Monday, June 20, 2011

Another Nasty Little Wisconsin Budget Bug

There are a few ........ahhhhh.......curious items stuffed into the Wisconsin budget. There's the "stick-it-to-Milwaukee" interference with firing cops; there's the "we'll take care of Miller Brewery (and screw all those little guys)" wholesaler provision, and then:

Ta-Da!!

The "Wisconsin bankers wanted this, so what the Hell!" provision.

“The direct-conversion provisions subvert the interests of a credit union’s full membership to that of a few who intend to own and profit form a stockholder-owned – and not member-owned – business structure,” said Brett Thompson, President & CEO of The Wisconsin Credit Union League.

Thompson said many major deficiencies in the conversion language are stunning. The provisions adopted by the Legislature allow for the direct charter conversion of a credit union to stock-bank with little meaningful notice requirements, no protections of members' voting rights and no requirement that any equity in the converted institution be returned to members.

There's no reason whatsoever for the Budget to include this language, regardless of its merits. But when the provision slides in during last-minute sessions--under cover of damn-near-secrecy--the smell alone should demand a veto and the "merits" should be examined closely.

3 comments:

Badger Catholic said...

I hope Walker cleans this stuff up.

John Foust said...

Who keeps voting for these Republicans?

jimspice said...

I would have thought that'd be perfectly peachy with you. I mean, compared with banks, credit unions are damn near socialistic!