Back in 2008, the SEIU took out a $90-plus million loan to fund its campaign activities, most notably, to elect Barack Obama president of the United States.
Since that time, the union has been incurring huge interest fees. Consider these, just from 2009:
|
Entity |
Purpose |
Amount |
|
Bank of America – San Francisco |
“Investment and Bank Charges” |
$59,645 |
|
Bank of America – Dallas |
“Interest Expense” |
$494,594 |
|
Bank of America – Chicago |
“Interest Expense” |
$180,570 |
|
Bank of America – Chicago |
“Interest Expense” |
$2,482,701 |
|
Bank of America – Texas |
“Interest Expense” |
$734,303 |
|
TOTAL |
|
$3,951,813 |
A couple weeks ago, I explained that SEIU is preparing a major offensive against Bank of America, its largest creditor. The likely reason is to either pressure the bank into forgiving some of the huge principle on the loan or to negotiate a more favorable interest rate.
When the union spends nearly $4 million in interest payments alone, it’s no wonder it’s doing whatever it can to get out from under that burden.
With the exception of ObamaCare, the union has little to show for its investment in electing the current government. Only if it can pass immigration reform and card check will the union have more access to new lines of revenue (read: more unionized workers).