Rates were a little higher but the fees were lower. They hold on to their mortgages and dont sell them. Seems dumb since if interest rates rise, they will be stuck with a lot of mortgages giving them 4%, but will have to pay out 5% for CD rates. Cant figure out why they pay 4 percent dividend on the stock,when their avg asset is paying on a little over that..
i guess we wont be seeing their tv commercials offering no down pay....no escrow...no fees...no pmi.insurance any more...no wonder they showed a profit every year....seizure needed here
Phase4...100%.....a wonderful profitable weekend and i hope my subscribers enjoyed...watch for much much lower price ...enjoy all....VIVA CANADA
you sound like the biggest bagholder here....your life savings are in peril...sell idiot sell before bankrupcy.....subscribe to master's news letter and short at will...wake up fool...wake up
I think Robs nephew Curley is next in line to be Prez if they want to keep it in the family. I usually sellwhen I make 50% on a stock, so there wasnt any insider trading. Just program it in and when it hits 50% sell. But if it gets real close then I wait a day to see if it continues to rise. Dont think anything intentional was done wrong by the board. From what I personally have been told, the audit company calls the audit commitee chair or sends them a form to fill out. They just send it back and say that everything is OK. Dont know if they dont bother to check to see if their was anything wrong or not.Im sure that they really do audits too,but have never worked in the NY headquarters so I cant say for sure. I know that mortgage apps were being done wrong and they threatened people with termination if they didnt complete a perfect file. Well get a system that works and give people training! Numerous employees at various locations griped to me about some HR violations when I worked there, but I was told by my supervisor and others that had been with the company for a long time that we would be fired if we complained. The person in charge of HR has been with the company about 40 yrs and it looks like they just shuffle people around that arent qualified since at one meeting she said that she had been in HR for 5 years and was still learning. Then how come employees know more about OT laws than she does. I have emails that were sent out asking for non-exempt employees to work at trade shows, home shows and other events. By law you have to get paid since you are promoting the company and talking with potential customers, but they just expect people to work it without pay.
I don's see them going under. They survived the florida screw up they can survive this. I hope the employees would wait filing a class action until my relatives sell their stock. This could be 2 fronts, employee class action and securities litigation. Employee class action would pay out more, but securities litigation would cost more in legal fees. NYS does not like when employees don't get paid for time worked or not taking breaks. They are very strict on that. My concern the new CFO is cut from the same mold. They need fresh blood to go in there and take a look under the covers.
The accounting firm should be concerned also. That the problem with using a small accounting firm out of NJ?
Corp office in Albany, accounting firm in NJ. HMMMM!\
Nice move on selling. you knew what goes on there and had the edge. Most investors don't. I certainly don't hope they knew of the deficiencies and did nothing. That is really bad. Maybe the dividend gets cut.
LOL..I bought Trustco when it was about 4.50 and sold it near 6.75 about year later. Some of my other stocks that I bought are up over 1300% over 4 years and a lot are up 100% in 6 months. Buy low - sell high. BTW who is Master and what are all these crazy percentages he posts. Oh and I am really rich since I got one share of Trustco stock for my one year anniversary, and they took taxes out on it and will charge me $25 if I want to sell it! Guess they figured some idiots at work would automatically buy more so they could automatically have a false demand when the employee stock plan had to buy more shares each month.
