The new chief financial officer at the Kansas Department of Labor held the same position at a local savings bank that failed. Rick Gudenkauf was the CFO as well as the chief operating officer when regulators seized Security Savings Bank last fall.
The Federal Deposit Insurance Corp. estimated that Security Savings would cost the Deposit Insurance Fund $82.2 million. From that spectacular wreckage, Gudenkauf is stepping into a state job that pays a six-figure salary.
Gudenkauf began working for the Department of Labor last week. Kansas Gov. Sam Brownback tapped former state lawmaker Karin Brownlee to run the department. Brownlee's husband and Gudenkauf worked together at Security Savings. Doug Brownlee is listed as a loan officer on the website of Simmons First National Bank, which assumed Security Savings' deposits after it was closed by the the Office of Thrift Supervision.
The failure of Security Savings brought an end to the banking career of Donald Bell Sr., a home builder who claimed that God told him to get into the savings-and-loan business. Bell surrounded himself at the bank with like-minded Christian conservatives. Kevin Gilmore, who pushed for abstinence training as president of the Kansas Board of Education, worked at the bank for 18 years. The bank's chief executive at the time he stepped away in 2008, Gilmore was replaced by Michael Copeland, the mayor of Olathe.
For an institution with supposedly divine origins, Security Savings made a lot of mistakes, leading to its demise. The bad deals included an $8 million loan for a unrealized golf course development in Greenwood.
Gudenkauf's LinkedIn profile indicates that he joined Security Savings in 2004. He was the director of internal audit when he was promoted to chief financial officer and chief operating officer in 2008. He will receive a salary of $115,000 as the CFO at the Department of Labor, according to the Department of Administration.
Brownlee's administration will not comment on Gudenkauf's hiring. A Labor Department spokesman did not respond to phone calls and an e-mail. Gudenkauf did not return a call to his home on Sunday.
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kansas voter- you redneck piece of crap=- your opinions come up all over pitch, kansas city paper, get a life, find something to do, high school drop out red neck hick.
Suck it gay boy
weirdo- freak show. He is all over the KC publications making all sorts of crazy and weird comments that mean nothing. What a loser. He mentions abortion, errections, should be banned. Kansas_Voter BEWARE!!!
Yah- if this guy lived near me after reading some of his comments- he would probably be registered as one of those offenders. Weirdo- probably from Raytown
I agree - I see this dude pop up all the time and weird freak whos comments mean nothing
Get a life!
I agree- this freak always pops up and has nothing to do with his time-
Get a life
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Kansas_Voter- You redneck high school drop out hick. You spend your days commenting on the Pitch/Kansas City Star and it all means nothing. Go back to Panera and wait for someone to fight? Grow up, go back to your $8.50 / hour job and find something to do with your worthless life. Nobody likes your comments, then mean nothing. Batman on a horse? what the hell is that? Take your crappy computer, your redneck attitude and worthless opinions and stick them straight up your gay ass. Suck it! And have a nice day.
David Martin 8811 E. 71St Ter Raytown, MO 64133
If the facts are important to you, you would know that the bank he worked for was placed under Federal administrative action shortly after he became CFO, assuming the Pitch has his hire date correct. Those actions take significant time to implement. Meaning, Gudenkauf was aware the ship was sinking when he took on the tough job.
Why would he do that? Reputation risk was very high. Like I said previously, he's highly regarded and probably didn't want to jump from the sinking ship, rather stick with it until the bitter end. He's that kind of guy.
A bank CFO reports the facts, he does not create them. A CFO has nothing to do with the lending operations of a bank.
But I understand your frustration with bankers, i.e. Lehman. Some have gotten away with some real monkey business.
Yet another example of governmental corruption or simply incompetence in hiring this guy into such a highly paid government job after he cost the taxpayers millions. Really, was this the only person who could have done this job?
I think you and I have very different meanings of what constitutes "highly regarded", especially when your job as CFO is to not let the bank get taken over by the government for poor finances. That in most "highly regarded" circles is called a "failure to perform". It generally shouldn't qualify you for a higher position like the state DOL.
Gudenkauf is highly regarded in the industry and will do very well for the state.
This is a story?!? All republicans are crooks, whether they're politicians or in the private sector. Why should we be surprised when the crooked politicians reward their crooked supporters? The REAL story would be if Brownback had hired a qualified and competent person for the position.
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