Posted on 10/09/2008 7:15:39 AM PDT by Mobile Vulgus
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...
Read the rest at Publiusforum.com...
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