Tuesday, January 8, 2013

$72 Million

That is the estimated loss to the National Credit Union Share Insurance Fund as of November 2012 from the failure of Telesis Community Credit Union in Chatsworth, California.
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2 comments:

  1. AnonymousJanuary 8, 2013 at 6:34 PM

    The NCUA is hoping the Telesis story will go away, but Telesis should be the poster child for earnings claw-back. The top two executives there both cashed out large retirement accounts amazingly close to the time the credit union was conserved. Were they trying to take the money and run before the NCUA gained control? Of course they were. Despite the egregious mismanagement of Telesis, the grossly negligent actions of senior management and the board of directors, and the continued losses experienced by the NCUSIF, the NCUA is still sitting on their hands.

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  2. AnonymousJanuary 11, 2013 at 7:05 PM

    Keith - You did not do CEO Grace Mayo justice. Just look at the Call Report facts:
    12-2007 NEGATIVE INCOME $7,692,857
    12-2008 NEGATIVE INCOME $13,521,550
    12-2009 NEGATIVE INCOME $10,973,476
    12-2010 NEGATIVE INCOME $11,220,787
    06-2011 NEGATIVE INCOME $395,220
    12-2007 NET WORTH WAS $65MILLION
    6-2011 NET WORTH WAS $22MILLION
    THE 990 IRS REPORT SHOWS GRACE'S INCOME AT $436,542 12-2008. IT JUMPED TO $2.1MILLION 12-2010.
    The previous post is dead on - Where the heck is the NCUA claw-back?

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