Moreno (the CTA controller) described a $14 million loan (probably the headquarters mortgage) and an outstanding $20 million line of credit. But the key statement in the declaration is this: "CTA has already spent on the initiative campaign the equivalent of what the temporary dues increase would bring in over three years. CTA is in the process of negotiating a necessary $40 million line of credit."
EIA doesn't pretend to have extensive knowledge of banking and finance, but if the dues increase has already been spent, it seems the union will need further collateral to secure an additional $40 million. Where will this money come from, I wonder?The answer, of course, is the members.
Tuesday, October 11, 2005
CTA Has Already Spent Its Extorted Money
According to the Intelligence Education Agency, CTA has already spent all the money its $6-$18/month dues increase is supposed to bring in over the next three years. This does not bode well for those of us who want to keep the money we earn, when CTA can raise dues without a vote of the membership.