Mum is the Word
Earlier today, the following comment was posted by one of our readers:
YTD Loss before the NCUSIF Stabilization expense: $2,198,797
NCUSIF Stab[ilization] Exp[ense]: $1, 271,678
Total loss YTD: -$3,470,435
And there are still 9 months left!! And capital (reserves) has dropped from $16,708,007 to $13,237,571.
We were aware that the take-over of Westcorp by the federal government would have an a potentially negative impact upon Priority One Credit Union's expenditures. Because President Charles R. Wiggington,Sr. and Board Chair, Diedra Harris-Brooks, cannot be trusted, we knew that they would never disclose anything about the effects stabilization payments will have upon the credit union.
At present, the President has proven he is incapable of developing sound business development practices that produce growth and generate profit. In this case, his tenacity is contributing to Priority One's ongoing decline. The Board has seen the fast approaching iceberg but have chosen not to act. Are they paralyzed by fear or are they merely apathetic?
President Wiggington has again withheld posting of March's Income Statement. If things are going as well as he asserts, then why hide the evidence to the credit union's successes. We've recently learned that he intends to post March's actuarials on Thursday, April 23, 2009, during the credit union's all-staff quarterly meeting scheduled to take place at the main branch in South Pasadena, California.
A few days ago, we received the following emails from 2 readers:
I.
Wednesday, April 15, 2009
I called Priority One and asked a woman answering the phone if the March financials had been posted. She nervously said they had not.
II.
Friday, April 17, 2009
I called the South Pasadena office and asked for the name of their CFO. I was told his name is Manny Gaitmaitan. I was transferred to his office but a recorded answered , so I hung-up.
I called again in the afternoon and was transferred to Mr. Gaitmaitan's office and again, a recorded answered my call.
I called again, later the same afternoon and this time Mr. Gaitmaitan answered my call. I asked if the financials were released. He politely said they were still being worked on. I told him I heard Priority One is in trouble but he assured me that everything is "just fine" and said the financials will be released in a few days.
Earlier today and in response to the two emails, we visited the NCUA's webpage and obtained the following information contained in the credit union's Financial Performance Report (:"FPR") for the quarter ending March 31, 2009. Please note that Priority One's reported Net Income for the quarter ending December 31, 2008 was reported at a negative -$690.652.
FPR
Quarter ending 12/31/2009
Cash and Equivalents
$11,499,948
Total Investments
$46,813,782
Loans Held for Sale
0
Real Estate Loans
$63,212,944
Unsecured Loans
$7,293,884
Other Loans
$43,974,623
Total Loans
$114,481,451
Allowance for Loan and Lease Losses
-$1,450,000
Land And Building
$2,490,972
Other Fixed Assets
$911,973
NCUSIF Deposit
$398,202
All Other Assets
$4,962,023
TOTAL ASSETS
$180,108,351
Dividends Payable
0
Notes and Interest Payable
$20,000,000
Accounts Payable & Other Liabilities
$427,298
Uninsured Secondary Capital
0
TOTAL LIABILITIES
$20,427,298
Share Drafts
$17,010,705
Regular shares
$60,112,019
All Other Shares and Deposits
$69,320,758
TOTAL SHARES and DEPOSITS
$146,443,482
Regular Reserve
$5,128,606
Other Reserves
0
Undivided Earnings
$8,108,965
TOTAL EQUITY
$13,237,571
TOTAL LIABILITIES, SHARES, & EQUITY
$180,108,351
Loan Income*
$1,666,983
Investment Income*
$416,505
Other Income*
$676,800
Salaries & Benefits*
$1,158,801
Total Other Operating Expenses*
$1,094,140
Non-operating Income & (Expense)*
-$1,598,590
Provision for Loan/Lease Losses*
$536,357
Cost of Funds*
$571,157
NET INCOME (LOSS) BEFORE NCUSIF STABILIZATION EXPENSE
-$2,198,757
NCUSIF Stabilization Expense
$1,271,678
Net Income (Loss)*
-$3,470,435
We're certain that the actuarials contradict the President's chronic insistence that business is improving. How so? His exclamations to success are hyperbole intended to dupe whoever chooses to believe his unevidenced statements. This is certainly a reason why he tries to delay posting of the credit union's Monthly Income Statements.
