tag:blogger.com,1999:blog-319775530671726401.post590011003181098913..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: Velocity CU's Members to Vote on Becoming Privately InsuredKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-319775530671726401.post-44697224472508670382010-01-18T10:50:15.240-05:002010-01-18T10:50:15.240-05:00As a Velocity CU member, I'd like to say that ...As a Velocity CU member, I'd like to say that this whole affair was mishandled and miscommunicated. The first indications about the vote were the ballots arriving in the mail. No explanations other than The-Board-recommends-a-Yes-Vote was given. This was my unvarnished reaction:<br /><br />So the Board handling half a billion in assets is so mismanaged that it cannot handle an increase in premiums -- and its solution to this problem is to remove the government safety net out from under its depositors. <br /><br />Perhaps I was to view their decision as a modern, savvy board looking at every option to make depositors' investments work as hard as possible. I didn't. I viewed it as an admission of their incompetence to handle fluctuating markets and a knee-jerk solution to jettison their depositors' financial security.<br /><br />The gall! What did they expect from this vote? Voting it down still meant these folks can't be trusted with my money; and approving the vote would result in a mass exodus of assets further exacerbating the problem that caused the vote in the first place -- and the only ones at risk are their depositors.Anonymousnoreply@blogger.com