Las Vegas cooking union members protest against Station Casinos: neighborhood 226 is demanding a suitability hearing for Deutsche Bank, which has 25 percent of Station Casinos. (Image: chigaconow.com)
The Las Vegas Culinary Workers Union Local 226 has launched a local radio campaign in Nevada attacking Deutsche Bank, a major shareholder in Station Casinos, over its involvement with the Libor rate-rigging scandal.
Deutsche Bank ended up being forced to cover an unprecedented $2.5 billion fine investigations that are following authorities within the UK and United States, which judged that at the very least seven of the bank’s employees were accountable of manipulating Libor rates.
Libor, which stands for the London Interbank Offered Rate, basically measures the price of inter-bank financing, and sets out of the normal rate banks pay to borrow in one another. It’s used as the foundation for everything from trillion-dollar loans to mortgages, credit cards, and pupil loans.
Of course, the prices banks pay to borrow money affect how much they charge customers for loans and mortgages, and when these rates are manipulated to ensure the expense for the banks get up, this means the cost customers pay also rises.
The British Financial Conduct Authority has said employees at Deutsche Bank had a ‘deeply ingrained’ culture of ‘generating profits without proper respect to your integrity of this market,’ and Local 226 now wants to know just how much of Station Casinos’ revenue goes into paying down Deutsche Bank’s fines.
The cooking workers’ union, which is the biggest in Las vegas, nevada, representing around 6,000 chefs, cleaners, bartenders, cocktail waitresses, porters, and other casino staff, is demanding that Deutsche Bank be called forward for the suitability hearing and has written a letter to Nevada Governor Brian Sandoval t0 that effect.
While Deutsche Bank owns 25 percent of Station Casinos LLC and its 19 casinos in Nevada, it offers not been through the licensing process by Nevada regulators, the union complains.
‘The Gaming Commission has always maintained a high standard when it comes to licensing gambling enterprises,’ stated Geoconda Arguello-Kline, the union’s secretary-treasurer. ‘It is unthinkable that Deutsche Bank, the parent company of a felon, is permitted to profit from the ownership in Station Casinos without being licensed.’
Of course, the theory that Deutsche Bank, certainly one of the planet’s major monetary organizations, is paying its fines from the pay packets of Local 226 workers is a stretch of the imagination.
The truth is, the union features a beef with Station Casinos and has been at loggerheads with all the business for decades over a number of dilemmas, ranging from improved health benefits to wage increases, and has so far failed to organize the company to its employees.
Recently it went in terms of to oppose an ‘irresponsible’ water fountain at the head office of the Ultimate Fighting Championship, which will be owned by Station Casino bosses, the Fertitta brothers.
Last year, neighborhood 226 had proposed major pushback action at ten downtown casinos, including Station properties, but a hit was ultimately averted during the minute that is last.
This is the time that is first union had demanded industrial action since 1984, when people of five unions picketed the Frontier Casino for six years.