There was "no conspiracy" among Western Corporate Federal Credit Union executives to "make the numbers look better than they were", said Robert Burrell, former chief investment officer at the seized WesCorp.
Burrell declined to discuss the matter in detail, saying "a battle with the NCUA isn't productive for credit unions", and that he hopes credit unions will instead focus on how to gain market share as a result of Wall Street's losses.
However, the 12-year WesCorp veteran called his investment reporting "very transparent" and said WesCorp's portfolio was "constantly scrutinized" by the NCUA's in-house examiner, and outside audit firms.
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