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Do you really mean 2010? ...•The OIG states, “WesCorp was economically insolvent” (page 28). However, in 2010 WesCorp was reporting one of ....
NCUA's excuse that it lacked sufficient regulatory authority is disingenuous at best. You hit the nail on the head when you say that anyone who has been involved with NCUA regulatory action over the past two years would know that. In fact, further back than two years, The GAO and Treasury noted in their study of OCCU examination reports that the finding of SBP "Sound Business Practices" was used excessively and that reports contained "excessive minutae". NCUA, and particulary OCCU, has never been reticent about going beyond the letter of the regulation, either by citing SBP or safety and soundness. It is more likely that OCCU examiners lacked supervisory support on these positions for political reasons. For the past five years, The OCCU exam program consisted of going around to corporates and asking them why they don't do everything the way WesCorp and Southwest does it and why they hadn't merged into a bigger corporate yet. And NCUA led the charge on the "we have plenty of liquidity and can hold these bonds to maturity and there will be no losses" whitewash, right up through the fraudelent PIC II issuance at US Central. The real question now is what the NCUA Board knew about the condition of US Central when they effecively made it mandatory for corporates to buy PICII. Hopefully, some of these questions may come up on hearings on the hill today. A GAO study is sorely needed.
The NCUA examiners were aware but did nothing, the board and senior managment are gone and being sued for following NCUA rules, while no one at the NCUA lost their jobs and are in line for 6%+ raises in 2011.
Anyone see a problem here?
Great article Chip!
Having any faith in the OIG, is like listening to the internal affairs department head of the Keystone Cops as he tries to act tough, faint real concern, and console us that he is NOW on the the job. The report is simply the fodder for those inside the NCUA and the Adminstration that would claim the need for more control, bigger budgets, more visibility, and finally more spotlights. The biggest problem with this set of Keystone Cops is that they are not a silent movie. We need a new design; live, interactive, and in high def. In a world of 3D television and interactive game playing I can not imagine that our industry would be stuck in a black white silent move mode. Hear is to the talkies coming directly from the audience!
Bullet points 2 (conspiracy theory)and 3 (Countrywide concentration theory) under "NCUA's Interpretations" are absolutely eye opening if true. Yet article states OIG is not attempting to link these observations to direct losses. Please tell more about this.
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