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CU Nursery Rhyme Has Run Amok

"Hey diddle, diddle" to the seven Western natural-person credit unions that got the lawsuit against WesCorp started in November 2009, naming the officers and directors, but clearly targeting NCUA in their complaint.

"The Cat and the Fiddle" to NCUA for persuading Federal Judge Wu in July 2010 to supplant the NPCUs as plaintiff and giving the agency until Aug. 31, 2010 to file their amended complaint.

"The Cow jumped over the Moon" to an amended complaint that focuses on the "Siravo-Swedberg Enrichment Affair" to show how fast and loose the officers and directors were with NPCU money.

"The little Dog laughed to see such sport" to Bill Cheney, who probably has four firm legs to stand on if his defense includes calling the full-time NCUA audit staff camped out at WesCorp and the monthly Call Reports that showed all of the now nefarious investments that had been building in their portfolio since 2002.

"And the Dish ran away with the Spoon" to NCUA and the defendants when they all make a "deal" that ignominiously closes the case with slap on the wrist fines before it ever goes to trial.

Mother Goose never imagined such adult nonsense springing to life from her innocent children's rhymes.

Michael Dillon, VP-Marketing of South Division CU, Evergreen Park, Ill.

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