🔎 Quick summary of "The Candidate Search" series :
✅ 1) 2008 U.S. financial collapse - working folks get screwed big-time, guilty
parties and regulators go free. ("Inside Job")
✅ 2) Corporate credit unions collapse
costing CUs $6 billion - worst failure in credit union history.
✅ 3) An expansionist, open membership $26 billion Wescorp is the cause for most of the $6 billion loss. SECU's bill for Wescorp failure $120+ million!
✅ 4) The "current/former" SECU CEO had a 10 year senior leadership/regulatory role at Wescorp prior to its collapse.
✅ 5) Member credit unions sue Wescorp management and board for losses.
✅ 6) Federal regulator NCUA closes bankrupt Wescorp.
✅ 7) NCUA Inspector General faults Wescorp management, Board and federal regulator for failure.
✅ 8) Federal regulator, implicated in collapse, voids credit unions' lawsuit.
✅ 9) When confronted with facts, SECU "this" Board implies NCUA endorsed their CEO choice.
✅ 10) When confronted with facts, "all signatures, all smiles" SECU Board fully endorses "current/former" SECU CEO.
✅ 11) "Current/former" CEO sends "this Board" a kiss-off letter announcing departure.
✅ 12) "This" Board Chairman Chris Ayers thanks and profusely praises "current/former" CEO for his leadership at SECU.
Knowing where the "problem lies"...
.... SECU's incredible "this" Board.
... makes one want to cry, certainly nothing to smile about!
