The Man Who Realigned Labor
John Sweeney, 1934â2021
Charles Dharapak/AP Photo
Labor leader John Sweeney, seen here in September 2009, died yesterday at the age of 86.
By the time he became president of the AFL-CIO in 1995, John Sweeney looked a good deal like the Park Avenue doormenâIrish and portlyâwhoâd joined New Yorkâs Building Service union when Sweeney was growing up in a very working-class neighborhood in the Bronx. In his twenties, Sweeney went to work for those doormen and the janitors who maintained buildings across Manhattan, negotiating contracts for their union, which he eventually came to lead. He first took over at the local level, heading Local 32BJ. By 1980, he was in charge of the Service Employees International Union (SEIU), to which 32BJ belonged.
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The legal cannabis market is still in its infancy and there is much more room to grow. At the end of 2020, we saw an uptick in merger and acquisition activity as the industry shook off some pandemic-related instability, and we expect that trend to increase significantly in 2021.
Despite abundant money available to the large Multi-State Operators (MSOs), most cannabis companies still have relatively limited avenues to raise capital due to the federal illegality of the industry. However, that may change soon with the Democrats now controlling both houses of Congress and the White House.
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After nearly a decade of growth, global M&A activity in the first quarter of 2020 was down 39.1% by deal value year over year comparable to levels seen in the first quarter of 2008, in the midst of the financial crisis. The chilling effects of the COVID-19 pandemic in the first half of the year translated to a significant backlog of M&A transactions. Approaching the end of 2020, however, dealmaking returned in full force, despite the ongoing human challenges imposed by the pandemic. Coupled with cautious optimism around the effects on dealmaking from the new administration, record special purpose acquisition company (SPAC) capital formation, favorable financing trends and the likely continued benign interest rate environment for the foreseeable future, we believe that evolving conditions support a strong 2021 for U.S. M&A.
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The RNC is expected to welcome potential candidates, including former President Donald Trump, for the 2024 presidential election and GOP leaders to the April event (Getty Images)
For the Republican Party, Donald Trump is still to be a forgotten man. The former president, who retreated to his luxury resort in Mar-a-Lago, Florida, on the morning of the inauguration day, hours before Joe Biden took oath as his successor, said before exiting that he will be back in some form after repeatedly claiming that the 2020 presidential election was not a fair one. Now, it has been reported that the Republican National Committee (RNC) is planning to send him an invite to its spring donor meeting in April.