FRONT PAGE CONTRIBUTOR
So. SEIU’s Andy Stern leaving, or pushed out?
I mean, I’d push him out for this:
SEIU has seen its liabilities skyrocket during the past decade. The union’s liabilities totaled $7,625,832 in 2000. By 2009, they had increased almost by a factor of 16, to $120,893,259. Meanwhile, SEIU’s assets barely tripled, growing from $66,632,631 in 2000 to $187,664,763 in 2009. A significant portion of SEIU’s current assets are from IOUs from hard-up locals.
SEIU is $85 million in debt, down from its 2008 high of $102 million, and has been forced to lay off employees. Mr. Stern has led protests against Bank of America, calling for the firing of Chief Executive Ken Lewis. Yet the union owes $80 million to Bank of America and $5 million to Amalgamated Bank, which is owned by the rival union Unite-Here.
Stern’s also presided over the drastic underfunding of SEIU’s pensions, both at the national and local level. He’s probably not being pushed out, though. You see, what SEIU was doing during all that time was spend $86 million to support Democrats, particularly the current President (almost $61 million). And yes, it is interesting that if SEIU hadn’t spent that political money then they probably wouldn’t be in debt now. But – just like Patrick Gaspard, Craig Becker, and Anna Burger – that’s not Andy Stern’s problem anymore. I wonder if he’ll get the same punishment for failure that they did?
Crossposted to Moe Lane.