What is acutely clear is that President Wiggington fabricates stories intended to hide failures borne out of his horrendous business decisions. The losses of net income alone, attest to failure. What's worse is that he is being aided by the Board of Directors who are ignorant and subservient to the every wish of Chairperson, Diedra Harris-Brooks.
"I'm not upset that you lied to me, I'm upset that from now on I can't believe you."
Friedrich Nietzsche
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22 comments:
As if everything wasn't bad enough at POCU, a killer storm is brewing that should pretty much kill what little is left....in March 2008 total loan delinquency was $851,099; as of 3/31/09 the DQ stood at $2,275,050.
Two million, two-hundred seventy-five thousand and fifty dollars. Nice job Wiggy!
RIP POCU.
It would seem very unlikely that this CU (Priority One) can survive because all categories of DQ are rising; what’s really alarming is the year over year rise in 2 to 6 month DQ (almost triple!) and 6to 12 month DQ (almost four times larger).
Some of the $1.3 ( in 2 -6)'s will likely be collectable but stats for the 6 to 12 month category typically are that it is all a lost. Even if all others were paid as agreed to(highly unlikely), the 6-12 is another $1M that will be lost.
Charles is a low life, ignorant, stupid, uneducated, low life. I have seen him at work for more than 7 years and this may be hard to believe, but he is worse than when he started. I think we should take him and Diedra and send them both packing or to Uranus. Which ever comes first.
Charles is an idiot.
Diedra is an idiot.
Charles is a hypocrite.
Diedra is a hypocrite.
Charles is a doorstop.
Diedra is a rattler.
But what are the members doing? Are they so dumb they would rather sit on their asses than use the power they have to kick his and her fat butts out?
About a year ago I met with Diedra outside the office and gave her information about Charles. She did nothing with it. She acted like she really cared and she took the information and she said she would make sure the right thing was done, but she did nothing.
Last Tuesday we all got forms that the company told us to sign.
The forms said that company info was appearing on the internet. Because of this the company is going to fire anyone who releases confidential info. One of the forms also said that if you know someone who is violating company rules that you have a right to report them.
Some of us think that Charles and probably Diedra are trying to trap whoever they believe is writing this blog. Andy they are also trying to get people to accuse whoever the think might be writing the blog.
If you work at South Pas you know Charles is always talkng loudly from everything from girls he says are attracted to him to personal things about company employees. He is sickening. We can't stand him talking but he does it anyways.
He should have been the only one that should have been told to sign the documents. No one else at the company releases personl info except him. We all know it and he knows it. Diedra knows it but she is dishonest and sneaky.
Look under a rock and you will find wigg man, dig deeper and you will find the board. Keep digging deeper and you will POCU. Like someone said before me RIP POCU, members get your money out now.
I hope you all signed the documents which forbid employees to divulge confidential information. As I have stated in many prior posts, the disclosures on this site were strictly made by Charles R. Wiggington, a man who seems incapable of exercising sufficient discipline to bridle his mouth. I wonder if he's suffers from adult ADD?
It is his verbal exclamations of highly confidential information which have powered this blog. Did a breach of confidential information occur? Yes. Was it due to employee indescretions and their refusal to abide to the rules governing confidentiality? Not at all.
Mr. Wiggington has an incumbent responsibility to adhere to the same rules employees are required to abide to. His disclosure of highly confidential information to employees and in the presence of employees, constitutes the source where the breach occurred. In the end, he alone is responsible and like "October" wrote, it is he alone who should have been ordered to sign the documents.
Remember, after he was investigated for sexual harassment, employees were forced to attend a class of sorts, on the subject of sexual harassment. The decision was made by the board or specifically, Diedra, who seems to drag everyone into the mire which Charles creates. In other words, everyone must incur the reverberations of his actions.
Diedra seems incapable of understanding that the ethical comportment of any business, establishes that organization's character. This means that CEO's respect and choose to adhere to the policies and rules established for all employees. That is, of course, if the CEO does not suffer from a god-complex.
It seems that Diedra prefers hiding wrong doing committed by Charles, than making him accountable for what he does. Is she his mother?
