chris perry
Veteran
- Sep 17, 2008
- 544
- 118
I was thinking, and since you mentioned it, are you sure AMFA is not in the real estate game any more? Check out their LM-2 filing with the Department of Labor before you make such a bold statement. It is not uncommon to invest members dues money into some type of investment fund. Before you go there, some have been somewhat eyebrow raising as we have all seen in the movie Hoffa. But none more risky than mortgage backed securities. According to AMFA, they have invested thousands upon thousands of dollars in to this risky venue. For years the association was able to skate by and survive using this risk, but since the housing market and banking crash many of these investments have become little more than worthless pieces of paper holding underwater properties. They may be able to buy their way out eventually, but until then, they could sure use a few thousand new members. Read for yourself here. http://www.dol.gov/ and then choose to bail them out if you want to.
The DOL web site is a complicated site, and it is a bit tricky getting to the LM-2's but if I could figure it out, I am sure you can too. One hint, AMFA does not go simply by AMFA. That would be too easy. You have to look up AIRCRAFT MECHANICS ASN IND.
Just check the TWU stats,they have numerous properties that Members are blatantly overpaying for.