Tuesday, June 6, 2023

Transformational Leadership At Work, Part 7...

https://blogmedia.evbstatic.com/wp-content/uploads/rally-legacy/2017/04/21115113/california-state-flag-2.jpgSuddenly seem to have found an angry flock of friends in California, who haven't overlooked what the SECU Board did.

Can't blame them, can you?  [mean by "them" the California folks, not "this Board!

Filed: WesCorp Complaint

From: A CEO of a California Credit Union Which Suffered Large $$$$ Losses At Wescorp
Date:  2023 at 11:10 AM
Subject: Filed: WesCorp Complaint


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.


----- Original Message -----

Sent: Tuesday, November 24, 2009 1:34:49 PM GMT -08:00 US/Canada Pacific
Subject: Status Update: WesCorp Complaint

Gentlemen -

The complaint has been sent for filing by our local counsel, David Parisi.  When the file-stamped copy of the Complaint is returned from Court, David will circulate a copy to each of you.

Thank you for your patience.

FYI - I will be off the grid tomorrow through Sunday.  Have a nice Thanksgiving, everyone.



* MBO's - Mortgage Backed Securities (and other derivatives and commercial debt obligations which completely wiped out the capital investments of all credit unions which were member-owners of Wescorp.) Keep your eye on SECU commercial investment securities.