I guess hiding the truth is more important than doing what is right. Obviously, Diedra is expending a lot of energy trying to villify me when all she has to do is look in the mirror to find the culprit behind Priority One's woes. Of course that would require a sense of ethical responsibility that she is devoid of. Isn't that right, Diedra?
I would like all readers to know that in the world of business and of men and women,
Diedra or Charles are most certainly, forgettable.
One great thing is he no longer walks around the office talking as much. At least Im getting my hearing back. And not seeing him is helping my eyes. Maybe I won't have to wear glasses soon.
I believe the reason why March's financials were not posted (and are still not posted) is due to 2 reasons.
On Thursday, 4/23/09, an all-employee meeting is scheduled to take place at the South Pasadena branch.
By withholding release of March's financials, Charles MAY HAVE THOUGHT that he could in some way affect and obstruct this blog. He is
sufficiently aware that readers awaited the information which would determine if the credit union's financial state has improved or is continuing to deteriorate.
The decision to impede issuance of the financials also has a psychological aspect to it. By withholding the information Charles MAY HAVE FELT empowered and may have believed that he could in some way shut down this blog.
For his information, I have a lot of material, including statements from former employees describing things they were subjected to by Mr. Wiggington. I certainly have enough to post on his abuses against employees which would have diverted attention to his continued abuse of employees.
He MAY also have planned to assure employees during the all-employee meeting, that everything is financially sound at the credit union. Certainly without March's figures, it would have been impossible to determine if losses had in fact continued or if a reversal had occurred.
The posting of the financials, thanks to the help I received from readers of this blog, may have succeeded in aborting any effort by him to again dupe credit union employees.
Before accessing the NCUA's site, I had been told that delinquencies are at an all-time high. One reason is that several members who obtained automobile financing through he credit union have voluntarily surrendered their vehicles.
Unfortunately, any efforts and successes achieved by the current in-house collectiopn team is adversly thwarted by each vehicle that is returned to the credit union.
I am sure there are many non-employees who would like to be a fly on the wall during Thursday's meeting. Lets hope that Charles again chooses to lie and expounds personal praises about his achievements and proclaims the financial stability of the credit union. Anything he says which conflicts with the more than $2million dollars in negative assets reported for the quarter ending 3/31/09, will make a wonderful post.
I wait with bated breath.
It's not surprising that Sir Charles Wiggy and his faux boss Deidra are forcing employees to sign special confidentiality disclosures. This is the exact same tactic used by Nazi henchman and head of the Gestapo SS Heinrich Himmler just before releasing killer death squads on those he felt were enemies of the Third Reich and Nazi Germany.
If Wiggy is able to ferret out anyone who expresses outrage and disappointment on his nefarious dealings at the credit union and particularly the Wafa BMW thievery what will he do to them?
Wig-man and Deidra must be ousted from Priority One CU asap.
COMMENT FOR RODGER- i work here at this fucked up company. the only reason i stay is because i have not been called for another job yet.this is regarding the stupid announcement that u and wiggs passed out to p1cu employees regarding: 1- company going to fire anyone who releases confidential information. Hello!!! So then why is Wiggly brain still there? Roger, take control, you have the title HUMAN RESOURCES. You need to be strong and quit being so damn weak.WIGGLY BRAIN is one of the reasons we all are aware of the illegal activities he has performed becasuse of his BIG MOUTH!!! HE BRAGS AND BRAGS AND BRAGS. CHARLES, WHEN ARE U GOING TO SHUT YOUR BIG MOUTH!!!Roger, u know that the SEXUAL HARRASSMENT with Kim Burke is true you were around about 50% of the times he performed his sexual advancements to her. please do not lie Roger and say it is not true, because we at p1cu will come down hard on you too. for lying.There are too many of us employees that are against you Rodger and Charles there are also ex-employees i keep in touch with, that will testify in court, if needed. Roger, aren't u reading this blog, Charles is the primary person who is violating company rules. YOU HAVE NOT DONE SHIT ABOUT IT ROGER!! YOU ARE VERY WEAK, YOU ARE A GOLDFISH WITHOUT A BACKBONE, JUST LIKE PATTI LOIACANO. WE NEED SOMEONE STRONG WHO IS GOING TO TAKE CONTROL, THIS CU NEEDS HELP FAST. GET CHARLES THE HELL OUT OF THERE AND DEIDRA SHE IS JUST AS WELL TO BLAME.
