...trying to move it faster!
Quick summary again: ✅ 1) 2008 U.S. financial collapse - working folks get clobbered, guilty parties and regulators go free; ✅ 2) Corporate credit unions collapse costing CUs $6 billion; ✅ 3) An expansionist, open membership $26 billion Wescorp is the cause for most of the $6 billion loss: ✅ 4) Federal regulator NCUA closes bankrupt Wescorp; ✅ NCUA Inspector General faults Wescorp management and Board; ✅ SECU Board implies NCUA endorsed their CEO choice...
Let's take a look at what Mr. Hayes says about his professional career on LinkedIn:
Now, let's parse it a little...
✅ Worked at the federal credit union regulator NCUA for 6 years as a "Caiptal Market Specialist".
- What exactly is a "capital market specialist" (CMS) ? - Well, according to NCUA [link]...
- Provide expert advice to NCUA regional staff on credit union balance sheet risk.
- Handle difficult and complex investment and asset liability management issues.
- Develop solutions and timelines for resolving high risk conditions.
✅ Worked as Senior VP, Business Development and Marketing at Wescorp - A couple of observations: 1) Senior VP would indicate that Mr. Hayes was not just another "worker bee" at Wescorp, would it?; 2) Do you see anything in the resume which qualifies Mr. Hayes for this senior position? (Marketing?!); 3) Note that Mr. Hayes indicates that a major part of his senior position was "ALM". That stands for "asset liability management"...y'know managing those complex Wescorp investment and balance sheet risks - which bankrupted Wescorp 5 years later!; 4) Remember from "Inside Job" that the best way to co-opt regulators was to hire them!; 5) Which job do you think pays more - a federal government CMS job at NCUA or a Senior Vice President, Business Development and Marketing job at an "on the make" Wescorp? (Give you 3 guesses!)
✅ Worked as Wescorp SVP, CFO starting in April, 2008 - The SECU Board would lead you to believe (recheck last week's "our full support" statement for Mr. Hayes again) that the NCUA "retained" (after a "national search"?!!?) Mr. Hayes to straighten out the mess at Wescorp! NCUA actually didn't conserve (take over) Wescorp until April, 2009, a year after he took the CFO job and 6 years after he entered the senior management ranks at Wescorp!
Do you think Mr Hayes was the salvation of Wescorp, as the SECU Board infers, or a senior part of the problem? (Give you 3 guesses!)
... please quit smiling, it's so insulting to the staff and membership!
... Hey, hard to imagine... but it gets worse...stay tuned! 