The financial crisis may seem like a thing of the past nowadays, but in the words of a philosopher, those who do not remember the past are condemned to repeat it.
Sarah Snell Cookes column, Parsing the Possible Harm Awaiting NCUSIF (Aug. 17 issue) presents some unfounded extrapolations about potential losses to the NCUSIF. The column simply took the assets of all CAMEL 4 and 5 credit unions, assumed they would all fail and applied the average loss ratio of 17%...