Dear Rose Oswald Poels, Wisconsin Bankers Association: I can’t make it any clearer

Rose, please excuse us credit unions for being successful. Be honest – your banks helped a little what with taking TARP money, some not paying it back and all.

Remember – credit union’s are financial cooperatives owned by our members who pay income tax on their earnings in their credit union. The credit union’s earnings are put back into the credit union as capital as it’s the only way credit unions can raise capital. Your banks raise capital by selling stock to stockholders. (And, by not paying income tax because they’re a bank utilizing the Sub Chapter S loophole.) Your banks are for-profit. Your banks make money for the stockholders.

If credit unions have it so good, why haven’t any banks converted to a credit union? Rose? Hello … Mcfly?

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