This news report is provided courtesy of Greyson Deitrich III of Independence News LLC
In its October ’08 and October 09 financial reports, the three pension funds managed by SEIU were funded at levels that fell below the SEC demands for minimum funding, in a seemingly insignificant release.
A closer look showed a DECREASING amount of pension funding over the prior ten year period even though money was available for 100% funding of one of the nation’s largest pension systems.
Why would Andy Stern make a conscious decision to underfund the central plan benefit of his financial union empire?
Now in a recent interview after being appointed to President Obama’s cost cutting deficit watchdog committee, Stern discusses the impending difficulties of meeting the SEC demands to stabilize his failing pension system, which has fallen below the critical 65% funding level, during a recession.
The money that could have been used over the last ten years to avoid the problem was spent on such budgetary notations as advertising, recreation, new cars, travel and – oh yes – political contributions (85 million dollars to Barack Obama alone).
In a far reaching statement Stern said “The administration has an obligation to the workers of the world to provide health care.†A close examination of SEIU’s financial commitments, performed by Relnon, LLC independent auditors, shows that removing the union’s medical plan payments would provide the available capital to fund all current and past pension obligations in a 36 month window.
Be it coincidence or design, the SEIU has had a ten year long party that is about to be paid for by tax payer dollars directed to centralized, socialized health care.
The entire health care program (designed by Stern) has always been about one thing – UNIONS. Lifting the responsibility of medical payments by union funds will cover the loss of diminishing membership, failing revenues and over-expenditure. It will permanently transfer the burden of responsibility from union officials to the American taxpayers. It will free up union dollars to exponentially expand their power base throughout the world.
Quoting Stern’s recent comments: “Workers of the world unite; it’s not just a slogan anymore.†No, apparently it’s administration policy.
Greyson Deitrich III, Independence News, LLC
Sources: Wall Street Journal, Relnon Independent Auditors (Phone Interview), SEC Quarterly Report
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Workers of the world unite; you have nothing to lose but your chains.
Karl Marx from the “Communist Manifesto”
Support yourself SEIU!
I think Mr. Stern should be deported to Venezuela where he can be with kindred spirits.
Comments…..Slavery does not take anyone it’s the people that give themselves up to it. “Plato”
It’s amazing that so many millions of Americans can be be so stupid, oblivious and willfully ignorant! Instead of investigating the SEIU leadership for felonious activies (fraud, conspiracy, etc.), 100 BOUGHT American politicos would much rather lambast Acorn. Instead of investigating 1/2 the Senatre and House membership for bribery, conspiracy, etc., they’d rather get Charli Rangle and give his chairmanship to one of heir thugs buddies. Americans deserve all they get!
Oh no, the big evil unions are going to take over… except there are fewer and fewer unions because there are fewer and fewer JOBS. Â Because the FREE MARKET made it most profitable to export jobs for short term profits, which of course eventually leads to ECONOMIC COLLAPSE. Â You know what else Karl Marx said? Â That if capitalists directly control the levers of the state, they’ll destroy capitalism, because they’ll look after their own short term profits rather than the long term health of the capitalist system. Â That’s what’s happened. Â Capitalism has been destroyed… by bankers! Â Ok, I’ll let you get back to gripping about unions. Â And socialism. Â Yes, that’s the problem with America today. Â Socialism. Â And witches.
This is not new news…the whole damn system’s “insiders” are grabbing everything they can! Â Don’t these FOOLS know, when they’re done…the fists fulla dollars won’t be worth squat! Â And because of how they treated tax payers…don’t think they can knock on a neighbor’s door begging for HELP!
I’m watching this whole thing fall apart and laughing at those who worship and live by the dollar!  You haven’t got a CLUE how to live, until you take away the need / want  of MONEY!
‘
Once again,we have a Jew attempting to install the loathsome communist ideology in the US.
Once again,we’re not supposed to notice his ethnicity.
Knowing what we do of twentieth century history and the hundred million deaths that resulted from this Jewish creation,why are there so few warnings when these predictable characters keep popping up with their dangerous ideology?
Dave,
Since my brain just doesn’t work that way, I’ve never seen communism/socialism as of Jewish or non Jewish origin. Certainly in Israel, they fight and die to maintain a capitalistic democracy. Yet as a reporter, I’ve seen a large liberal element of Judaism that is very supportive of social issues and big government solutions. If you have more evidence, I would like to see it. Thanks for your opinion.
Greyson
Not a Marxist,
Strong counter argument! I’ve always contended that America could defeat Socialism, and America can defeat the “Dirty Capitalists”. Right now, it looks like we’re taking on both. And they are both competing for pieces of a smaller pie. I’ve recently wondered if both enemies are part of the same ultimate agenda. Time will tell, I guess.
Greyson
“Capitalism has been destroyed… by bankers!” – NOT TRUE.
The Goverment destroyed Capitalism.
Special interest in GOV’T are robbing the Middle Class. This article I just read – it is clearly evident. SEIU is trying to get their unfunded pension cost paid for by the middle class. Andy Stern is part of Obama’s cost cutting deficit watchdog committee. See any conflict of interests? Healthcare is going to be deficit neutral because 30 million people who can not afford – the rest of us are going to pay through tax increases. DUH….
Where do think the housing bubble originated? If I have to explain this one – you need to get educated. Key words – Greenspan, Lowest interest rates in decades, red-lining, Fannie and Freddie, rating agencies, etc. The Gov’t enticed and encouraged the banks to MAKE bad loans to less than credit worthy people. That’s fact.
Bankers are doing great – some of the best bonuses ever! Why – Got those Goldman Sacks people in positions in Gov’t doing “Gods Work” – in the name of capitalism Yeah Right…..
“Because the FREE MARKET made it most profitable to export jobs for short term profits” – NOT TRUE.
It’s the Unions and special interest. If major manufacturing was a cost advantage overseas then why are Japanese carmakers building cars and trucks in the US? Because they do not have that added Union cost. How can capitalism work when the special interest and government keep making deals against the middle class economy?
Capitalism is free market without Gov’t intervention.Â
  Please find me some examples – I can not think of any….
Even the FASB has sold out to the pressures that be. Mark to Market accounting has been cast aside because the truth of the matter is that the US Banking system is BANKRUPT.Â
Capitalism works – Big gov’t run by special interest is ruinning this country. How much longer on this road to ruin? I am mad as hell. I’m not sure how bad it has to get for people to revolt. Perhaps the upcoming elections will change the crash course.
I need to to take my blood pressure mediction now….
Free market Capitalism has been twisted and perverted by those within the system for over 25 years. If our system was left alone, we could still resolve our financial problems. Your comments are dead on, it’s just that when our government is our worst enemy, there are few solutions other than ourselves. It took the colonists ten years to come to that conclusion. Pray God we figure it out sooner.
Greyson
Greyson is dead on..don’t believe that its not the “dirty capitalist” but the “evil socialist” in the Democrat party that created the housing crisis go here   <*admin update - broken link *>  and watch this stunning hearing on Capital hill documenting the intentional cover up of the mortgage “take down” by the socialist..not the capitalist.
http://www.youtube.com/watch?v=_MGT_cSi7Rs