Glatt Consulting’s Tom Glatt, Jr. authored a CU Times opinion article titled Fooling The Board: The Embezzlement Bonanza. The article appears on the Credit Union Times’ website, and explores how poor governance contributed, in part, to fraud and failure.
“While detecting fraud can be a very difficult task, in the case of every one of these situations the performance of the credit union was so poor relative to the industry that the CEO should have been fired for cause. That these boards condoned such performance over so long a timeframe puts them, in my opinion, as much at fault for the fraud as the perpetrators themselves.”
The full text of the article can be found on cutimes.com.
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