Career
In 1963, the Sandlers created Golden West Financial Corporation, a savings and loan holding company, to acquire Golden West Savings and Loan Association, the predecessor to World Savings Bank. Since that time, Golden West grew into one of the largest thrifts in the U.S. with assets of approximately $125 billion, deposits of $60 billion, and 12,000 employees. Under the Sandlers' management, Golden West generated a 19 percent average annual compound growth in earnings per share over a 39 year period. The company was described as "one of the most efficient and productive money machines on the planet", and was included 10 times in Fortune magazine's annual list of the United States' most admired companies. The Sandlers were also named "2004 CEOs of the Year" by Morningstar, Inc.
Sandler graduated from the City College of New York in 1951, and from Columbia Law School in 1954.
Golden West was sold in 2006 for $24 billion to Wachovia Bank and the acquisition was completed in October 2006. The Sandlers owned about 10% of the company at the time of the sale, making their share of the sale price worth about $2.4 billion. Of this the Sandlers gave $1.3 billion to the Sandler Foundation.
Read more about this topic: Herbert Sandler
Famous quotes containing the word career:
“A black boxer’s career is the perfect metaphor for the career of a black male. Every day is like being in the gym, sparring with impersonal opponents as one faces the rudeness and hostility that a black male must confront in the United States, where he is the object of both fear and fascination.”
—Ishmael Reed (b. 1938)
“Like the old soldier of the ballad, I now close my military career and just fade away, an old soldier who tried to do his duty as God gave him the light to see that duty. Goodbye.”
—Douglas MacArthur (1880–1964)
““Never hug and kiss your children! Mother love may make your children’s infancy unhappy and prevent them from pursuing a career or getting married!” That’s total hogwash, of course. But it shows on extreme example of what state-of-the-art “scientific” parenting was supposed to be in early twentieth-century America. After all, that was the heyday of efficiency experts, time-and-motion studies, and the like.”
—Lawrence Kutner (20th century)