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:
“Whether lawyer, politician or executive, the American who knows what’s good for his career seeks an institutional rather than an individual identity. He becomes the man from NBC or IBM. The institutional imprint furnishes him with pension, meaning, proofs of existence. A man without a company name is a man without a country.”
—Lewis H. Lapham (b. 1935)
“The 19-year-old Diana ... decided to make her career that of wife. Today that can be a very, very iffy line of work.... And what sometimes happens to the women who pursue it is the best argument imaginable for teaching girls that they should always be able to take care of themselves.”
—Anna Quindlen (b. 1952)
“What exacerbates the strain in the working class is the absence of money to pay for services they need, economic insecurity, poor daycare, and lack of dignity and boredom in each partner’s job. What exacerbates it in upper-middle class is the instability of paid help and the enormous demands of the career system in which both partners become willing believers. But the tug between traditional and egalitarian models of marriage runs from top to bottom of the class ladder.”
—Arlie Hochschild (20th century)