Citing a desire to reward his employees, a Miami banker doled out $60 million in bonuses to all staffers and even some retirees after he sold a majority stake in the company for close to $1 billion.
Especially coming at a time when financial leaders are being publicly chastised for rewarding executives even as their institutions lost billions of dollars, the move by Leonard Abess Jr. caused many jaws to drop. The board chairman and CEO of Miami-based City National Bancshares said by way of explanation: “I sure as heck don’t need (the money).”
Why the boss from heaven? Because he didn’t need to do it, because he didn’t impoverish himself by doing it, and because he hardly was going to be getting anything back from it.
I like the style.
Hat tip to TLG for that one. I think she likes it when I post the occasional nice story. That said, I think she also likes it when I post my usual vitriol. It means that she doesn’t have to listen to as much of it in person…