Conflict of Interest, Anyone?

In Economy on March 25, 2010 at 5:40 am

Thumb screws: just the right amount of pressure...

Andy Stern, recent Obama appointee to the National Commission on Fiscal Responsibility and Reform has set his sights on Bank of America. The problem with that? Stern is also the head of Service Employees International Union (SEIU), an organization that currently owes more than $94 million dollars to Bank of America.

Kyle Olson at Big Government:

Fresh off his health care reform victory, [Stern is] renewing his attack on Bank of America, one of the banks SEIU and ACORN targeted during the foreclosure crisis and bank bailouts.  Bank employees reportedly received a memo saying “that SEIU is ramping up a big attack on the banks again about derivatives,” according to sources.

What makes Stern’s attack particularly audacious is that, according to SEIU’s latest LM-2 financial report filed with the federal Department of Labor, the union currently has an outstanding loan of $94,578,779 from Bank of America.  It has repaid a paltry $1,740,250.

The trouble is that Andy Stern is not noted for his above-board tactics. Investors Business Daily compared Stern’s appointment to the National Commission on Fiscal Responsibility to putting a serial arsonist in charge of fire safety week.

With a reputation such as Stern’s, the potential for undue influence seems high.

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