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April 23, 2010

Andy Stern's Debt-ridden Stint at SEIU

Posted by The MaryHunter at April 23, 2010 9:15 AM

Andy Stern, former Thug-in-Chief of the SEIU, was an expert at the proven Washington talent of deficit spending. In fact, he deserves an A+ for working above and beyond the call of duty, taking SEIU to new debt highs.

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.

Both of SEIU's two national pension plans, the SEIU National Industry Pension Fund and the Pension Plan for Employees of the SEIU, issued critical-status letters last year. The Pension Protection Act requires any pension fund that is funded below 65 percent of what it needs to pay its obligations to inform its beneficiaries of the deficit.

Given his close ties to the Obama White House (in which he apparently has a standing invitation to stay in the "Purple" room), don't be surprised if Obama raises Stern to a position of power and prominence in the regime. Just the kind of guy we need advising Chairman Zero on matters economic.