Friday, March 10, 2023

Editor-In-Chief Confirms Misstatements In TBJ Article Were Not His - Pinocchio #6


Sougata Mukherjee

During discussion with retired SECU CEO & CIO, Sougata Mukherjee confirms misstatements were not his - nor TBJ's.              

Well, the brouhaha continues over that Triangle Business Journal article (3/6/2023) which quoted current  SECU leadership as stating that SECU hadn't updated its technology since 1983! Former CEO Mike Lord and former CIO Chris Ayer took great offense - as one might suspect. Both called for a meeting today (3/10/2023) with TBJ Editor-in-Chief Sougata Mukherjee to demand a retraction.

Evidently it was a fairly contentious meeting lasting 2 hours! Lord and Ayer presented a lengthy and extensive list of major technology changes which have occurred at SECU over recent years.  Mr. Mukherjee listened closely and agreed it would be pretty hard to end up with internet service, mobile apps, ATMS, call centers, voice recognition, remote deposit capture, etc. - technologies which didn't even exist in 1983! - without having made "at least a few" technology changes. Everybody agreed it was difficult to argue with those facts! Just some more Fonz "jumping the shark"- type statements from SECU.

But, Mr. Mukherjee adamantly refused to retract the article stating the quotes were provided to TBJ's reporter directly by SECU. The misstatements were not made by Triangle Business Journal - period. 

Well, let's see then...who does that leave?

Misstatements "Every Single Day"? - Pinocchio #5

 To: SECU Board of Directors

Dear Chairman.

Don't give up, this certainly can't go on forever!...and I'm increasingly certain it won't. to point out to you another one of those casual misstatements made to the SECU membership, which seem to be muliplying like a fluffle of rabbits in heat. This one can be found on your Fireside Event - Full video.  


Fireside Event - Full  (22:43)

"I have yet to visit a branch that doesn't turn people away every single day who want to do business with us." 


Know that "showing your work" on your estimates is against your principles, but in the interest of transparency try this. SECU has 250+ branches and is open @ 250 working days a year at each branch. So, if each branch turned away just 1 person "every single day" as claimed, that would mean 62,500 folks  (250 daily branch requests x 250 days = 62,500 people asked). 

Mr. Ayers, do you and the SECU Board stand by the accuracy of that statement?

Now before you "mess-up" (again) an answer "yes" incorrectly:

  • Did you know that being asked by a CEO at a public meeting "to raise your hand" is not considered a valid statistical sample?
  • Are you aware that not raising your hand when "asked" by your CEO at SECU may be considered a violation of the new "Code of Ethics" - and could get you canned?
  • Are you aware that SECU marketeers have conducted no, none, nada market research on this topic?
  • Are you aware that each of those "alledged" (just threw that in for the numerous lawyers on the Board and for "legal") people who came to the branch could have all joined LGFCU? So no one should ever be turned away.

Oh right, I forgot that you screwed up that 40-year working relationship with some sort of not "formal" proposal to merge them out of existence.  

Rural North Carolina is holding its breath awaiting your next great idea to help them out...