Westcorp next Lehmann Brothers for CUs?

Flash in the pan Joined: 12 Dec 2007 Posts: 30

I just learned that former Westcorp (merged by Wachovia in 3/2006) was the principle investment advisor for the majority of credit unions in CA and a local CU board member is really concerned their and most CU's safe, conservative (sound familiar?) assets are toast. Anyone have insight into this and willing to share? We belong to one of the safest CUs in CA, but who can say? Shocked

Posted: Sat Mar 28, 2009 8:45 pm

Sorry, I didn't understand your post. Are you saying CU's are unsafe?

Flash in the pan Joined: 12 Dec 2007 Posts: 30

That's what I'm wondering about. I'm hoping the one's with a large client base of state employees at least are safe, since our mortgage is with that kind of CU. If not, there's going to be a run on mattresses as the last safe spot! Laughing

Posted: Wed Apr 29, 2009 9:11 pm

I am really surprised that no one in the "know" has jumped in here to address this.

Perhaps that, in itself, is an answer to the question?