I’m wondering…is there a budget at the AFL-CIO and is someone watching the bottom line? Cuz the Federation’s audit firm, “Calibre,” had some pretty worrisome information for the Finance Committee, don’t you think?

To wit: the Federation’s assets grew pretty nicely between 1995 and today, around 40 percent—but the reserves are down from over $71 million to about $17 million. I can see why since the operating deficit more than doubled between 2003 and 2004: from $4.4 million in 2003 to $10 million in 2004. Already, in 2005, there is a deficit of $2.9 million. Now, there may be a good reason for the deficit spending…I’d take a wild guess it has something to do with pouring a bunch of money into political campaigns.

And now that the Federation has exhausted its $9.5 million line of credit at the Amalgamated Bank, does that mean more reserves will be tapped?

From what some 16th Street insiders are telling me, there really is no meaningful budget people are held accountable for—which may explain the decline in reserves.