What does an inveterate gambler do when he’s tapped out? He heads over to the ATM.
The Alabama Education Association dropped $7 million on the Republican primaries in June for a marginal return, mainly because the union knew it would no longer be able to automatically deduct PAC money from teachers’ paychecks.
With the general election approaching AEA decided it couldn’t sit on the sidelines in the battle against the corporate reformers and hedge fund managers. So it went to Regions Bank and borrowed $1.7 million.
An AEA representative said the union borrows money every election cycle. Perhaps, but in the past it had a guaranteed cash flow of PAC money thanks to that automatic deduction. This time AEA has to actually raise the money through voluntary donations.
Will Alabama teachers willingly finance AEA’s habit? Or will they cut off the high roller?