Miami banker gives $60 million of his own to employees
source: http://www.miamiherald.com/news/miami-dade/story/904842.html
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- gooma2
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And then there's Leonard Abess Jr.
After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds -- $60 million out of his own pocket -- and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers on the staff received bonuses, and he even tracked down 72 former employees so they could share in the windfall.
For longtime employees, the bonus -- based on years of service -- amounted to tens of thousands of dollars, and in some cases, more than $100,000.
At a time when financial titans are being paraded before Congress to explain how they blew billions on executives' bonuses even as they received a taxpayer bailout, the big-hearted banker's selfless deed stands out.
''I retired seven years ago, and all of a sudden I get this wonderful letter and phone call,'' said Evelyn J. Budde, who spent 43 years at City National Bank of Florida, rising to vice president.
''I was shocked,'' said William Perry. In 43 ½ the years at City National, he climbed from janitor to vice president. Like many longtime City National employees, he forged an unbreakable bond with the bank that continued into retirement. Perry returns regularly for the annual employees' dinner.
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. He was inundated with letters soon afterward.
Asked later what motivated him, Abess said he had long dreamed of a way to reward employees. He had been thinking of creating an employee stock option plan before he decided to sell the bank.
''Those people who joined me and stayed with me at the bank with no promise of equity -- I always thought some day I'm going to surprise them,'' he said. ``I sure as heck don't need [the money].''
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bj300533
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this dudes' awesome!
- 3 years ago
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bj300533
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Madhatter244
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Thank you ! Leonard Abess Jr.
This action you have taken gives me a glimmer of hope that humanity still exists. - 3 years ago
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Madhatter244
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TheNome
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Glad to see there are some good people in my city.
- 3 years ago
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TheNome
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picKFishStudios
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and I thought I had an awesome boss!!!!!
- 3 years ago
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picKFishStudios
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kennymotown
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Reminds of the guy who sold his company and as severance he gave every employee a million bucks a few years ago.
- 3 years ago
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kennymotown
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SHAWN_RITTIMAN
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Nice post!
- 3 years ago
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SHAWN_RITTIMAN
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sueathome
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What a blessed man! What could he do to feel any better in life? Blessings to you Leonard Abess Jr
- 3 years ago
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sueathome
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quixotic12
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Yay! I have some faith in humanity again.
- 3 years ago
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quixotic12
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CiiMONSTR
- This comment was removed by its owner.
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CiiMONSTR
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Timmit
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great story and post
- 3 years ago
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Timmit
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MissG
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There can be some benevolence in capitalism. Investing in the hard work, loyalty and dedication of employees is part of improving and innovating industry!
- 3 years ago
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MissG
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JusGottaMakeIt09
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he's seems like a pretty cool guy.. NOt many people would give up their money to others that way.
- 3 years ago
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JusGottaMakeIt09
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MarcialCZ
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That's a banker I would trust.
- 3 years ago
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MarcialCZ
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aDREWh
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Finally a corporate exec that dosn't rip off his employees. I say this guy needs a giant pat on the back. It's one thing to help people but it is quite another when you do it and don't tell anybody. That says a lot of good things about this guys character.
- 3 years ago
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aDREWh
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maisry
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Wonderful example!
- 3 years ago
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maisry
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rubycon40
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very nice gesture,,and he can obviosly afford it ,,,,,,,all the best to him and a very good way to get the best out of your employess in this finacial crisis,,,,,,,,,,,,
- 3 years ago
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rubycon40
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tootersmoocher
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class act.
- 3 years ago
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tootersmoocher
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squiggysmom
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If you look in the dictionary, this is the face you will see next to the word "righteous". I love you Leonard Abess, Jr. And, to all those very, very lucky employees I send out a big Wahoooooooo!
- 3 years ago
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squiggysmom
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simplecj
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This is just awesome!! Too bad more of these fat cats aren't willing to share the profits and stockpiles, especially when times are bad.
- 3 years ago
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simplecj
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diabolical44
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good for him, but it wasn't rightfully his own anyways. executives wouldn't have a single penny if it wasn't for the labor of the little guys
- 3 years ago
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diabolical44
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quixotic12
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diabolical44:
Yeah but technically he could've kept it for himself. So I'd say that's pretty damn generous.
- 3 years ago
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quixotic12
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Ihatethemall
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diabolical44:
you fool, That man worked for what he has. Didn;t you read the story. he worked there as a janitor when he started. he worked his way up the ladder to get where he was. to say it wasnt his is bullshit. Notice how he gave out money to people based on their years of service. see what happens when you work for a living. Good things happen to you.
- 3 years ago
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Ihatethemall
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stmonkey
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this man needs to be invited to the white house and made an example of what good people do.
- 3 years ago
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stmonkey
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TexasHorns1126
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One of these guys is finally doing something noble instead of lobbying for bailout money to they can get their multi-million dollar salaries and bonuses. Way to go.
- 3 years ago
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TexasHorns1126
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bishopobispo
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Someone give this man a cabinet position stat!
- 3 years ago
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bishopobispo
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JeremyRobert
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Please do your part if you are in the states.
Please be a part of the solution with not just your words or in some cases negativity.
You can make a difference.. Contact your local congressman (In the states) and forward this article.
Most Americans would not have as much problem with the bail out if the executives would lend there own savings to the their company's as well. And do not loan if they do not. It is this simple. Right???
Come on everybody Please do this.
Above is the link to find your local representive.
The key is to send this idea to everyone in your addresse book.
Please do this...If you are busy do it while you are eating your lunch.
I promise it will make you feel better.
Thanks everyone.
- 3 years ago
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JeremyRobert
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gracetruth
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Amen, and I say, Amen!
- 3 years ago
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gracetruth
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pissedoffinarkansas
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Actually I believe there are a lot of people out there like this.
The difference is their wealth is limited and so accordingly is their ability to influence events.Now I know some will argue that you can write to congress, start a boycott or protest but without funding these ideas go nowhere.
What we need is someone of means to get out front and be a patriotic progressive and lead us to change.The more I see of Obama the less I see progressive change.
- 3 years ago
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pissedoffinarkansas
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gracetruth
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If every bank executive in the US would do the same, viola!, a stimulus plan in action.
- 3 years ago
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gracetruth
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lordsbassman
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gracetruth:
haha, right!
- 3 years ago
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lordsbassman
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Liquidsoul
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See how nice it is when everyone benefits. This shows you just how greedy wallstreet and GM are. This man gets my vote for man of the year. 99.9% of all corporations are greedy and would never do such a thing.
- 3 years ago
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Liquidsoul
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dmass5
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we need more people like him in this country.
not neccessarily handing out millions of dollars but the same humane spirit that our society has seemed to throw out long ago
- 3 years ago
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dmass5
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pinkerbelle
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this is so kind of him!
It makes me happy to hear things like this. It re-affirms the fact that people aren't just looking out for themselves during a crisis!
- 3 years ago
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pinkerbelle
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ii386
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He must be really well off if he "sure as heck" doesn't need 60 million dollars. Damn, I can't even imagine $100,000.
- 3 years ago
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ii386
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VTJimO
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ii386:
Just think, you could get another boob-job!
- 3 years ago
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VTJimO
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uppityprogressive
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Cudos to the wealthy man who doesn't feel he needs it all. Congratulations to all those workers who never expected to see such a windfall in their lives. Nice!
- 3 years ago
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uppityprogressive
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SW2
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Finally someone who gives me belief in the human spirit!
- 3 years ago
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SW2