The latest news and financial insights from your friends at 1st Nor Cal Credit Union.
1st Nor Cal Credit Union - Website
August 2019
Table of Contents
Visit Website
Locations & Hours
Loans & Rates
Online Banking
Mobile Banking
Financials
Member Discounts
Contact Us
Win $50!
There are two member numbers spelled out within the text of this eNewsletter. Find your number and give us a call at
(888) 387-8632 to claim $50!
Follow Us:
Return to All Articles
President's Corner
Ross Perot
America’s favorite crazy uncle H. Ross Perot died last month. Mr. Perot was best known for his colorful phrases. The movement of U.S. jobs to Mexico, he said, created a “giant sucking sound.” During his unsuccessful 1992 presidential campaign, he derided negative campaigning by proclaiming, “Let’s get off mud wrestling.” On getting things done in Washington, he said, “Don’t just sit here slow dancing.” According to the Associated Press, “Mr. Perot spent his own money during the campaign on 30-minute television spots during which he used charts and graphs to make his points, summarizing them with a line that became a national catchphrase: ‘It’s just that simple.’”

Mr. Perot was quirky but also was a savvy businessperson. While working at IBM, he observed how inefficiently Big Blue’s customers were using their expensive systems. He then founded Electronic Data Systems (EDS) which was a pioneer in facilities management. EDS became the Information Technology department for many small companies, including many credit unions, to run their own system in-house. EDS also provided early support for both Medicaid and Medicare in his home state of Texas. What is most impressive is that he was able to expand company revenues and build a profitable business with no debt.

After Mr. Perot retired, EDS continued to expand, especially internationally. As is the case with most high tech companies, pieces of EDS were bought and sold several times to the point that the original company is no longer recognizable. When he originally sold EDS to General Motors, he repeatedly clashed publicly with GM CEO Roger Smith about GM’s outdated business model. Specifically, he called a plan from GM to close plants and lay off workers “morally wrong.” Mr. Perot commented that, “At EDS when we saw a snake we kill it. At GM they appoint a committee to study snakes.” GM eventually paid Mr. Perot $700 million to leave the company.

But he wasn’t finished. He founded Perot Systems which did much the same function as EDS and built it into another profitable company with no debt. Perot Systems was sold to Dell Computer, and Mr. Perot went on to more philanthropic endeavors.

USA Today summarized Mr. Perot’s three tenets that he lived by that helped him achieve success: (1) Don’t make money your primary goal - Focus on being the best, and financial success will come as a byproduct; (2) Prioritize family over business - Give your children your full and undivided attention; and (3) Establish a high spirit of mutual trust with subordinates, peers, and superiors.

Mr. Perot believed taxes should be increased on the wealthy, while spending should be cut to help pay off the national debt. He also advocated for a higher capital gains tax and tax breaks for new business owners. His views were contrary to most corporate CEOs with the notable exception of Warren Buffett who has done pretty well for himself. He truly was an independent thinker not bound by the Democratic or Republican Party labels. His parting words in his last interview were, “Texas born. Texas bred. When I die, I’ll be Texas dead.” Crazy Uncle Ross will be missed.

David M. Green

President/CEO
dgreen@1stnorcalcu.org
(925) 335-3802
BRANCH LOCATIONS
1111 Pine St, Martinez
538 Center Ave, Martinez
4261 Century Blvd, Pittsburg
560 First St, Suite B-106, Benicia
2500 Nevin Ave, Richmond
HOURS OF OPERATION
Mon - Wed: 9:00am - 4:00pm
Thursday: 9:00am - 6:00pm
Friday: 9:00am - 5:00pm

24-HOUR MEMBER SERVICE
(888) 387-8632
Federally insured by the NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administrations, a U.S. Government Agency.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Recommended Five-Star Institution by Bauer Financial "Because peace of mind matters"
Recommended Five-Star Institution by Bauer Financial "Because peace of mind matters"

www.bauerfinancial.com
The information contained in this email (the “Content”) is provided for informational and educational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Content is not intended to be and does not constitute financial, investment, tax or accounting advice or a solicitation to buy or sell securities. The Content is necessarily general in nature and is not specific to you or anyone else. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX OR ACCOUNTING ADVISORS BEFORE IMPLEMENTING ANY ADVICE INCLUDED IN THE CONTENT. By viewing or utilizing the Content, you agree that you will not hold Marquis, Inc., 1st Nor Cal Credit Union or their affiliates or agents responsible for loss or damages resulting from the Content.
Copyright © 2021 1st Nor Cal Credit Union. All Rights Reserved. This email was sent to you by 1st Nor Cal Credit Union located at 1111 Pine St, Martinez, CA 94553.
 
If you no longer wish to receive emails from us please go here.
 
Security Key: 605C4FCF-78DB-4EF3-A033-7E2FAAC0186F