UFT Secretly Borrows $62 million
No one seems to know why the New York City’s United Federation of Teachers borrowed so much money but Mike Antonucci speculates in Intercepts. Union members, especially those who are forced to pay dues, should at least be informed. In New York teachers are subject to mandatory forced dues and exclusive representation. A teacher either joins or pays an agency fee. Period.
You won’t find it in any official union notice, but the United Federation of Teachers in New York City just borrowed $62 million from Citigroup Global Markets, Inc., using its headquarters at 50 Broadway as collateral.
What is the $62 million for? UFT officers don’t have to tell the press or the public, but you would think they would have to tell the union’s own executive board or delegate assembly, comprised of representatives of all the union’s members.