"SEIU is on the field, it's in the White House, it's in the administration," SEIU President Andy Stern said in a video to members to mark the Obama administration's first 100 days.
But Mr. Stern also said campaign spending eroded the international's funds. The union took out $25 million in loans last year to meet expenses and saw its net assets fall by nearly half -- to $34 million at the end of 2008 from $64 million in 2007.
"We maxed out the credit card and now we're paying it off," said Mr. Stern. He said the union took out the loans for election work last year because monthly dues from local unions wouldn't arrive in time for the November election. "We couldn't say to Barack Obama, 'Excuse me, we can't run your ads because our locals were late in paying their per capita,' " he said.
Mr. Stern said the union has already paid back $10 million of the $25 million borrowed last year and expected the rest to be repaid by June 2010. The union has an additional $90 million in loans from Bank of America Corp., related to the 2003 purchase of the union's Washington, D.C., headquarters.
How does get SEIU get out of this mess? It can sign up millions of new members-- which means of course dues paying members--to shore up its finances.
Getting the so-called Employee Free Choice Act passed, which Barack Obama supports, would certainly help.
But it would damage the economy.
Does Obama care? Probably not. He already put the United Auto Workers ahead of secured creditors in regards to Chrysler's debts. Until Obama's ascension there was a reason they were called secured creditors.
If you're running a big unionized firm going through a rough patch, good luck trying to get a loan.
Folks, we've got a lot of fixing to do.
I don't like the direction this country is heading in.
Look for more posts like this one.
Related posts:
SEIU prez: Union spent $60.7 million to elect Obama
SEIU wants Bank of America CEO fired
Card check update: "A mortal threat to American freedom"
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