Ironic: Unions Emulating ‘Predatory’ Bankers by Offering Their Own High-Interest Credit Cards to Members
- Posted on June 4, 2012 at 1:54pm by
Erica Ritz
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Richard Trumka of the AFL-CIO (Photo: AP)
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.
(Photo: Union Plus)
Peter Schweizer, author of “Throw Them All Out,” explains in a guest post at Business Insider:
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.
(Photo: SEIU)
By the way, the Occupy movement (which the unions support) have been filled with calls to cancel debt, especially student debt.
The article continues:
Both the AFL-CIO and SEIU try to give their members the impression that their cards are superior to others on the market, but they’re not. The SEIU, for example, offers an introductory rate of 12.24% APR to 22.24%, which is consistent with the industry standards the union have labeled “predatory.” The SEIU card boasts that it doesn’t charge a late fee. But union members should read the fine print; if they miss a payment, their rate skyrockets to 27.99%.
[...]
Beyond the irony and hypocrisy of labor unions being transformed into financial services providers, this new reality creates a massive conflict of interest for union bosses.
By fostering the illusion that union-backed financial products are somehow better and less “predatory” than non-union products, Big Labor is making big bucks. But when union bosses become the middleman, their interests become boosting revenues from banks and credit card companies, not brokering a better deal for union members.
“When the banks do it, it’s called Wall Street greed at its worst,” the article concludes. “When the Big Labor does it, it’s simply working the union way.”
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Comments (42)
AnitaDenise
Posted on June 4, 2012 at 5:44pmOK, I just have to ask. If you are late on your payments, do they picket your house and follow your kids to school? If you default what do they do to you?
Report Post »glassaudioguy
Posted on June 5, 2012 at 8:11amMaybe they send Guido over to bust your kneecaps.
Report Post »barber2
Posted on June 4, 2012 at 4:55pmPublic employees should not be allowed to form unions. They are public servants who must not be placed in an adversarial role to the public whom they serve. To have politicians making “ deals” when the public is NOT at the table is a case of taxation without representative….since the public funds these “ deals” with tax dollars but has NO say in the making of these deals. This is a huge mess.
Report Post »MrObvious
Posted on June 5, 2012 at 8:16amyep …
Report Post »Also, SEIU is #1 in corruption, election rigging, and intimidation tactics.
In most other ways they’re er a #2.
possom
Posted on June 4, 2012 at 4:54pmIt just keep’s getting better and better, I guess the union‘s finally figured out that there won’t be any union‘s in obama’s world so now they need another way to soak the people!
Report Post »MAMMY_NUNN
Posted on June 4, 2012 at 5:11pmSorry Sir your card has been declined !
Report Post »Taquoshi
Posted on June 6, 2012 at 11:29amI just love how they hate the free market, but use it up, down, left and right to further their own goals.
Report Post »barber2
Posted on June 4, 2012 at 4:52pmThis is just part of the Left’s War on Capitalism. The Democrats want to punish the banks – it’s part of their “ social justice ” thinking ! The Democrats with their Affordable Housing Act have been trying to destroy our economy for years. Started by pressuring the banks to make bad loans to ” minority / poor ” people. That sure was a big success ! The Democrats have used the Discrimination Card for all kinds of destructive outcomes. ( the Zimmerman / hoodie blessing / ‘white Hispanic ” case is just another example of what these destructive haters do ) The the czars and Obama’s minions then regulated the banks to death. This whole mess has a goal and America’s economic prosperity is NOT what that goal is. NoBama 2012.
Report Post »Krutch
Posted on June 4, 2012 at 4:42pmSt. peter don’t ya call me, ’cause a I can’t go…..I owe my soul to the union store!
Report Post »nzkiwi
Posted on June 5, 2012 at 5:28amNice.
My favourite when I was young. Used to belt it out when I was driving the tractor.
Report Post »Krutch
Posted on June 4, 2012 at 4:40pmWait ’til mbama find out he didn’t get back all the stimulus money the unions laundered for him!
Report Post »amyb73
Posted on June 4, 2012 at 4:35pmJust proves even further that these union jerks aren’t really interested in the wellbeing of their members, just in whatever will redirect the poor chumps’ money into THEIR pockets instead.
Report Post »Taquoshi
Posted on June 6, 2012 at 11:35amI’ve had to give up two of my credit cards when the sponsoring bank was changed to Bank of America, which I simply will not do business with. One group was the Second Amendment Foundation and another one was a card with a great interest rate and sterling reputation.
The credit card contract states that a merchant can not refuse a VISA or Mastercard because of who issues it. However, a card holder can chose not to use the card.
I think the recent vote in Wisconsin is sending a message to the unions that their days are numbered. This has been in the works awhile, so I suspect the unions were aware that their influence and their revenue will be declining.
Report Post »justsaynotoobama
Posted on June 4, 2012 at 4:13pmthey are the real fat cats, hahahah thats a good one…they need to stop drinking all that soda, hahahaha…….ok im done that was a great laugh.
Report Post »JRook
Posted on June 4, 2012 at 4:27pm“By fostering the illusion that union-backed financial products are somehow better and less “predatory” than non-union products” Well at least you made it clear that the comparative cards are all predatory in nature.
Report Post »Derfel Cadarn
Posted on June 4, 2012 at 4:06pmDo you think they will be honored for purchasing imported goods and products that are not union made? You need to remember that this is the left and that when they do it ,it’s OK.
