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Thank you for your reporting on “Perlitsh: WesCorp Suit Was a Hobson’s Choice”[March 17, page 6].

Stuart Perlitsh is wrong. He didn’t face a Hobson’s choice. He had plenty of other options rather than to file suit against the WesCorp directors. Perlitsh was a member of WesCorp. The same investment expertise that now allows him to talk about irresponsibly risky investments failed him as a member of WesCorp. He never once raised his voice about risky investments before the collapse. And I should add, neither did I nor any of the NCUA examiners, CPAs or any of the other members. We all had our chance. WesCorp’s investments were no secret. They were certainly no secret to the NCUA or to the CPAs that examined WesCorp and never questioned the audited financial statements or the call reports.

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Peter Westerman


Credit Union Times

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