I KNOW FOR A FACT THAT AARON CAVAZOS MET WITH DEIDRA FOR LUNCH ONE DAY WHILE OUT ON DISABILITY TO DISCLOSE PERSONAL BUSINESS INFORMATON TO HER ABOUT SOME MORE ILLEGAL ACTIVITYS THAT CHARLES WAS DOING AT THE CREDIT UNION. I AM HAPPY TO KNOW THAT HE DID THAT BECAUSE I AM PERSONALLY GETTING IN TOUCH WITH AARON TO FIND OUT A FEW THINGS NEEDED TO REPORT IT TO U JOHN, SO THAT WE CAN REPORT IT TO CALIF FINANCIAL INVESTIGATORS.I LOVE IT. THIS IS SO MUCH FUN!! I AM NOW CONSIDERING A CAREER IN LAW ENFORCEMENT. I LOVE TO CATCH PEOPLE IN THEIR ACTS AND GET THEM IN TROUBLE !
In Diedra's defense, she's not ghetto she's from the projects.
I used to work for Priority One some time ago. At the time, Charle had been at the CU for several years. I remember him as obnoxious and distasteful. He used to talk with his mouth full, talk about himself a lot, and sometimes his breath reaked. None of that determines the ability of a person.
Yes, he talked about sex usually with the other "boys" at the office and yes, I saw him make comments to Ms. Burke that were in my opinion, inappropriate and suggestive.
What made the worst impression is that the man is lazy. He was the VP of operations yet if you asked him a question about operations, he often referred you to someone else. I came to realize that he was ignorant and definitely unqualified but I never would have imagined that he would ever become president.
One day he asked a group of us if we knew why Maggie Rios looked so relaxed. When we said we did not know, he said, "Because she never does anything."
An employee named Dorothy once offered to obtain a bumper to replace one which had been damaged during an accident. She never located the bumper but for years, he would continually tell employees about how she promised to get him a bumper but never did. One day, he told me and a co-worker that he thought she didn't get the bumper because he was black. It was disgusting that he could so easily pull out the race card.
Yes, as many people have posted, the man likes to talk (to the point you wish you were deaf) but usually its about subjects about him and his wonderfulness. The subjects are not ever about anything intelligent.
It is sad to see that he has damaged the credit union's internal reputation. It is sadder still to see just how corrupt Diedra is.
It used to be a nice place.
I will be posting in a day or two, about a message which the credit union placed on its website, www.priorityonecu.org
earlier today.
Obviously, Charles and Diedra and anyone who has compromised ethics to support him, are exercising tremendous effort to suppress any effort which might publicly demand that he be accountable. Yes, its cowardly and yes, its dishonest and yes, it them!
Here is the message:
"Annual Meeting Notice
Wednesday May 27, 2009
The annual meeting of Priority One Credit Union will be held Wednesday, May 27th, 2009 at 6:00 PM. The meeting will be held at
South Pasadena Headquarters
1631 Huntington Drive South Pasadena
CA 91030
At the meeting, the CEO will report on the status of the Credit Union.
In addition, the results of our election will be announced at the Annual Meeting. In accordance with the Credit Union’s bylaws, notice was given to the membership that Nominations by Petition were sought for one (1) vacancy on the Board of Directors, and two (2) vacancies on the Supervisory Committee. Nominations for these vacancies closed at midnight on February 28, 2009, and no nominations by petitions were received. Thus, in accordance with the bylaws, the nominees selected by the Nominating Committee for each of the positions will be deemed elected.
Except as provided above, no other new business will be conducted at the Annual Meeting. Priority One Credit Union."
Do not let this be a deterrant to those of you who may have planned to attend the meeting. I think it will be a good opportunity to at least get to see what Charles and Diedra look like, don't you?
Last week, they forced employees to sign confidentiality agreements.
This month, Charles has refused to release March's financials.
