United Auto Workers Union Worth $1.5 Billion in 2007

[Omaha Steve]

http://www.cnsnews.com/public/content/article.aspx?RsrcID=41355

Wednesday, December 31, 2008
By Matt Cover

(CNSNews.com) – The United Autoworkers Union (UAW) had a total net worth of $1.5 billion for fiscal year 2007, according to financial disclosure forms on file with the U.S. Department of Labor.

The vast majority of the that net worth--$1.2 billion--was reported by the national UAW headquartered in Detroit. The remaining $300 belongs to over 200 local UAW chapters spread across the country, several of which are worth upwards of $1 million.


In this Oct. 30, 2008 file photo, Ford assemblymen mesh the engine to the drive shaft of a 2009 Ford F150 truck at the Dearborn Truck Assembly in Mich. (AP Photo/Carlos Osorio)


Among the national UAW's assets are a $27 million woodland resort and a $6 million eco-friendly golf course.

The union holds $730 million worth of U.S. Treasury securities and $360 million in securitized debt.

The assets of the local union chapters mostly involve cash holdings, cars, Treasury bonds and real estate, but some chapters reported they had invested money in mortgage-backed securities.

All of the UAW's money comes from members’ dues, according to Labor Department sources--whether directly through yearly payments or indirectly from returns on the investment of union dues invested in previous years.

FULL story at link.

[Jackpine Radical]

1. In other words, they could just about buy GM.

Wouldn't that be cool? The workers own the means of production & get the profit from their own labors. They could start putting out Volts & blow away the market.

[TheDebbieDee]

2. How credible is CNS News. I've never heard of them.

Are they propagandists? Anti-union shills?

[Omaha Steve]

4. They "quoted' the Labor Dept.

Should be easy to search that info out, if somebody wants to?

I don't think the valuation (total assets of all combined) is out of line at all.

[Earth Bound Misfit]

6. Every Labor Org is required to file

very detailed "LM-2" forms with the DOL each year. Link directly to the UAW's report does not work. Go to https://cslxwep1.dol-esa.gov/Disclosure/OrderLM1234.jsp And you can search by the Union's name for reports.

The #'s the OP report are accurate.

[Earth Bound Misfit]

5. All of the above, and then some...

From their about us page:

The Cybercast News Service was launched on June 16, 1998 as a news source for individuals, news organizations and broadcasters who put a higher premium on balance than spin and seek news that’s ignored or under-reported as a result of media bias by omission.

Study after study by the Media Research Center, the parent organization of CNSNews.com, clearly demonstrate a liberal bias in many news outlets – bias by commission and bias by omission – that results in a frequent double-standard in editorial decisions on what constitutes "news."

About Media Research Center, from Sourcewatch

http://www.sourcewatch.org/index.php?title=Media_Research_Center

Media Research Center Inc. (MRC) is a conservative media watchdog group run by president and founder Brent Bozell. In 2006 the MRC had total revenue of $10.8 million<1> and 50 full-time staff members. It is predominately funded by larger right-wing foundations (see below) with other comparatively minor sources of income from rental income and investments. In it's 2006 annual report, the group's founder wrote that MRC "continued to regularly provide intellectual ammunition to conservative activists, arming them with the weapons to fight the leftist press."<2>

The MRC operates a number of subsidiary projects including the Business & Media Institute (formerly known as the the Free Market Project); CNSNews.com, a conservative news service; the NewsBusters blog; TimesWatch, a website focusing on the New York Times; the Culture and Media Institute and the MRC Action Team.

[Earth Bound Misfit]

3. This is "news"?

These disclosure forms were filed in March, why report on them now?

[Omaha Steve]

7. They are still trying to preempt EFCA

That figure includes pension funds in trust. How do I know the UAW has funds in trust for retirement? The anti UAW golf course story told me how they borrowed from that fund. It was legal btw. So the losses on golf don't look so bad when we see the total value of the UAW.

Me I really don't mind a union with some $ in the bank. I used to belong to the GAU. After Raygun took office, the decline hit them. After a merger or two, they all but went belly up. They had to drop their AFL-CIO affiliation. It is now a trustee of the Teamsters.