One of the joys of belonging to the National Writers Union, United Auto
Workers Local #1981, is that I get a subscription to the UAW's magazine,
Solidarity. The issue that arrived in the mail yesterdy has the union's
1996 financial report. The crucial lines of the balance sheet:
assets $945,438,889.83
liabilities 7,918,508.10
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"fund balance" $937,520,381.73
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In other words, an extremely solvent institution with nearly a billion in
net worth, almost 80% of which is invested in government bonds.
Why does the UAW have all this money, and what are they doing with it? Is
it the best use of the organized industrial working class's assets lending
them to the U.S. government?
Doug
