Remember Dave Regan's for-profit
unionism? That’s the scheme whereby Regan hikes SEIU-UHW members' monthly
dues, slashes representation for members, and generates giant profits to pay for SEIU officials' skyrocketing salaries.
Well, last week SEIU-UHW filed its annual financial report
with the U.S. Department of Labor (called a "DOL Form LM-2"). According to the report, the union made a
profit of $12.85 million in 2011. Here’s
an excerpt (Tasty added the figure in red).
How much is $12.85 million? It translates into a profit margin
of 11.8%, which is nearly twice as high as the average profit margin for Fortune 500
companies (6.5%).
In fact, Regan was so successful at sucking profits from the
union’s only source of revenue (its members) that SEIU-UHW is now sitting on $20.4
million in cash, according to its recently filed report.
That’s quite a pile of cash.
It looks like Regan's company unionism is quite a lucrative venture. There's no need to spend money on grievances, arbitrations and contract enforcement. No need to fight greedy employers who wanna slash workers' benefits. In fact, Regan even liquidated a $4.1 million strike fund that union members had created over many years. All that's needed are big salaries for union officials and money for wellness walks!
