Although I had already read online reporter Ray Birch's extensive article entitled, "
Mr. Birch's multi-page special report complete with photographs and Macedonian mobster mug shots succeeded at presenting this complex and almost unbelievable tale in context and with analytical insight. The narrative clearly outlined the multitude of lessons to be learned from this debacle-by the National Credit Union Administration and by the credit union industry.
Although as Mr. Birch wrote, the sad story continues to unfold, one can always hope that the needed corrections will be implemented. Such a calamitous event should never again tarnish the industry and its federal regulator.
Marvin C. Umholtz, President & CEO
Umholtz Strategic Planning & Consulting Services
Olympia, WA 98502