The OC Watchdog published a story comparing the performance of large state chartered credit unions in California and executive compansation at these credit unions. The story points out that while many of the credit unions were losing money, the executives at these credit unions were being well paid.
To read the story, click here.
How much of those losses were the writing off of the WesCorp investment? How much did these credit unions pay to keep the NCUSIF in the black? If banks had to expense their true cost of FDIC expenses in 2008 (2009 and 2010 for that matter), how many of them would have shown a profit. Let's look at operating profits and losses before jumping the shark!
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