Howard Powerless: The Rise and Fall of the Howard Savings Bank - Hardcover

Luscombe, Paul A.

Hardcover

ISBN 10: 0970437218 ISBN 13: 9780970437211

Publisher: PAL Publishing, 2003

Synopsis

In December 1989, the Howard Saving Bank shocked the financial world when it reported that it expected to report a $63 million loss for 1989. Prior to the report, the bank had reported strong earnings every quarter since it went public in 1983. In 1982, the Howard Savings Bank elected a chief executive officer, Donald McCormick. Howard Powerless tells the story of the years leading up the McCormick administration.

About this title

Synopsis

"Howard Powerless" tells the story of the years leading up to the McCormick administration. The key executives were John Kress and Murray Forbes, depicted as "benevolent despots" who encouraged a comfortable working environment. The Howard was the envy of the other NJ banks as the ideal place to work. But this "laid back manner" plus some awkward attempts at transferring power may have set the bank up to be "used" by the abuse of power. Such contentment undoubtedly led to the Board of Directors being lulled into a sense of security. Enter McCormick. Exit the Howard Bank.

Edition details

• Publisher: PAL Publishing
• Publication date: 2003
• Language: English
• ISBN 10: 0970437218
• ISBN 13: 9780970437211
• Binding: Hardcover
• Number of pages: 238