsters kicked in $2,700 for Weisser’s reelection bid last year.