Cush is staying on as a consultant until the end of the year. Now they can pay him even more to fix what got screwed up when he was working there! Wonder why he left at such a young age? He made a lot of money on stock options, so maybe he decided it wasnt worth the aggravation. I know CFOs at other banks that retired as soon as they were able said . Some former co-workers have mentioned that they would consider a class action lawsuit because the company violated a lot of HR rule as far as not letting you take lunch breaks, making you reduce hours as to not pay have to pay overtime. I decided it was time to leave after they started cutting back hours so that they didnt have to pay part-timers benefits, and after it started taking them several months to replace employees who quit. I could go into a bunch of other things too but they are personal matters that I had with the companys ethics. I could see the writing on the wall from having worked at other companies that went under after they started doing similar things.. Trustco has good products for consumers, but they treat employees like dirt. I took a lower position at another bank and am making more and have better benefits than when I was at Trustco. Their starting salary range for managers is less than I was making 30 years ago as an assistant manager and a friend who was an assistant manager at a bank I used to work at told me what he made and it is more than what the highest salary grade is for a manager at Trustco. If they had to pay regular salarys and have normal staffing and get an up to date computer system, they would be bankrupt. Their total compensation for employees was about $45 M. Divide that by the # of employees and you will see that it is half of what other companies average.. Dont know if the 5 Million that the top brass is included in that figure or if the $125K a year that each of the boardmembers get for going to 12 meetings a year is in the figure too.
One newspaper called it a federal investigation! Sounds more serious than it probably was.
This happened under cush's watch, he is paid very well and its his responsibility to maintain governmental controls. I wonder who is doing the finger pointing at management. But they tried to sugar coat it and that sends up the warning signs. They knew, they should have taken action, I guess they have to change their name to Untrust co. Old ladies have money in this stock for the dividend. Is the increase in compliance costs an annual thing 2.5 to 5 million or is it a one time cost, how bad will it impact future earnings. Has there been a run on the bank like in Greece. What a way to go out Cush (embarrassed). Did the board of directors know? Did they pay the Directors and officers liability insurance? Has any one sued. This could be rewarding for the attorney who post investigations of various companies when unfavorable news comes out. This could be slam dunk for some attorney. Stock tanks on bad news, they knew and did nothing, people got hosed.
Where were the auditors, did they point this out to the board of directors in the management letter.
They may have liability if this was not pointed out.
It would be wise for the new CFO to flush this thing out now before he gets blamed later on.
This happened to me, I discovered problems, I flushed the other guy, its just business.
You'll look good with the board, nice bonus and raise, board will now trust you. In a couple of months it will be Cush who?. They should be concerned and want this thing fixed. This has created a can of worms.
jj's was popping...87 depressed worried sharehoilders received relief....the moaning and groaning could be heard to burnt hills.....mohammand won the most clients served...great job !!!!
awwww anger anger...you need to subscribe to master's news letter and learn how to invest....working for trustco hurt your intelligence...wake up fool its not too ;late to short this pos...kisses
Will Trustco go down to 4 or will Klmsearch go down on a 4 year old before that.In either case it wll be all time lows for both. Cant believe that they havent banned the perverts from this site, even after I complained. I used to work for Trustco but wanted to see if they would ever notice and do anything. Looks they dont read these boards. I wouldnt count on the dividend for much longer. In the 80's I was getting 18% dividendsn a bank stock and didnt care that it went to $2 a share since it was in my IRA and I had several decades to make back my money. The government took over, the dividends stopped and I was out a boatload of money. I think the only reason that Trustco is paying 4 percent dividends is because Jr screwed the pooch and this is the only way he can make money for himself and his friends since the price dropped a lot over the last 10 years. The yield should be about 2% like other banks are paying.
Trustco employees with any prior banking experience know that the bank was out of compliance on a lot of things and are in shock that they havent been investigated beforehand. Dont want to tell my personal situation but when I alerted them that they were violating a law they were completely unaware. Yet they still continue doing it since they can get away with it. A bunch of ex employees are aware but current ones are afraid to say anything. Jr made the mistake of putting his friends who are a bunch of yes men on the board who dont know anything about banking or finance. Why is a doctor head of the board of directors? Maybe he is taking care of Sr since I heard he is extremely ill, but Oh wait, they never mentioned that to shareholders which I think is required too.Granted some of the others are builders and have political connections which can help, but they need a person with a strong financial background. Now that Cushing is gone they will be even more clueless.
why does this happen so often/? an analyst ,supposedly, does an in depth analysis of companies being covered. how can any of this new information regarding trst be a surprise to anyone in the analyst community? It seems to happen often. That is why I say, "so what" when there is an upgrade or downgrade of a stock