... "Insiders" didn't get fired, weren't held accountable, got off scot-free.
WesCorp was placed into conservatorship by the NCUA in March, 2009.
I participated in the attached lawsuit filed November, 2009 vs. WesCorp.
✅ The NCUA intervened and took over the lawsuit.
Jim Hayes was the Senior Vice President & CFO at WesCorp at the
time and was among the defendants.
By 2008 MBO's *[see below] represented 37% of Corporate CU investment portfolios.
At WesCorp it was 80%. A reckless negligent gamble.
✅ He was the CFO. He was there. He was at board meetings. He was at
ALM meetings. He drank the Kool-Aid.
Now look at him.
Never Shocked. Just Disappointed. The NCUA should have barred him
from continued credit union employment.
... credit union professionals nationwide did not smile about your CEO choice.
... but you were able to make SECU and its staff a laughing stock.