CNSNews.com - United Auto Workers Union Worth $1.5 Billion in 2007

CNSNews.com

United Auto Workers Union Worth $1.5 Billion in 2007
Wednesday, December 31, 2008
By Matt Cover, Staff Writer

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)

(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.

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.

Several prosperous local chapters own their own buildings, usually valued at upwards of $1 million, while the less-wealthy chapters’ buildings are usually owned by the national headquarters itself.

The UAW national headquarters owns over $100 million in real-estate stretching from California to New York, including a $3 million Washington D.C. office. Although the nation’s capital does not contain auto manufacturing, it is the home of Congress, which was the object of nearly $7 million in UAW lobbying in 2007.

All unions are required to disclose financial information to the federal government. The Labor Department has worked intently over the last eight years to overhaul union financial reporting in an effort to force reluctant unions to be more transparent, allowing their members to see exactly where their dues go, Labor Department sources told CNSNews.com.

However, department sources said union financial reporting is not as full as they would like. Current regulations, for example, do not require the unions to itemize assets or expenditures of less than $5000.

Calls to the UAW national headquarters went unanswered. A phone message said the office is closed during the holidays.

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w0tm (1 years ago)

And we're being TOLD we MUST bail these people out! Here in the Heartland of America where "values, honesty and decency" made their final stand this year (and lost) we were brought up being taught bad was bad and good was good. Greed fell into the "bad" category. But "American values" would always win in the end and the greedy would eventually lose and be punished. No more. The rules have changed. For 40 years we watched the circle of greed go unchecked of the unions demanding X and Washington putting pressure on the auto companies to give them whatever they wanted. After all, these are VOTERS! Never mind the other millions of voters who had to subsidize unskilled (when hired) labor paid two and three times what the free market would allow. After all, we all needed cars but had choices of only American cars. Many articles were written YEARS ago exactly predicting the state Detroit is in right now. But nothing was written saying WE would pay the price of THEIR greed!

websmith (1 years ago)

It seems that the UAW is showing everyone how to run a business on behalf of their members. Perhaps, instead or parroting the criticism we are being fed, we should listen. http://ewebsmith.com/bus/autountruths.html

boggadee (1 years ago)

Honestly, is anyone really surprised at this. Look at the story out a few days ago about the Resort the United Autoworkers Union owns. The American tax payer as well as the American voter have become complacent, stupid people. You may not like to hear that, yet as it is said, the truth hurts. The American tax payer has had a real rough year, where is the bail out for them. Government threw you a $600.00 bone, (stimulus payment) and you all were satisfied. these politicians knew if they threw you a bone, like the dumb dog, you'd run off wagging your tail to the corner, and be happy, that's just what happened. The American tax payer is taking the beating here. This may be a novel idea, yet how about a national campaign to cut all benefits, and pay to elected officials down by two thirds, after all, they are the ones that got us into this mess. The United Autoworkers Union, like most politicians look at there positions as just a way to get rich off the backs of the hard working person

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