Teamsters Resources Sharply Depleted

The Teamsters union has drawn down its financial resources sharply since Ron Carey became president in 1991, The Detroit reported.

The union’s net worth has fallen to $11.3 million, down 92 percent from $150 million when Carey took over, the newspaper said.

An internal report prepared by Teamsters secretary-treasurer Tom Sever shows that the union suffered $5.2 million in losses the first six months of this year alone.

Under Carey, the Teamsters have accelerated expensive attempts to sign up new recruits. The union also faces high strike-related costs, including an estimated $10 million tab from a United Parcel strike.

In addition, the Teamsters spent $10 million in 1995 and 1996 on political campaigns, including $500,000 to various Democratic state parties.