failing for fun and profit? Another quarter closed, which means time to review my credit unions. Guess what showed up?

Line Item Mar-2008 Jun-2008 %Chg Sep-2008 %Chg Dec-2008 %Chg Mar-2009 %Chg

NET INCOME (LOSS) BEFORE NCUSIF STABILIZATION EXPENSE N/A N/A 0 N/A 0 N/A 0 -6,834,886 0
NCUSIF Stabilization Expense N/A N/A 0 N/A 0 N/A 0 27,778,958 0
Net Income (Loss)* 12,522,444 16,914,414 -32.5 19,233,362 -24.2 18,509,388 -27.8 -34,613,844 -848.0

Line Item	Mar-2008	Jun-2008	%Chg	Sep-2008	%Chg	Dec-2008	%Chg	Mar-2009	%Chg
NET INCOME (LOSS) BEFORE NCUSIF STABILIZATION EXPENSE	N/A	N/A	0	N/A	0	N/A	0	-6,834,886	0
NCUSIF Stabilization Expense	N/A	N/A	0	N/A	0	N/A	0	27,778,958	0
Net Income (Loss)*	12,522,444	16,914,414	-32.5	19,233,362	-24.2	18,509,388	-27.8	-34,613,844	-848.0

Apparently, US credit unions pool together and use a parent credit union (US Central Credit Union) which the NCUA placed into conservatorship after it failz0rd, and now all our credit unions have to pay a bunch of cash into the credit union insurance fund. All because US Central bought (and held on to) a slew of mortgage-backed securities.

Why someone at US Central felt they needed to do so... well, I'm sure they still have a job.