Thursday, March 03, 2011

The Loan Arranger

I was looking for some information for my post Bussing In Outside Agitators and came across this bit: Deadbeat Union’s $90 Million Debt from 21 May 2010. Interesting.

In 2007, the SEIU owed Bank of America nearly $95 Million.

By the end of 2008, SEIU owed more than $156 Million in total outstanding liabilities. Only six years prior, its liabilities were $8 Million. And we’re not even addressing their debts to other banks, like $15 Million with Amalgamated Bank.
Go to the article for links.

No wonder this is do or die for the public sector unions. It is another f*n economic bubble. I guess we can add "public sector union union bubble" to its corollary "the lower education bubble".

No wonder the lefties have been on about "sustainable" for years. Nothing they have been doing is sustainable.

Think about what it means for the unions if they can no longer service their debt or get shares of the company handed to them to collateralize their debt? Kaput. That's what.

State of the Union: A Century of American Labor (The Rise and Fall of American Labor Unions)

Cross Posted at Classical Values

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