SECU - Just Asking !

Tuesday, June 6, 2023

Transformational Leadership At Work, Part 7...

Suddenly seem to have found an angry flock of friends in California, who haven't overlooked what the SECU Board did.

Can't blame them, can you? [mean by "them" the California folks, not "this Board!]

Filed: WesCorp Complaint

From: A CEO of a California Credit Union Which Suffered Large $$$$ Losses At Wescorp
Date: 2023 at 11:10 AM
Subject: Filed: WesCorp Complaint

Jim-

WesCorp was placed into conservatorship by the NCUA in March, 2009.

I participated in the attached lawsuit filed November, 2009 vs. WesCorp.

The NCUA intervened and took over the lawsuit.

Jim Hayes was the Senior Vice President & CFO at WesCorp at the

time and was among the defendants.

By 2008 MBO's *[see below] represented 37% of Corporate CU investment portfolios.

At WesCorp it was 80%. A reckless negligent gamble.

He was the CFO. He was there. He was at board meetings. He was at

ALM meetings. He drank the Kool-Aid.

Now look at him.

Never Shocked. Just Disappointed. The NCUA should have barred him

from continued credit union employment.

The CEO

----- Original Message -----

Sent: Tuesday, November 24, 2009 1:34:49 PM GMT -08:00 US/Canada Pacific
Subject: Status Update: WesCorp Complaint

Gentlemen -

The complaint has been sent for filing by our local counsel, David Parisi. When the file-stamped copy of the Complaint is returned from Court, David will circulate a copy to each of you.

Thank you for your patience.

FYI - I will be off the grid tomorrow through Sunday. Have a nice Thanksgiving, everyone.

Regards-

Deborah

* MBO's - Mortgage Backed Securities (and other derivatives and commercial debt obligations which completely wiped out the capital investments of all credit unions which were member-owners of Wescorp.) Keep your eye on SECU commercial investment securities.