Want to read more about the banker President Obama mentioned tonight who gave $60 million to his employees past and present? [The Miami Herald]

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  1. cynical_bastard says:

    ”I saw that if the president doesn’t come to work, it’s not a big deal,” he said. “But if the tellers don’t show up, it’s a serious problem.”

    This man gets it!

  2. OscarWinner_GitEmSteveDave says:

    Shouldn’t they have this money taken away from them? I guarantee that if something happens with this bank, they will blame this for one of the reason they fail.
    It’s funny. When your bank/stock is doing well, no one has a problem with the big bosses who are making the decisions getting raises. But as soon as things turn downhill, it’s suddenly a problem. I find the same thing applies to sports players. No one decries a “signing bonus” or a salary until someone doesn’t perform as well as they could, or gets injured. Then people have a problem. Sorry, just needed to say that.

    • sburnap42 says:

      @OscarWinner_GitEmSteveDave: This isn’t the banks money. This guy gave his *own* money to his tellers. While CEOs of the “too big to fail” banks were buying $1500 piss-pots, this guy took his own money out of his own pocket and gave it to the people that made the bank run.

      That’s called having real honor. Doubly so in that this guy’s bank is *not* insolvent, and therefore this guy actually deserves his money.

    • WBrink says:

      @OscarWinner_GitEmSteveDave: If you read the article, you would know your post doesn’t make sense.

      • OscarWinner_GitEmSteveDave says:

        @sburnap42: He took proceeds from selling a majority share of the company. So yes, it was his money, but it was from sale of the bank assets, and in reality, the bank itself, to a foreign company.

        @WBrink: Really, how is this any different than the President of Merrill Lynch giving a big bonus to all of it’s executives after doing something like selling a jet, or selling the bank to Bank of America?

    • parnote says:

      @SitDownNancy_GitEmSteveDave: Maybe that line of thinking is part of the problem. If your value system is based on sports (which have no socially redeeming value, compared to health care workers, firefighters, police officers, teachers, etc.), then something really is amiss here … and it’s not this guy doing something wonderful for his friends and workers!

      • SitDownNancy_GitEmSteveDave says:

        @parnote: My value system isn’t based on it, but I said it’s akin. No one complains about a ports team spending 20 million a year on a player, unless that player isn’t performing. Look at A-Rod in NY. I agree that our public servants, including the military, deserve more than they get sometimes. I only say sometimes, b/c as the son of a former cop, I know some of his superiors didn’t deserve to earn more than my Dad.

        • RandomHookup says:

          @SitDownNancy_GitEmSteveDave: Well, isn’t that how it’s supposed to work? You don’t perform, so you don’t get to make the big bucks?

          It seems some of the players in the marketplace are happy with the upside reward, but not willing to be punished for the downside. Of course people are going to be unhappy if they see overpaid [athletes, bankers, baristas] not performing to the level expected.

          • SitDownNancy_GitEmSteveDave says:

            @RandomHookup: But they enter into contracts, just like these players. That’s the big thing that people get upset over. They get a “signing bonus”, which can not be taken back. Then they have a contract, which as long as they basically “play”/show up to games, they get all their money. Same with many executives. They sign a deal, and no one has a problem when the company is doing well. They keep doing well, and re-negotiate. THEN something happens, but the contract still exists. It’s easy to say, “screw the contract”, but it’s not always that simple b/c of clauses. Look at Citibank/shase w/their jet. They were forced to cancel their contract, and had to pay a 3-5 million penalty.

  3. compuguy1088 says:

    This, in few words is a epic win!

  4. redkamel says:

    its nice to know theres still people out there who know how to run a business and look out for employees. Thats pretty awesome. And his bank was solvent and making a ton of profit!! Way to go on that sale and reward!

    I bet it feels better to sign away 60 million for your friends and employees then it does to buy an expensive house.

    • zentex says:

      @redkamel: I bet it feels better to sign away 60 million for your friends and employees then it does to buy an expensive house.

      indeed, that guys karma meter just read ’tilt’.

  5. PHRoG says:

    LOL…No kidding, this guy loves it! Did you see the grin on his face? He’s like, “Take that Wall Street!”.

    Fantastic!!!

  6. mac-phisto says:

    the big difference i notice between this guy & most executives these days is “the ladder”. how many of today’s executives can honestly say they rose thru the ranks of the company they lead?

    this (imo) is why so many executives are disjointed from the goings-on of their companies. we have short-term leaders, so we end up with short-term strategies optimized for short-term growth. get in, get rich, cash out. that’s the mantra of the 21st century american executive.

    good for mr. abess. at the very least, he’s proof that not everyone’s a total moron.

    • Fresh-Fest-1986 says:

      @mac-phisto: Very true. Large corporations hire out their executives and middle management from other companies like they were trading baseball cards. People come into a position, know absolutely nothing about, take the adequate time it takes to learn any business and then are thrown on their asses when short term goals aren’t met. I’ve seen it time and time again.

      In fact most of the large companies that are featured over and over on the Consumerist suffer from this very issue. A management that has no idea what it takes to be on the ground level, the frustration it brings on those employees, and in the end the lack of service or quality received by the customer.

  7. perruptor says:

    His best quote: “I sure as heck don’t need [the money].”

    Why can’t more extremely rich people think that way?

  8. BeyondtheTech says:

    For every one decent soul in an executive’s suit, there are thousands who would rip out and sell off your children’s organs just so they’d get a higher thread count for their bedsheets.