Last week, Tasty reported
on Dave Regan’s plan to boost SEIU-UHW members’ union dues to as high
as $124 a month -- a $40 increase.
Is there any plausible explanation for why Regan needs to snatch even more money from workers’ pockets?
Not unless Regan plans to turn SEIU-UHW into CitiBank!
During the past two years, SEIU-UHW has produced record a profit of
$21.6 million, according to its
annual reports filed with the U.S. Department of Labor.
That’s a 10% profit
margin! Which is higher than the profit margins of Fortune 500 companies
like DuPont and Catepillar! Here’s an earlier
post that documents the $12.85 million profit that SEIU-UHW made in
2011.
Remarkably, SEIU-UHW's headquarters have received such a flood of cash that union officials dosn’t know what to do with the stacks of greenbacks. By the end of
2012, SEIU-UHW was sitting on $29.2 million of cash! Did you catch that… $29.2
million in cash! Here’s an excerpt from SEIU-UHW’s LM-2 for 2012:
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| Source: U.S. Department of Labor |
As the profits stack up, Regan is living like a king. Soon after he was appointed as the trustee of SEIU-UHW, “Wall Street”
Dave more than tripled the union’s top salary to $300,000 a
year.
Regan also handed out fat pay checks to his East Coast
buddies who parachuted into California with him. Steve Trossman, SEIU-UHW’s press hack, pocketed $166,098 last year.
That’s almost double what SEIU-UHW’s president earned before the trusteeship!
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| Source: U.S. Department of Labor |
What will happen if Regan is successful at boosting workers’ dues to $124 per
month? One thing's for certain. Regan will convert SEIU into a for-profit business that’s even more lucrative than banking!