Report Post »thegreatcarnac
Posted on June 4, 2012 at 4:01pmUnions never really care about their members like the members think they do. The members are just numbers to send in money and to lever power. Any benefit the members recieve are just a by-product to make they feel good. The real money is in the hierarchy. These cards will probably have a very high interest and the members are supposed to use them out of loyalty. I will wager that the cards will not be in the best interest of the individuals that use them.
Report Post »warloch
Posted on June 4, 2012 at 3:45pmFellow sane people aka conservatives if you want to have some fun you need to open an account on the Huffington Post and post comments in response to the numerous liberals posting insane mind boggling lies. The moderators who are nothing more than other left wingnut extremist comment posters approved by Arrianna and her hoods will eventually get wind of a conservative posting the truth and they will shut your account down but in the mean time you get laughs out of sending insane libs in to orbit with the truth.
Report Post »tick-tock2012
Posted on June 6, 2012 at 1:09pmWarloch, I’ve been an AOL member for years and when HuffPo bought AOL, I wasn’t happy but thought this could be fun, since I frequently comment on news items posted on AOL. I had been commenting for six months, all averse to the liberal HuffPo agenda. I never used profanity and was always civil in my discourse. I was banned from commenting since January. I received no warning, no reason for the ban. I have to think it was because I finally got under their thin skin. I encourage all on the Blaze to do as you suggest and drive the liberal loons off the cliff with your comments.
Report Post »Sue Dohnim
Posted on June 4, 2012 at 2:56pmOK , SOROS WINS AGAIN
the SEIU card is issued by Partnersfirst
http://www.partnersfirst.com/partners/index.html
owned by..
PartnersFirst is part of Western Alliance Bank Corporation (NYSE: WAL), one of the nation’s fastest-growing financial services companies, with over $5 billion in assets.
Western Alliance Bank…
owned by Soros..
http://1.usa.gov/M0Hb64
Report Post »BlackCrow
Posted on June 4, 2012 at 2:55pmDon’t pay? We send Vinnie and Guido.
Report Post »wkw58
Posted on June 4, 2012 at 2:41pmPurple T-Shirt – $12.99
Report Post »Posterboard Protest Sign – $20.00
Weekly Union Dues – $29.78
Total Hypocrisy – Priceless
Excomunicatedmarine
Posted on June 4, 2012 at 2:41pmSupport Walker. The unions are totally out of hand, stand only for their leaders, not the members and not for America. They totally exposed their shallowness when they went back on their original lies of “Uniting the workers of the world.”. They stopped short and now their rank and file is expected to compete on the world market. Impossible.
SO EITHER FINISH THE JOB AND BRING THE WHOLE WORLD TO THE SAME LEVEL OR GET OUT OF THE WAY OF THE AMERICAN WORKER BEFORE THERE ARE NO JOBS AT ALL.
Report Post »mcsledge
Posted on June 4, 2012 at 2:25pmUnions are the epitome of hypocracy.
Personally, I don’t know how anyone (union bosses) could do the things that they do and look themselves in the mirror unless they had sold their souls.
Report Post »term limits for congress
Posted on June 4, 2012 at 2:25pmSEIU Rewards Visa – what are the rewards??
Report Post »13th Imam
Posted on June 4, 2012 at 2:37pmYour points are donated to the Barry Project.
Report Post »Matt
Posted on June 4, 2012 at 2:21pmWhy are union bosses always really fat? It’s crazy, they are the perfect definition for the word “Fat Cat”
Report Post »progressiveslayer
Posted on June 4, 2012 at 2:21pmAh yes the union leaders are greedy fat cats exploiting their membership,priceless.
Report Post »lukerw
Posted on June 4, 2012 at 2:17pmUNIONS… are just Corporations that Supply Labor… to other Corporations!
Report Post »caleejr
Posted on June 4, 2012 at 2:17pmaren’t they spending enough of their union dues – they need more? If only they applied those dues to Retirements and benefits such as Health Insurance. …..if only. (paid separately by employee and company they work for)
Report Post »progressiveslayer
Posted on June 4, 2012 at 2:14pmUnions are like cockroaches once you get an infestation of them they’re hard to exterminate.Governor Walker in my opinion is too soft on the unions but I guess we have to proceed with baby steps and union busting should be practiced on a widespread basis. A good start will have Governor Walker win by a wide margin then remove the Marxist heathen from office and purge the republican party of RINOS.
Report Post »13th Imam
Posted on June 4, 2012 at 2:28pmPurge may be a little harsh. Maybe try Reeducated or Persuaded
Report Post »TSUNAMI-22
Posted on June 4, 2012 at 2:08pm“Ironic: Unions Emulating ‘Predatory’ Bankers by Offering Their Own High-Interest Credit Cards to Members”
Report Post »~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It’s not “ironic”. It’s instinctive survival. Unions have been exposed and soiled in reputation to the point of impending failure. This is just a way to get money from the rank and file slave so the “Union” brand can survive.
Rickfromillinois
Posted on June 4, 2012 at 2:00pmWhy would anyone be surprised that union thugs are also greedy hypocrites?
Report Post »johnjamison
Posted on June 4, 2012 at 2:03pmNo one should be the MOB runs the unions.
Report Post »Silversmith
Posted on June 4, 2012 at 1:58pmPublic unions are not such a good thing for the public – or their members. Whether they know it or not.
Silversmith
Report Post »