FOXNews Critical of Credit Union CEO Pay
FOXNews’ Happening Now program was critical Thursday morning of credit union CEO compensation, questioning whether credit unions should keep their tax-exempt status in a segment that appeared to have been prompted by banking lobbyists.
The segment, available on the FOX NEWS website, focus on retired President/CEO David Maus of the $1.1 billion Public Service Employees Credit Union of Denver, who earned more than $11 million in 2010. Maus’ 2010 pay included a $9.3 million one-time retirement payout.
Reporter Alicia Acuna inaccurately stated during the segment that credit union membership doubled in 2011.
Industry lobbyist John McKechnie, who said he received an emailed link to the segment from a contact on Capitol Hill, said, “Bankers are in the ultimate glass house on this one, but that apparently isn't stopping them from throwing stones. I'd like to see the numbers on bank CEO and board compensation at Sub S banks, and also at the more than 300 banks that failed during the meltdown. That would give some much needed perspective to this story.”