Thursday, August 22, 2013

Dave Regan Attempts Dues Hike Even as SEIU-UHW Pockets Record Profits

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:

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! 

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!