Analyzing USAA 2022 Annual Report to Members. https://content.usaa.com/mcontent/static_assets/Media/report-to-members-2022.pdf?cacheid=4127232305_p Tucked at the end of the report was the financials, if you notice net worth declined 32% year-over-year and the company had its first loss in over a 100 years. This is not attributable just to tough economic climate or unrealized losses in available for sale investments. Especially when Insurance premiums are through the roof and real estate operations are at one of their lowest. Also the dividends to policy holders is at the lowest in decades, cash is depleting and deposit assets are at the highest. It reeks of sheer mismanagement which the management refuses to acknowledge and are trying to cover it up. None of the numbers make any sense and the RTO and other layoffs seem like something sinister is taking place. I urge everyone to retrieve the audits of USAA’s complete financial statements from Ernst & Young LLP. Nothing from the books adds up.
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Don't think they are perfect but the cost of materials is largely responsible for the loss. All materials jump incredibly (I had construction completed during this time and saw the impact first hand.) 4/13/20 lumber was $342 per thousand board foot. 5/17/21, lumber jumped to $1453, 2/21/22 $1244, 4/11/22, $889. 1/9/23 it reached $351 (yay) but as of 8/1/23 it is $550 ptbf. Any homes rebuilt during that time cost 3-4 times what it cost when the coverage added. The auto industry suffered the same issues with an increase in metal prices, shortages in labor which forced body shops to increase salaries, supply chain disruptions all contributed to substantial increase in costs to repair vehicles. Total loss vehicles were replaced and incredibly increased prices. A reality in the industry that can't be ignored.
Ask yourself, “if I were a millionaire executive at a private bank/insurance company, and I wanted to be a billionaire retired executive, how would I go about doing that?” Your answer would probably be some version of:
- Getting rid of anyone with a backbone and morals;
- Surrounding yourself with people too weak, too stupid, or too corrupt to say anything;
- Removing oversight and destroying controls, either through eliminating staff, refusing to allow backfills for attrition, and/or withholding financial support for system upgrades; and then
- Engaging in corruption, like insider trading, price fixing, getting kickbacks and/or any other kind of behavior that is immoral/illegal/improper but profitable if you can get people to look the other way while you do it.
cooking is the business..
either books
or remote hires (until RTO enforcement)
or retirement plus
or CEO pay raise
or Lurking the new talents and paying below market ( using "Great place to work for logo" )
and on
and on..
https://www.expressnews.com/opinion/letters-editor/article/usaa-money-laundering-fine-18266830.php
One of the EMGs mentioned this in another post - upper management is doing all this to get their bonus. From your post, it sounds like they're doing shady things to show profitability, and that seems to track:
https://www.thelayoff.com/post/@jup+1nRPf6FC