Bucky Sebastian

Wendell A. "Bucky" Sebastian

After 21 years, GTE Federal Credit Union President/CEO Wendell A. Sebastian retired December 31, 2009. “The worst of this recession is over and the credit union is on a solid track to start earning positive revenue in 2010. It is time to turn the credit union over to new leadership,” said Sebastian. During his tenure, GTE FCU has grown from $160 million to $1.6 billion in assets and membership has increased from 40,000 to 205,000.
Bucky is a former Board Member of the Federal Reserve Bank of Atlanta, Jacksonville Branch, Board Member, Ybor City Chamber of Commerce and Tampa Bay Partnership

Bucky received a Bachelor of Science in Advanced Scholastic Philosophy and Doctor of Jurisprudence degrees from Loyola University of Chicago and  has completed the  program for Senior Managers in Government at the John F. Kennedy School of Government, Harvard University.

Highlights of Bucky Sebastion’s presentation to
The Tampa Bay Thought Leaders Community at
The Centre Club on April 14, 2010.
 
Bucky provided a historical perspective with the following decadal emphasis
1950s was considered the decade of transportation, railroads and highways.
1960s emphasized the “Great Society” and Civil Rights.
1970s: Energy and Environment
1980s: Finance

How we got in the economic mess we are in  . . .
It was during this latter period the seed of destruction that led to the current economic crisis were sown primary by the Depository Regulatory Commission.
Years ago there were separate “silos” for home loans, consumer credit and commercial loans.  This distinction began to collapse along with the removal of accountability. 

All safe guards as we had previously known them were taken away. At the same time, great pressure was applied to put everyone in a home of their own.  Foreign investors provided a stream of relatively low cost money.
   
The collapses which begin in some sectors in 2006-07 diminished approximately 25% of the wealth in the US.  There is limited investment capital available and what is available is being used to build reserves including the TARP money which was supposed to be used to clean up “toxic” assets.
  
Thus, easy money is now gone and credit availability will remain tight for most of the next decade. This condition will remain until the economy improves and corporate profits return to simulate expansion and re-employment.  However, the bottom of this crisis is not likely occurred in most sectors.
  
In Bucky’s opinion, the long-term solution is to recreate the system which provided a separate segment for home financing.  However, this will require ability plus political will that is not currently present.