LA HABRE, Calif. - (10/11/04) -- South Western FCU said its youngestmembers of its Looney Tunes Savings Club deposited $51,000 during asummer promotion urging them to 'Feed Your Piggy.' The youngmembers earned entries in a drawing for Disneyland and Knott'sBerry Farm tickets, or a Toys 'R' Us gift certificate with everydeposit during the promotion. Club members were also rewarded for'Feeding their Brains,' with $10 deposits for providing the namesof three books they read during the summer, and the name of theirall-time favorite book. The credit union made a total of $2,000 indeposits to club members who fed their brains.
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The Federal Deposit Insurance Corp. says executives "gambled" with depositor funds, while the former parent company argues regulators are using hindsight to second-guess what were reasonable business decisions at the time.
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