Now I'm really scared!
Can't tell you how concerned I am about the news from Washington after Credit Union Journal reported CUNA falling into the red by eight-million bucks. What a tragedy!
Not only was that an increase from its year ago loss of $5.2 million, it caused a freeze on senior executive salaries just to keep it at the $8-million mark. We, credit unions, have got to step to the plate on this one.
We can't allow Dan Mica and the other senior executives to continue forward on their meager salaries. They had to let six people go just to hold the deficit at $8 million. Thank God the boys didnt have to take a pay cut in an effort to preserve those jobs. A novel but idiotic idea. I mean who would think of things like that, unless they were a credit union manager?
Let's see, Mica makes $1-million a year in salary and benefits. That's about $500 an hour and doesn't include the other expenses of the "office." All the boys and girls just below get another ton. Compensation seems to be a hot button today and I only mention it because I am concerned that the lifestyle of these execs may be impacted if they don't get raises this year.
So I want to propose TRAP (Take Really Awesome Pay) for executive compensation. I mean if we don't keep these bright capable people in Washington and support their lifestyle in the degree to which they have become accustomed, we are all doomed. At the same time we can't let the deficit balloon get out of hand. So credit unions unite! At every credit union function across this great land let's pass the hat for CUNA execs. Starting at the GAC and for whatever time it takes to get the job done, let's dig deep and send the money to CUNA. Let's organize benefits and bake sales. In the time-honored tradition of America let's fight to preserve the compensation levels that have taken so many years to achieve.
I mean why should credit unions be denied the opportunity to overpay their trade and corporate execs? Why can't we be included in the hall of shame with the Enron and the Merrill Lynch execs. Come on, Credit Union Movement, let's not let this happen no matter how many deficits we ring up. I think we should call it the John Thain/AIG benefit movement, but I'm open to suggestions if someone else has a cutesy slogan.
This is something we can easily do. Don't let the naysayers among us keep pointing to the corporate problem as an excuse not to contribute. This is too important an issue not to be dealt with immediately. I am going to do my part by asking my board to contribute 100 large ($100) at the next board meeting. If every credit union in America helps out we can stamp out this deficit in short order. Oh, and a special note to the CUNA directors-get out of the market!
Dennis Moriarity, CEO
Unity CU, Warren, Mich.
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