The Ultimate Betrayal.
✔ Life teaches some hard lessons about trust. Lessons each of us has learned the hard way.
We find through painful experience, that ideas, institutions, and people we hold dear often fail the test. Belief betrayed is rarely recovered. There is a fine line in our hearts, once crossed cannot...
It's a really tough slog trying to convince credit union members that a massive betrayal of trust is underway in the credit union movement.That's normal because by definition betrayal always comes as a surprise to the unsuspecting.
Have aired several posts "The Godfather Mergers" [link], using the proposed merger between SAFE and BECU as an example [link] [link] [link], to try and demonstrate why many CU mergers don't appear to be in the financial best interests of member-owners. Clearly, at least, a merger is not the only choice... and is rarely the best choice for most members. [link]
Probably not making much progress on enlightening members, regulators and our political leaders on how severe the merger/conversion threat has become The venomous head of the merger snake hasn't fanged close to home for most... yet!
But hello, perhaps now it has! Take a look at what is happening with this other California merger - Cal Coast and SDCCU. So now you can see the raw, be-slimed underbelly of these "kumbayah, merger of equals"... lawsuits, feckless management, greed and self-interest, accusations of criminality, non-compliance, and breach of trust. [link]
😎 BTW, Mr. Todd Lane, CEO of Cal Coast, who appears to have his knickers around his knees in this saga, earned his credentials as CFO at Wescorp [link]... remember them?
No surprise, Wescorp produced so many fine leaders for the credit union movement...
... yes, several real gems!
