Ironic: Unions Emulating ‘Predatory’ Bankers by Offering Their Own High-Interest Credit Cards to Members
With major unions like SEIU and AFL-CIO spending millions of dollars on political activism, particularly on the recall of Wisconsin Governor Scott Walker, union bosses have gotten creative in finding ways to raise extra cash.
In one of the more ironic union stories to hit the news– and that includes a “war on women” sympathizer and union leader bashing a pinata of Gov. Nikki Haley– unions are now successfully hawking the same types of credit cards and lending schemes they deem “predatory” and “greedy” when offered by Wall Street bankers.
Big unions are morphing into the kinds of big businesses and banks they decry, hawking to their members everything from high interest credit cards to home loans.
And contrary to Big Labor’s claims, these products offer no real benefit to union members—only to the union bosses.
[...]
Consider, for example, the “SEIU New Rewards Visa Card” and the AFL-CIO “Union Plus” card. With each new enrollment and subsequent swipe of the card, the union bags a fee and a percentage respectively.
This turns into huge money: In FY2011, according to its LM-2 filing with the Department of Labor, the AFL-CIO received approximately $28,163,266.00 from credit card revenue.
Given the labor movement’s high-wattage rhetoric against the big banks, issuing credit cards to union members seems like an odd revenue source for Big Labor to pursue.
By the way, the Occupy movement (which the unions support) have been filled with calls to cancel debt, especially student debt.
more isn't it ironic here:
http://www.theblaze.com/stories/iro...ir-own-high-interest-credit-cards-to-members/
With major unions like SEIU and AFL-CIO spending millions of dollars on political activism, particularly on the recall of Wisconsin Governor Scott Walker, union bosses have gotten creative in finding ways to raise extra cash.
In one of the more ironic union stories to hit the news– and that includes a “war on women” sympathizer and union leader bashing a pinata of Gov. Nikki Haley– unions are now successfully hawking the same types of credit cards and lending schemes they deem “predatory” and “greedy” when offered by Wall Street bankers.
Big unions are morphing into the kinds of big businesses and banks they decry, hawking to their members everything from high interest credit cards to home loans.
And contrary to Big Labor’s claims, these products offer no real benefit to union members—only to the union bosses.
[...]
Consider, for example, the “SEIU New Rewards Visa Card” and the AFL-CIO “Union Plus” card. With each new enrollment and subsequent swipe of the card, the union bags a fee and a percentage respectively.
This turns into huge money: In FY2011, according to its LM-2 filing with the Department of Labor, the AFL-CIO received approximately $28,163,266.00 from credit card revenue.
Given the labor movement’s high-wattage rhetoric against the big banks, issuing credit cards to union members seems like an odd revenue source for Big Labor to pursue.
By the way, the Occupy movement (which the unions support) have been filled with calls to cancel debt, especially student debt.
more isn't it ironic here:
http://www.theblaze.com/stories/iro...ir-own-high-interest-credit-cards-to-members/
