Wednesday, August 2, 2023

SECU 6/30/2023 Financials - Setting An "Industry Standard" In Asset Growth

 https://www.davemanuel.com/images/stock_market_chart_up_and_down.jpg 

First there was an 85 year unbroken string of growth in assets at SECU. Then there was "this year" under the leadership of "this Board": https://secuvote.ey.com/

Top 10 U.S. CU's                  Assets 12/2022       Assets 6/2023      Growth

1)   Navy  (Va)                       $156.6 billion        $165.2 billion     Positive

2)   SECU (N/C)                      $51.0 billion           $49.6 billion     Negative

3)   Pen Fed (Va)                    $35.5 billion         $35.5 billion       Even

4)   Boeing (Wa)                     $28.8 billion          $29.0 billion     Positive

5)   SchoolsFirst (Ca)              $28.2 billion          $28.7 billion     Positive

6)   Golden 1 (Ca)                   $18.5 billion         $20.5 billion      Positive

7)   Alliant (Il)                        $18.7 billion         $19.0 billion      Positive

8)   America First (Ut)            $17.4 billion         $18.7 billion      Positive

9)   First Tech (Or)                 $16.7 billion        $16.9 billion       Positive

10) Mountain America (Ut)     $15.8 billion         $17.3 billion      Positive

                        ... must be The Fed's fault!

 
.... but what about the other CU's? ... oh, never mind.
https://secuvote.ey.com/


 

Tuesday, August 1, 2023

SECU Election Cycle - Meet The 2023 Nominating Committee!

😎 "This Board's" unique interpretation of "Diversity, Equity, Inclusion"("DEI")? Here's how "this Board" runs a fair election... https://secuvote.ey.com/

At the 2023 Annual Membership Meeting in October, three SECU Board seats will be up for election. By August 11, 2023, the SECU Nominating Committee must choose a slate of 3 candidates for the slots - interviews have begun. There are numerous applicants this year, so there will be a contested election (unless "this Board" does something else sneaky - more to follow, hang on!)

✅ The 2023 Incumbents:

If current Board members are selected (as is typical), the nominees will be Jo Anne Sanford, Alice Garland, and Thomas Parrish.

Jo Anne SanfordAlice GarlandImage of Thomas Parrish the 4th

✅ The 2023 Nominating Committee:

The Nominating Committee is appointed by the Chairman of the SECU Board (he evidently chose himself first - kinda fits a pattern!). Ten years or so ago a determined effort was made to include non-Board members on the Committee to broaden member representation. Those efforts have evidently evaporated, perhaps triggered by the pandemic? 

This year's Committee is composed of 5 "this Board" members (Mona Moon - Chair, Bob Brinson, Ben McLawhorn, Chris Ayers, Mark Fleming) and a former Board member, Jim Johnson. There are a lot of similarities among the Nominating Committee other than their complexion. The many inter-connections between "this Board" and the incumbents are intriguing, implausible, perhaps too convenient, and statistically impossible! Take a look... https://secuvote.ey.com/

Mona MoonBob BrinsonBen McLawhorn Image Chris Ayers ImageMark Fleming Image

✅ Ten Questions to Consider:

1) Which are employed in the largest State agencies of Transportation, Corrections, or Health and Human Services? [nada!]

2) Which are among the 200,000+ employees of North Carolina's public and charter schools? [nada!]

3) How many are "blue collar" workers or live in rural North Carolina? [nada!]

4) Which hold (held) State jobs earning at least twice the $51,000 median income of government workers? [all!]

5) How many are under the age of 50? [nada!] How many are retired? [8]

6) How many live outside Wake County? [nada!]

7) Which four have worked together for years as political lobbyists (5 if you believe "this Board" Chairman Ayers lobby's on behalf of the people of N.C. at the Utilities Commission) or worked together in one small state department, which employs less than 50 people? [7] https://secuvote.ey.com/

8) Which three Nominating Committee/incumbents are "kissin' cousins", all former lobbyists, who live literally within 2 blocks of each other in Historic Downtown Raleigh? [can't make this stuff up!] https://secuvote.ey.com/

9) Which current "this Board" Chairman/Nominating Committee member worked directly for an incumbent? [didn't miss that one did you?]    https://secuvote.ey.com/

10) Which Nominating Committee member and incumbent were business/lobbyist partners for decades ? [normal folks might think - conflict of interest? https://secuvote.ey.com/

😎 Word of Warning for Non-Incumbents:
 https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvpaZF8Dhn5e_Jwlyo2oKhzSL1emurUe4FpNDfGTxRrME521x9Z_Rm2RM1qRTmgQR51DzlVWq4EJJmvA-0mZBeDIcGhofsnWXxIID2nob8405s5UyA1Luh6KUHYqvmb7IQgNcWRTTGU-o/s1600/Cartoon+of+the+Day-+The+Jury.jpg

😎 Bonus Question!:  Out of 2.7 million SECU members, what is the probability that of 11 "this Board" members: the majority would be lobbyists/political liaisons; all be $100,000+ wage earners; work for, be business partners, live within blocks of each other, etc... https://secuvote.ey.com/

...  Well, 'bout the same odds that you're holding the winning ticket to that $1 Billion Megabuck Powerball lottery! [... but good luck with that!] https://secuvote.ey.com/