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February 9, 2009

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7/26/2012 04:13 PM

Perhaps if WesCorp's investment group had listened to the Economic & Market research group, the natural person credit unions wouldn't be on the hook for a VERY BIG WesCorp bail out. It looks like the investors went out and did EVERYTHING that Dwight warned against. And they are all under the same roof.... AMAZING!!!!!! I would like to see his commentary addressing his own organizations investments. So now it's "I'm from WesCorp, and I'm here to help you" that really scares me.


7/26/2012 04:13 PM

5310 report as of November 2008. WesCorp has 1.49B in unrealized losses, that is 77% of their capital. Borrowings are more than 6 times capital. They hold over 93% of investments in asset-backed and mortgage related obligations and 96% of those are in durations past 3 years. Investments to shares of 121%. Their NEV ratio is a negative, that's right a -9.44%. The top 4 Corporates have almost as many dollars in unrealized losses as the total capital of the whole corporate system. The three tier system doesn't work --- and WesCorp needs to manage their own shop rather than write articles to feed "the excuse line". I, along with a lot of other natural CU's, managed our balance sheets through this economic storm, and took some blows, but managed to stay strong on our feet, and provide a safe, secure place for our members to place thier money and trust. Now I'm looking down the barrel of a capital-stealing, negative earnings, PR nightmare, corporate system gun that could blow off our head.

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