tag:blogger.com,1999:blog-33431390.post1133397939443205951..comments2024-03-26T11:07:03.496-04:00Comments on Ed Notes Online: EIA on NYSUT Finances - Negative Net Worth = - $233 Millioned notes onlinehttp://www.blogger.com/profile/15018047869059226777noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-33431390.post-64794218102061735242015-01-21T12:25:14.262-05:002015-01-21T12:25:14.262-05:00NYSUT is already being bailed out. I looked at th...NYSUT is already being bailed out. I looked at the financial statement it submits to the US DOL and there is an incestuous flow of grants, loans and funding to and from NYSUT, the UFT and the AFT that keeps NYSUT solvent. In addition, the negative net worth figure is really just the result of an accounting requirement: the pensions and health care obligations to its retirees are considered "liabilities" but because they are "liabilities" held by it own former employees so long as NYSUT continues to pay its retirees what it owes them from current operations nobody will ever "foreclose" on NYSUT in the sense that a bank would if that negative net asset were the result of a bank loan.<br /><br />The real reason NYSUT is "too big to fail" is that it can raise its dues anytime it needs to if it gets into serious trouble so that every teacher in the state of New York is ultimately on the hook if the UFT or AFT decided to stop funding its deficits.Harris L.noreply@blogger.com