Wednesday, February 25, 2009

Miami banker lavishes $60M on his employees

"At a time when bankers are being pilloried on Capitol Hill as heartless and greedy, Leonard Abess Jr. stands apart."

"After selling his bank for a fortune last fall, he quietly handed out $60 million in bonuses from his own pocket - and not just to top executives. In all, 471 employees and retirees, including tellers, clerks and secretaries, were rewarded, receiving an average of about $127,000 each."

"I think everybody was surprised. But knowing Leonard, the type of person he is, I can believe him giving it away," said retiree William Perry, who spent 43 years at City National Bank of Florida, rising from janitor to vice president. Perry, 78, got $50,000, which he is using to help his son pay for law school."

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