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Good News/Bad News about SEIU going broke.

By: Moe Lane (Diary)  |  March 4th, 2011 at 10:00 AM  | 

RESIZE: AAA

The good news is, of course, that they’re going broke: as Classical Values, Big Government, & DRScoundrels helpfully note, in 2009 SEIU was $85,000,000 in debt, with fully one-third of its assets tied up in real estate (its headquarters) and the rest not-really-offsetting the debt.  It’s been a while since I read a balance sheet, but it’s not pretty: and it explains a couple of things handily, like Andy Stern’s sudden leaving of SEIU and that bizarre incident last summer involving the Bank of America official and his kid (SEIU owes $81,000,000 to Bank of America).  The 2010 report should be due out at the end of the month (you will be able to search for it here); it should make for fascinating reading.

The bad news?  SEIU’s going broke, which means that its leadership is probably feeling like they’ve been cornered and are now beset by enemies.  As SEIU’s leadership is mostly made up of anthropomorphic rats (without any of the rat’s better qualities) , this almost ensures some sort of lashing out in April.  Which is probably going to be literal: SEIU is called the “Purple People Beaters” for a reason…

Moe Lane (crosspost)

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  • pastisprolog

    It won’t be called that. It will be given some fair-sounding euphemism like, “worker protection” or, “saving our worker’s retirement” or, “international fair wage.” Whatever. The point will be to drastically increase payments of union dues. We will, of course, have to pay for it with taxpayer dollars, while there are any. Will the last man with a job please turn out the light?

  • joecollins

    Didn’t know this. You have provided me with food for thought. Certainly didn’t read it in the newspaper. Will ponder it for a while and try to relate your news to what is going on in Wisconsin and Ohio.

  • http://soquelbythecreek.blogspot.com/ soquelbythecreek

    I’m not surprised that SEIU is in massive debt.

    When Andy Stern was President of SEIU, he bragged about spending $60+ million to elect President Obama.
    http://www.chicagotribune.com/news/nationworld/chi-obama-sternjun28,0,5918169.story

    What this $60 million bought was the President’s ear as Stern was one of the most-frequent visitors to the White House. It also purchased Stern a presidential appointment on the Debt Commission and former SEIU Secretary/Treasurer Anna Burger a presidential appointment to the Recovery Board.

    Where else did the SEIU money go? SEIU was the largest spender on 527 committees during the 2004, 2006, 2008, and 2010 election cycles.
    http://soquelbythecreek.blogspot.com/2010/10/big-spenders-behind-scenes.html

    Fortunately for Mr. Stern, as a former SEIU officer, it appears that his pension is well funded. Too bad about the SEIU peons that actually did all the hard work. Their pensions aren’t as well funded as the top officers. Surprise!
    http://www.washingtontimes.com/news/2010/apr/23/andy-sterns-debts/

  • Wubbies World
  • msctex

    . . .for the Democratic Party.

    Amazingly, however, they seem to expect this money to exist in the Union’s coffers and the Democratic Party’s coffers simultaneously.

    The Progressive mind at work. They want to have my cake and eat it too.