Now there are perimeters which he has raised for the upcoming Annual Meeting.
Does any of this seem defensivess? Does it seem to corroborate my assertions and those of commentators on this site, that both Charles and Diedra are guilty of wrong doing. I guess they never learned that how we react in life may impact our guilt or innocense.
How terrible and horribly sad that Deidra is just as weak as Rodger. Why doesn't anyone step up and get Charlie out of their. What qualities does Charles have that will better the CU? NONE ..Deidra and the Board need to really think about all of these accusations which are FACTS!! We don't need him,the guy is CORRUPT CORRUPT!! i wish Mr. Harris would of known all of the illegal activities the Idiot Charles was doing, so he would of kicked his butt out.
John, there are too many of us employees that dislike Baldy & Rog. I cannot stand @ every employee meeting Rog starts his own speech by talking about "Sexual Harrassment", have all of u employees noticed? What the heck for? Rodger, SHUT UP!!! please you are a hippocrit, Baldy says and performs his silly sexual acts in your FAT FACE, and nothing has been taken care of, Baldy is the CEO, that is so embarrasing to us employees. BALDY needs to keep his sexual actions at home in private not at a workplace.
Deidra, we used to think you were a little smarter. Why don't you investigate Charles? do u have a crush on him or what?
Almost all of us here @ p1cu feel very unhappy and uncomfortable with charles. he is not a working role model for us at all.
He is not business orientated at all, he acts very immature/childish kind of like a teenager.
He also acts like a homeboy from Compton or somewhere like that.
I hope he is prosecuted very soon, and we have a new CEO that takes responsibility, is honest, cares about the CU, is mature, unlike baldy.
I couldn't wait to get home and finally post on this blog.
We had a meeting at the South Pasadena office. It was amazing. A lot of the meeting was about privacy and protecting member information. They even had a representative from an accounting company speak to everyone about privacy laws. The guy kept saying that people could contact Diedra or Cornelia Simmons if they suspected anyone was revealing confidential info. WOW!!
First, what more proof do you need that Diedra and Charles are guilty of everything on this blog!
Second I would like to turn some one in for revealing information about members and employees. His name is Charles Wiggington.
So now that you know his name are you going to suspend him Diedra? Are you going to terminate him Diedra?
I would also like to turn someone else in who has allowed harassment and discrimination to happen at the credit union and who has violated policy and not terminated Charles. Her name is Diedra.
I am so glad they told us we could tell the board and according to the guy, he promised the boards would do everything to investigate and correct the problem. The guy was another moron who made promises about something he knows nothing about.
Well I've revealed names now lets wait.
Everyone knows Charles is the source of all violations of confidential info. He talks about members and employees and says things loudly while walking thru all the depts at S. Pas. He alone is the one who violates policy but I don't see the board of supervisors doing anything about it. That guy that spoke yesterday said you can trust the board of supervisors and Diedra. Well Aaron met with Diedra and gave her info about Charles and she did nothing with it. And Kim Burke spoke to Diedra and Diedra did nothing with the evidence. So why again are you supposed to trust Diedra or the board?
I remember O. Glen Saffold saying priority one needed a black ceo, so why would anyone of any other color ever think that people who only see black would investigate any complaint fairly?
Man oh man, Wigg is an idiot.
During the meeting you could see that the guy has the most limited vocabulary. Its embarassing.
He even got rude with Patti Loiacano. She raised her hand and he told her to "wait" because he needed not to lose his "train of throught." Obviously the man can't keep his mind on any one thing. During the meeting he tried so hard to sound intelligent but as always failed. He answered more than 1 question incorrectly. He either does not listen or he does not understand. Whatever the reason he comes off like a moron.
And then they brought in this guy who said he had years and years of experience with banks and credit unions but the guy bored so many of us. He really should never speak publicly. A lot of us dozed off and later we talked about what a bore the guy was.
And Wigg disappeared conveniently when the Manny started to talk about financials. Why run like a coward? Manny even said that in the years he has been employed he has never seen such losses. He also said that is why there are no raises, no new hires, no food on Fridays, and so and so on.
Wigg can't even see how much we all wish he would leave but of course as long as Diedra continues to have him at her breast he'll be fine.
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