You know how so many of the corporate CEOs and bankers and just about anyone else who got bailout money used a chunk of it for pygmy giraffes small enough to keep as pets and ride around the house, or whatever it is you spend money on when you've got more of it than God, and how this righteously pissed off every taxpayer? We're not saying anything like that's going to happen at the U.S. Central Federal Credit Union in Lenexa, but considering today's news we'd like it if someone kept an eye out just the same.
According to a couple of news sources, the Kansas credit union received $1 billion Wednesday as part of the latest move to prevent us all from becoming nomadic tribes concerned only with securing canned goods and irradiated produce. The cash injection was necessary because the credit union posted a $1.1. billion loss in 2008. Like just about every other economic problem these days, the officers are blaming this on the collapse of mortgage investments.
The most concise description we've read of the U.S. Central Federal Credit Union is that it serves as a clearinghouse for the credit union network. It's the largest wholesale credit union.
If they use our money for anything other than staying solvent, we agree to turn a blind eye to whatever mob justice Lenexans choose. You've been warned U.S. Central.
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You people are about the dumbest bunch of think-your-cool-like-new-york-by-really-midwest-hillbillies i have EVER come across!
Steve, I could give a fuck less about the slim margins that billionaires make. Further, it is nice to hear that at least one thief was not allowed to dip his hand in the cookie jar of our country�s financial future.
Key here is that when you invest in shit that is stupid, you are a fool and a fool and his money are SUPPOSED to part. Nothing is stupider than giving money to people that can�t afford it, and it is a shame that credit unions do not understand this concept.
The story clearly indicates that it is regulators that are requiring this infusion. Unfortunately, that is one of the few clear things within the story. To me, I am happy to see a regulator perhaps protecting their charge rather than just ignoring them.
Truth be told, you do NOT have an entitlement. You are suffering from the fleas of the dogs you not only laid with, but inbred into the economic monster that is whipping your (and our collective) ass today.
Well, the Trevor, you could take Stacy at her word... or, you could do a little research yourself. This information is available in many places. The NCUA was denied TARP funds to support ailing CUs. To fund this infusion to US Central, the retail credit unions are being asked to cut their slim capital margins even more to fund the bailout.
This doesn't come out of taxpayer dollars, unless those taxpayers are also Credit Union members.
Your word, Stacy, CERTAINLY makes me not want to further question regulators infusing cash into credit unions. Because, you know, regulators nowadays tend to have billions in non-tax-payer cash laying around somehow.
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