People & Places

Comments (0)

Best Citizen Miami 2009 - Leonard Abess

Leonard Abess ain't your typical banker. This past February, after selling his majority stake in City National Bancshares for $927 million to Spanish bank Caja Madrid, he doled out $60 million in bonuses to all his staff and 72 former employees. First, he made an online video explaining the windfall buyout of the company. A few days later, clerks distributed details of the sums deposited in the staff's payroll accounts. Abess didn't show up in person, announce his generosity to the media, or actively seek the attention his gesture provoked. But once the media found out about it and seized on the story like a pack of hungry vultures, he did the rounds and granted interviews. He explained his good deed thusly: "I just wanted to reward my employees." Abess started his career as a worker in the bank print shop, making forms and documents. He advanced through the ranks and eventually bought City National off the auction block at bankruptcy court, where it ended up after mismanagement by coffee kingpin turned escaped convict Alberto Duque. Abess developed the bank from $400 million in assets to $2.75 billion. "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." Abess, thanks for being so filthy rich that giving away $60 million is nothing to you. Next time, double it.

My Voice Nation Help
0 comments
Sort: Newest | Oldest
Loading...