The Loan Arranger

I was looking for some information for my post Bussing In Outside Agitators and came across this bit: Deadbeat Union's $90 Million Debt from 21 May 2010. Interesting.

In 2007, the SEIU owed Bank of America nearly $95 Million.

By the end of 2008, SEIU owed more than $156 Million in total outstanding liabilities. Only six years prior, its liabilities were $8 Million. And we're not even addressing their debts to other banks, like $15 Million with Amalgamated Bank.

Go to the article for links.

No wonder this is do or die for the public sector unions. It is another f*n economic bubble. I guess we can add "public sector union union bubble" to its corollary "the lower education bubble".

No wonder the lefties have been on about "sustainable" for years. Nothing they have been doing is sustainable.

Think about what it means for the unions if they can no longer service their debt or get shares of the company handed to them to collateralize their debt? Kaput. That's what.

State of the Union: A Century of American Labor (The Rise and Fall of American Labor Unions)

Cross Posted at Power and Control

Welcome Instapundit readers. For something different you might like My Charlie Sheen Story.

posted by Simon on 03.02.11 at 09:15 PM










Comments

Who in their right mind would lend money to SEIU, and why, if they were honest unions would they need to borrow that kind of money. If "I" were one of the members of this union I would be looking into this instead of harassing the taxpayers.

Allan E.   ·  March 3, 2011 11:36 PM

Drunken sailors on shore leave after a year at sea would be embarrassed by how the public unions spend their money.

JorgXMcKie   ·  March 3, 2011 11:47 PM

With the current administration so deep in the inner workings of BoA, I wouldn't be surprised if that debt suddenly disappeared without a trace one day soon...

Andrew - Des Moines   ·  March 3, 2011 11:52 PM

Public employee unions are a ponzi scheme. And a joke.

Forrest   ·  March 3, 2011 11:56 PM

Where does all this money go? I mean, everybody connected with the public sector is racking up massive debts, on top of taking in boatloads of taxpayer money. What are they spending it all on?

JMH   ·  March 4, 2011 12:17 AM

I'd wait for an honest appraisal of their books, but it doesn't come until they are in bankruptcy.

if state managed pensions are running in the red, I'm trying to imagine how the private sector unions have managed their money...

it isn't that 'I think the world' of govt run pensions, but i can't help but feel they have been run far better, in a RELATIVE sense, compared to the private sector unions.


mark l.   ·  March 4, 2011 12:37 AM

There are two possible answers to the question, "Where does all the money go?"
that deserve looking into because they represent betrayals of the union membership.
One is that it lines the pockets of the union leadership, the other is that it goes to support the campaigns of the politicians with whom the union leadership negotiates.
Both represent criminal behavior.
There may be other answers, but I can't think of any.

Daniel   ·  March 4, 2011 1:25 AM

Where does the union's pension money go? It gets "invested" in companies owned by guys with names like "Ice Pick", and "Fat Joey". Strangely, the union pension's investments are made with the same (wise) guys over and over again, despite their track record of failure, and nobody says nuttin'. See: Framers Union for a good example of the grift in action.

Tony...just Tony.   ·  March 4, 2011 6:56 AM

@Jorg: that's not fair to drunken sailors! When *I* ran out of money, I stopped spending.

Rod   ·  March 4, 2011 9:09 AM

Don't tell me it's Unions that are now Too Big to Fail? Obama will just print more money.

DirtCrashr   ·  March 4, 2011 1:08 PM

What happens if states like Wisconsin stop collecting union dues directly from paychecks? Would SEIU survive the shock of some percentage of the workers not paying their union dues?

George B   ·  March 4, 2011 2:30 PM

"Would SEIU survive the shock of some percentage of the workers not paying their union dues?"

Probably. But their power would be considerably reduced. As would their (non?)profits. And (most importantly) the salaries and benefits of their headquarters' personnel.

Kathy K   ·  March 4, 2011 7:19 PM

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