Financial titans today are being brought before Congress to explain how they spent billions on executives’ bonuses even as they received a taxpayer bailout. Perhaps that’s why there’s been little media attention about Leonard Abess Jr.
After selling Miami-based City National Bancshares recently, he took $60 million out of his own pocket and handed it to his tellers, bookkeepers, clerks, everyone on the payroll. All 400 staff members received bonuses, and he even tracked down 72 former employees so they could share in the windfall.
The bonus—based on years of service—amounted to tens of thousands of dollars, and in some cases, more than $100,000.
‘'I was shocked,‘’ William Perry told the Miami Herald. In 43 years at City National, he climbed from janitor to vice president.
Abess didn’t publicize what he had done. He didn’t even show up at the bank to bask in his employees’ gratitude on the day the bonus envelopes were distributed. Asked later what motivated him, Abess said he had long dreamed of a way to reward employees.
Abess’ father founded City National in 1946. Abess Jr. started his career in the bank’s print shop. Working his way up the ladder gave him an appreciation for the role that employees play in the success of an enterprise. “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.‘’
That quote from Mr. Abess may be the most profound thing I’ve ever heard a president say.
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