Arizona FCU says they paid out a $3 million bonus to a little over 77,000 members in December 2012. They also show they had Net Income, or earnings, of about $45 million, in 2012. There were almost 162,000 members as of December 31, 2012. Basic math says 162,000 total members – 77,000 members who received a payout = 85,000 members who did not receive a payout. This means that 85,000 members, or approximately 52%, did not mutually benefit from the payout because they received nothing. Would a majority of the members, who pay in $36 every year, but get no year end bonus payout, truly think this program is mutually beneficial?
How much was President/CEO Ronald L. Westad’s PLUs payout in December 2012?
Those in power should not be allowed to pass laws or rules that unfairly and disproportionately benefit themselves at the expense of the little people. In such instances, it is Robin Hood in reverse, the rich stealing from the poor. Are the Board of Directors his “Merry men and women?”
Do the required, unavoidable, $3 weasel fees charged every month fit Ronald L. Westad’s principles, values, and beliefs? Just what are his principles, values, and beliefs in 2013? They sure look different than he stated they were in 2003.