Xerox, Arthur Andersen---the disclosures of accounting restatements
are now a regular news feature. The damage isn't just revisions
to sales or profits, employees' futures, or even corporate failures.
More critical is the loss of reputation in the minds of both investors
and the public. Indeed whole industries-telecommunications, accounting
and energy- are now under suspicion because of the actions of some
of these firms.
as cooperatives are not subject to some of the market-driven excesses
that have contributed to these manipulations, even frauds. So, can
we breathe a sigh of relief that this is not an area for worry in
the credit union system?
unions have an accounting issue that could impact the system's reputation
and public confidence?
The July Callahan
Report includes a case study where numbers are being "tweaked"
in the system. Read the facts to make up your own mind about a recent
change in accounting treatment by a multi-billion dollar credit
union player. In addition, Patelco Credit Union CEO Ed Callahan
looks at the real "quality" that is the basis for members
bringing their funds to credit unions-it is not just uncertainty
about the stock market. Finally, strategist and technology manager
Randy Karnes cautions credit unions who are still hoping and waiting
to buy a full e-commerce solution in a box.
To receive this
month's Callahan Report issue on July 9, simply click
here to learn more and start your 1-year subscription!