✅ After 15 years of insolvency and litigation, the final wrap up on the 2008 Corporate Credit Union debacle is near according to the National Credit Union Administration [link ncua].
As
you'll note among all 28 corporate credit unions in 2008, only one
created an unmatchable legacy for mismanagement and malfeasance ... WESCORP!
In case you can't read that clearly, after 15 years of insolvency resolution and law suits the net loss for Wescorp is -$3.440 billion. For all the other 27 corporate credit unions "the loss" is a net gain of +$264 million!
That's the "legacy leadership" [see "Transformational Leadership" series above] that "this Board" hired to lead SECU after a nationwide search...
Bye, bye y'all... https://secuvote.ey.com/
... in "This Board's" judgment, the best person in all of the U.S. of A. to lead SECU and to protect the financial interests of its 2.7 million members.
https://secuvote.ey.com/
... Well, Bless their hearts - and judgment, too! [and don't forget it either]! https://secuvote.ey.com/
amen, members, don't forget who hired that scoundrel!
ReplyDeleteNothing ever has been said about which board member pushed the NYC search firm this board hired. The firm had no credit union experience. Which board member pushed that decision? Must have been some connection along the way....
ReplyDeleteI'm very curious about this comment. Does anyone know who the choices for search firm were and why the BOD hired the firm they did?
DeleteWhat the hell were they thinking?
ReplyDeleteIt just makes no sense. I do not understand how the Board could have come to the conclusion that this was The Guy they'd been waiting and searching for. What?!?!
What a terrible situation that has evolved into. I sure hope CEO Brady cringed when at his last public appearance Hayes said he and Leigh Brady had been "joined at the hip" for the last 21 months and were on the same page in where SECU was heading.
My advice to her is to distance herself from that "legacy" as quickly as is humanly possible.
This board had an agenda to hire outside. They were reckless in vetting the candidate, obviously did not talk to any previous national credit union leaders about Jim Hayes. Or even google him. Hayes only moment of credibility is his statement that Leigh Brady was on the same page as him. Brady will attempt to quiet things down so she and this board can implement the take over and get hold of the 5+billion that has no name on it.
DeleteWhat 5 billion?
Deleteall any of these folks seen was "SECU = $53 billion" .... blinded by pure lust for money! Do you think "Do the Right Thing" ever crossed their mind?
ReplyDeleteThey're now known statewide as idiots. Why don't they do us a favor and resign
ReplyDeleteWould be the honorable thing to do, but that's the problem.
DeleteIntegrity and honor are nonexistent in this board.
DeleteAbsentee voting period begins September 1
ReplyDeleteAbsentee voting period ends October 3
** Annual meeting/Election October 10 **
https://www.ncsecu.org/PDF/AboutSECU/Election-Policies-and-Procedures.pdf
How did this board conclude Hayes was the one? What an unforgivable error of judgement and lack of fiduciary duty. All the numbers point to losing the members money. This board has indulged in reckless and irresponsible spending resulting in escalating costs. Hayes is gone. Brady and this board need to go too. All of them were/are at the table making self-serving decisions with disastrous consequences for state employees and their families.
ReplyDeleteReinstating the Loan Review Committees and doing away with the discriminatory RBL should be the firs thing--starting August 1. This board had no problems starting it up: this board should have no problems ending it. Members are hurting. Over 51% of the membership now pays higher loan rates. Unfair, Unfair Unfair! Loans need to be back in the branches where it is a LOCAL decision. Why isn't Leigh Brady doing this? Could it be because she has NO BRANCH EXPERIENCE? Brady may have worked at NCSECU for a long time but she must have been on another planet the whole time...
ReplyDeleteThere isn't even an appearance of any change in the new/new policies with Brady as this board's patsy. Brady is grinning and rambling around without making any commitments to any action to change anything. It is looking like a stall to get past October and the elections. Soothe over things a bit, give everyone a pat on the head and then charge on ahead. The proposed by-law changes and how they intend to implement those changes should strike everyone as an ominous sign of where Brady and this board intend to go. And how they intend to do it. Run roughshod over the membership, stonewall, pretend to respond to questions by having dog and pony shows for a very select few of the advisory boards. Not responding to members emails or submitted questions. These actions are threatening to members. Does the membership want this board to control their hard earned money?? After hiring someone like Hayes who squandered billions of credit union industry dollars and millions of NCSECU's dollars. That alone should be reason to fire this board. Breach of fiduciary duty. and let's not forget investing a couple of billion in commercial mortgage backed securities in a cozy relationship, when every John Doe could tell you that it wasn't a good time to do that, never-mind that NCSECU had never in their 85 year history done that before. This board has taken a wrecking ball to NCSECU. All members should ask themselves Why? Who benefits from this destruction? It's hard to list in one comment all the ways this board has found to hurt members at State Employees'. this board seems to forget that they still serve a membership with a common bond. This board is acting as though State Employees' is an open field of membership, like a bank.
ReplyDeleteAnother loan lost to dealership- due to RBL!! Went to SECU could not compete. SECU has always been my primary lender and deposit account holder - not any more
ReplyDelete