Tuesday, June 5, 2012

Elizabeth Warren and Unions

Back in January, I wrote:
There is one group that may benefit big time from the recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau: Unions.

Unions have always been hovering around Elizabeth Warren and her monster creation. Warren planted union members all over the CFPB. It is not easy to see why, but unions, when it comes down to it, are large financial institutions.

There are union banks, which face stiff competition from check-cashing operations and pay day loan operations.

With Codray now heading the CFPB, pay day loan and check-cashing operation may come under the regulatory control of the CFPB.
Breitbart has an expose out today showing just how large a player, in finance, unions are:
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... 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.”
In December 2010, when Warren was putting together the CFPB, and appointed various lieutenants, I wrote this:
David Silberman will be the lead for the card markets division for the CFPB Implementation Team. Silberman’s involvement with consumer financial services began when, as Deputy General Counsel of the AFL-CIO, he created an organization to provide financial services to union members and negotiated the first AFL-CIO credit card program. Silberman went on to serve as President and CEO of Union Privilege and later as Director of the AFL-CIO Task Force on Labor Law.

A union man running the credit markets division? Scary, very scary.

Warren continues to receive very strong union support in her Senate race against Scott Brown. For the unions it's an investment in a puppet that will do everything possible to suffocate non-union financial outfits like  check-cashing operations and pay day loan operations.

1 comment:

  1. Sadly, this stupid communist is going to get elected to the Senate. I live in the Boston area and there are tons of Elizabeth Warren bumper stickers here.