Friday, June 9, 2023

Transformational Leadership At Work, Part 8... 

California mailbag filling up....!!!

[😎 Yesterday you got a glimpse of the outstanding performance of  a current "CFO-type person", here's a glimpse of a former "CFO-type person"... ]

By March 2009 Wescorp was bankrupt and was taken over ("conservatorship") by the Federal government ("NCUA") - resulting in a $6 billion loss to over 1,000 credit unions nationwide.

Eight Credit Unions from four different states immediately sued Wescorp, its Board and its officers, including Wescorp's CFO, for negligence and breach of fiduciary duty.

The Board was removed for negligence and incompetence by the National Credit Union Administration (the "Feds") in 2009 and Wescorp was liquidated (ceased to exist) by the end of 2010.

... but that's no reason to hold Wescorp's CFO accountable, is it?