OLMS Institutes New Union Reporting Rules for Hidden Slush Funds
Posted on October 9, 2008
-By Warner Todd Huston
The Office of Labor-Management Standards (OLMS) has issued new reporting procedures for unions to report the details of what are called T-1 Trusts. These new reporting efforts should help bring light to these funds that have heretofore been shielded from transparency allowing unions to use many millions of dollars without accountability from its members or the government.
A T-1 Trust fund is a nice bit of accounting sleight of hand that unions have used to fund what they claim is “retraining” of its members. But, millions of dollars end up in these funds and there are no rules to account for where this money goes or how it is being used. Rumors abound that, instead of “retraining,” this money goes into the pockets of union officials as “fees” and “salaries” to union bosses to “administer” the accounts.
There have been past reports that these funds have been used to sponsor NASCAR events and have gone into the pockets of political candidates, but the truth is, no one is really sure where it all goes. After all, there are NO rules for reporting what these funds are used for.
The government wants to shed light on these funds.
“This final rule builds on the administration’s commitment to transparency and accountability for corporations, pension funds and labor unions. Union members expect access to relevant and useful information in order to make fundamental investment, career and retirement decisions, evaluate options and exercise legally guaranteed rights,” said Don Todd, deputy assistant secretary for labor-management programs. “With meaningful disclosure, the department hopes to deter potential misuse of union trusts that have occurred in the past and allow union members to know exactly where their hard-earned dollars are being spent.”
Look for this to be either ignored by unions or actually repealed by Congress once the union bought and paid for Barack Obama gets into office.
» Filed Under Democrats, Fiscal Responsibility, Liberal Media/Bias, News, Union Mafias/Thugs
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Spare me the concern over the trade union lobbies,.. their demands are always going to be overboard, but the Globalist `Free-Traders` Lobby have already destroyed our economy AND markets-
the Trade Union lobby can demand anything they want- the profits and manufacturing base no longer exist ON-SHORE to provide for their demands.
What the Labor Lobby CAN do, fortuantely is fund the persecution and exposure of the `Phil Gramm` globalist traders in Both major parties,the corrupt criminal scum who used their senate authority to, for profit, destroy our manufacturing base, our domesitc industry, and now our deregulated financial markets and economy as a whole- all in less than 10 years of the `Global free-trade idealogy`.
Where are your outraged complaints against the
CHAMBER OF COMMERCE and
the GLOBAL BUSINESS ROUND TABLE,
…the GLOBALIST NON-AMERICAN LOBBYISTS that just demanded AND GOT 700 BILLION ON FREE TAXPAYER DOLLRS- YOU are either a corrupt global free-trade lobby hack or clueless- you pick.
In a intersting twist, the revenge minded union lobbyists are probably the only power base from which the means exists to stop the Republican and Democrat `FIXED` traders that have destroyed the economy and ensured every financial crisis is now a GLOBAL crisis instead of being compartmentalized.
As bad as a socialist Obama IS, the fact that no one in honesty can get away from is that the the trade union lobbyists had no effective power base until PHIL GRAMM and his trade cartel deliberately crippled the economy to sqqeeze profits for their overseas business patrons.
Gramm, that effeminate, soft, limp-wristed, globalist lackey, is at the center of the hurricane in not only the current financial DISASTER, but he was the fool who completely destroyed any credibility/legitimacy in the Futures/Energy markets.
PHIL GRAMM`s corruption ENABLED the Energy crisis by HIS GREED, INCOMPETENCE, ABJECT TREACHERY FOR PROFIT AGASINST HIS OWN COUNTRY,
PHIL GRAMM should be standing trial for high treason RIGHT NOW, facing the death penalty for plotting against the population of his own country, AND on the democratic side, BARNEY FRANK and CHRIS DODD should be, at minimum, under the scrutiny of a special prosecutor for not only failing to do due dilligence, but establish basis for their deliberately enabling illegal activity and fraud, for their own financial profit.