Thursday, June 22, 2023

The Candidate Search - Knowing Where The Problem Lies, Part 17 - Recap

  🔎 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!