Dead Bank Walking: One Gutsy Bank's Struggle for Survival and the Merger That Changed Banking Forever
Author: Robert H. Smith, Michael K. Crowley
List Price: $27.95
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ISBN: 1886939330
Publisher: Oakhill Press (01 January, 2000)
Sales Rank: 32,326
Average Customer Rating: 4.21 out of 5
Customer Reviews
Rating: 5 out of 5
To Speak the Unspeakable
That "Dead Bank Walking" has re-ignited debate on mergers and, in some cases, reopened old wounds, is a testament to its penchant for paring close to the bone. It is almost sacrilege for the chairman of a huge corporation to confess that when the chips are down shareholders are more important than employees. I am by no means an apologist for mass layoffs, but as an attorney I appreciate how rare it is for an executive to state what is harsh but truthful: That executive management has a legal fiduciary obligation to the shareholders of a corporation, and that this factor plays the key role in any decision to merge. Mr. Smith resoundingly makes his argument that Security Pacific Bank had no serious alternative--an ugly truth, but a truth nonetheless. This is the first time I have seen a CEO admit the un-admittable with conviction, humility, and some measure of self-rapprochment. Mr. Smith obviously regrets that he and BofA Chair Richard Rosenberg had to lay off so many employees--I read between the lines and sensed he is haunted by it--but is honest and courageous enough to say it was the right solution to an insurmountable problem. Readers who prefer the sugar-coated version are advised to steer clear of "Dead Bank." But for those in search of authenticity and clarification, this book is quite simply a revelation.In my estimation Chairman Smith has little to gain and much to lose by writing this book; it is the type of book a CEO never writes. A CEO is supposed to go off quiety to his corner with his golden parachute and never be heard from again. The style and fecundity of the writing is evidence of how important it was to Smith to relate this story and engage readers without condescension. The prose is vital but comprehensible. Any literate individual will immediately understand the momentous issues at stake. Smith manages to find humor in unlikely places. I have read a number of CEO manuscripts that never made the cut to published works and I can attest not only to the fact that Smith is an unusually adept author, but how rare indeed it is for an executive to be able to express himself in words to the degree that they provoke a heartfelt emotional response in the reader. I applaud the writing of this book and hope that it inspires other high level executives to speak the unspeakable.
Rating: 5 out of 5
A timely business book
I bought this book because it looked like a people-book about big deals and mergers and I was surprised by how gripping it was. It is also extremely funny. It is not like any other business book I have ever read. I came away with a sense of the participants as people. It is also well written. The first half of the book is about how Security Pacific got into trouble with banking regulators and some famous dealers like Trump and Peter Uebberoth. This part of the book is fast and hilarious and fascinating. The second half is about the merger of Security Pacific and Bank of America,and here the story really took focus and became quite intense. I can't remember getting so emotionally involved in a story about business. I would recommend this book to anyone interested in business and banking--especially if you are sick of books promoting companies that masquerade as business stories.
Rating: 5 out of 5
Everything you never knew about M&A
Dead Bank Walking gives a very candid and sobering insight into the merging of two banking bohemoths: Security Pacific and Bank of America. People who choose to purchase this book will be thrust into a world of high stakes finance, replete with sometimes brutally honest depictions of the people involved in one the biggest banking mergers in history. Mr. Smith holds nothing back and does a brilliant job of placing the reader directly in the line of fire...basically, in his shoes! His narrative is very descriptive and positively enthralling. Although armed with a seemingly unending supply of wacky characters (including downright white-collar criminals, pompous executives and bloated know-it-all middle managers), Smith avoids the easy way out of making this a diatribe of how unfairly he was treated, rather he takes great pains to illustrate the personal sacrifices others were forced to make in the best interest of the shareholders. Unfortunately, this places the author in an extremely difficult position and what transpires is nothing short of miraculous.
This book is an absolute nail-biter that will surprise you. You definitely would not expect this from a book about "some bank merger that happened 10 years ago out in California." If you work in the business world, especially in the banking industry, you must read this work of passionate dedication and self-sacrifice. The book's in-your-face comments and insight, peppered with self-depricating wit, will make you forget you're reading a book about "business," making it read more like a Oliver Stone screenplay. Similar Products
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