Brave WesCorp Plaintiffs Are Exercising Their Fiduciary Duties
In his letter to the editor (March 24 issue), SAFE Credit Union CEO Henry Wirz suggested that Glendale Area Schools FCU and six other credit unions had plenty of other options rather than to file suit against the WesCorp directors. With all due respect, Wirz is wrong. The plaintiff credit unions in the case are not as Wirz contends, "blaming others for a failure that no one saw coming." Anyone who had taken the time to read the complaint would understand that it is designed to hold accountable those responsible-an objective that many in the credit union industry share. The complaint will flush out the truth.
In his own corporate credit union regulation comment letter to the NCUA Board, Wirz called for a "truth commission." Although ferreting out the truth about the corporate mess is a shared objective, skeptics question whether any internal credit union industry truth panel could successfully get to that truth when required to wade through the historic good ol' boys club mentality that has delivered us to this tragic point in time. The courts are designed to objectively determine that truth.