Is anybody else struck by the ridiculous statement of Mr. Herb Moltzan in his opinion article "The Real Story on Stock Conversions from a Credit Union That's Been There, Done That" concerning investment in the IPO which turned his credit union into a bank! (CU Times, April 14). He said the officers and directors deserved the reward because they took the risk of investment. Let's see. Buying shares in an established financial institution. What a risk! If they want to be rewarded for risk, let the officers and directors buy shares in the capitalization and establishment of a new bank and learn the true cost of risk. James Whitman Director Tulsa Federal Employees CU Tulsa, Okla.