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| Chief Legal Eagle |
Don't know Mr. McKenna on a personal basis; but would assume from his resume, background, experience, and current position, that he is probably the # 1 U.S. expert on the Federal Credit Union Act (FCUA) and the rules and regulations controlling federal credit union supervision - or should be!
After all, he has spent a lifetime focused specifically on credit union statutes and rules; has helped draft and craft many of those laws; and is intimately familiar with the logical subtleties and historical compromises underlying their promulgation.
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| "RBC"(Ringling Bros. Circus) |
Three questions come to mind when listening to the legal arguments:
1.) What is Mr. McKenna's , the #1 U.S. FCUA expert, opinion on the legality of RBC?
2.) Why would Chair Matz feel compelled to pay an outside law firm $150,000 "to do my own due diligence", when she had Mr. McKenna sitting down the hall?
3.) Given that extraordinary $150,000 outside legal expense, can you determine which of the following is...
... an expensive, exotic potted plant?
A) The one on the left.
B) The one on the right.
C) Either.
D) Both.
F) All of the above.
13 comments:
She sought out 11 outside firms! Speaks volumes! McWatters is certainly paying attention and understands the legal and ethical issues.
Who provided the list to her? The Democratic National Committee?
Isn't it rich? Isn't is queer?
Losing my timing this late in my career
But where are the clowns? Send in the clowns
Well, maybe next year
...should note that you missed the penultimate verse of the Sondheim song;
"But where are the clowns?
Quick, send in the clowns.
Don't bother, they're here."
Matz has stayed far beyond her shelf life date, expect the stench to continue to grow.
There is something happening here.
What it is ain't exactly clear may ass! Ms. Matz is spending credit union member's money to politically connected law firms! Probably connected to Mr. Matz. Time we demanded real accountability from the head of NCUA. NCUA is uniquely paid for by credit union members. She has a fiduciary responsibility to the credit union membership.
Does Ms. Matz really believe that wasting a lot of money on a bogus legal opinion makes the incredible credible?
No matter how you slice it, bologna is still bologna!
McKenna is the General Counsel of NCUA. Generally, speaking it is not within the authority of the NCUA Board to change the FCUA. This is the specific authority of Congress.
If you want a different opinion, you have to pay a lot of someone else's money to a Specific Counsel for an opinion to specify that the NCUA Board has authority for what they generally do not have under the FCUA.
So who are the clowns? Is it the NCUA Board? Is it the outside law firm? Is it the credit union industry for condoning this fraudulent waste of money?
Je Suis Les Clowns.
If the credit union industry allows Ms. Matz, her Lapdog and her Potted Plant to get away with the purloining of Federal Credit Union Act authority, than:
Nous Sommes Les Clowns!
Much better grammar...
Jim states that he doesn't know Mike McKenna on a personal basis...but I do. Mike served as my Senior Policy Advisor during my time on the NCUA Board. There are few that have a better understanding of the Federal Credit Union Act than does Mike. Apparently, Chairman Matz chose to seek outside counsel as a way to insulate the agency from appearing to be "too close to the situation." That this outside counsel did not feel that the agency's case is ironclad should not reflect on Mike but rather the interpretation of the firm and what might happen if this rule was legally challenged.
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