Good News/Bad News about SEIU going broke.
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)