EXCLUSIVE -- Hypocrisy Alert: Investigation Reveals AFL-CIO, SEIU in Bed with JP Morgan Chase
If union members are upset that the millions union bosses have dumped into defeating Gov. Walker in tomorrow’s recall election appear not to be working, they may be furious when they learn the details of a new investigation by the Government Accountability Institute.
Here are a few of the highlights:
Despite the nearly 200 demonstrations against JP Morgan Chase, Bank of America, and the other big banks, the AFL-CIO and SEIU are in bed with JP Morgan Chase—big time. Through something called the “Union Plus Mortgage Program,” the AFL-CIO and SEIU provide their members over 80,000 home mortgage loans totaling a whopping $15.2 billion. And who have the unions relied upon for 12 years and running to offer these home loans? You guessed it, JP Morgan Chase, the very bank the big union bosses direct their members to rail against.
To hear the heated rhetoric against Chase coming out of the big unions, the average union member would have no way of guessing that their union is in business with the big bank. “Chase’s stranglehold on the economy is everywhere,” says President of SEIU-USWW Mike Garcia. “They’ve kicked California families out of their homes.” To rectify the injustice of it all, SEIU members are even directed to a webpage titled “Ask Jamie Dimon For a Meeting.” As the SEIU’s website declares: “Chase hurts everybody. They’re making a profit by lending taxpayers their own money…JP Morgan Chase is manipulating government budget processes and charging local and state governments high interest rates.” Odd words for unions who are in cahoots with JP Morgan Chase.
As we revealed today in a Business Insider piece, Big Labor has also gotten into the credit card game, encouraging its members to sign up for union credit cards. And they’re making big bucks doing so. From the report: “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.”
Finally, despite excoriating Bank of America for all kinds of evils foisted upon the American worker, there is this eye-opening, little-known fact buried inside the 464 pages of the SEIU’s LM-2 report: as of 2011, SEIU had a $71,831,393.00 mortgage with none other than…Bank of America.
That’s right: Bank of America, the very bank union bosses have directed their members to protest against, provides SEIU with a $71 million mortgage.
Does the average AFL-CIO member know that their “Union Plus” home mortgage is only made possible because their union has linked up with JP Morgan Chase to provide it?
Does the average union credit card holder understand that their union credit card bags their union $28,163,266.00 million a year for a card that a leading credit card comparison site recommends should be avoided?
And does the average SEIU member know that their union has a $71 million mortgage with Bank of America, the very bank their union boss asks them to march and demonstrate against?
If Gov. Scott Walker is recalled tomorrow, the union bosses will take a well-earned victory lap for having the foresight to pour millions of their members’ dollars into the battle.
If, however, Gov. Scott Walker prevails, union members will be left to ponder the wisdom and words of their union leaders. They’ve got a lot to ponder.