Herbert Sandler: Difference between revisions
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'''Herb Sandler''', together with his wife [[Marion Sandler]], is the co-founder and co-chief executive of [[Golden West|Golden West Financial Corp.]] in [[Oakland, California|Oakland]], the parent company of [[World Savings Bank]], one of the US's largest savings and loans with assets of almost $80 billion, deposits of $46 billion and 9,300 employees as of [[November 30]], [[2003]]. |
'''Herb Sandler''', together with his wife [[Marion Sandler]], is the co-founder and co-chief executive of [[Golden West|Golden West Financial Corp.]] in [[Oakland, California|Oakland]], the parent company of [[World Savings Bank]], one of the US's largest savings and loans with assets of almost $80 billion, deposits of $46 billion and 9,300 employees as of [[November 30]], [[2003]]. |
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| ⚫ | Golden West, which operates 477 offices in 38 states including [[California]], is also one of the largest residential lenders in the [[United States]], originating $25.1 billion of mortgages during the first nine months of 2003 and almost $27 billion in 2002. Under the Sandler's management, Golden West generated a 20 percent average annual compound growth over a 35-year period. This prompted Jason Jennings, author of "Less is More" to describe their company as "one of the most efficient and productive money machines on the planet".<ref>[http://www.amazon.com/Less-More-Jason-Jennings/dp/1591840309 "Less is More'']</ref> |
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The Sandlers are known for their thriftiness as business managers. In an interview in 2002, Marion Sandler explained why the company has no receptionist at its executive offices:<ref>[http://www.bizjournals.com/sanfrancisco/stories/2002/12/23/tidbits.html ''Author gets money's worth from tight-lipped bankers'']</ref> |
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<blockquote>"I can't imagine paying someone to sit out there all day doing nothing but smiling and greeting people."</blockquote> |
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In May, 2006, Herb announced that [[Wachovia Bank]] would acquire Golden West. This merger was completed in October 2006. Herb's last day at Golden West was February 2007. Herb and Marion are now attempting to give away the billion dollars that they made from Golden West. |
In May, 2006, Herb announced that [[Wachovia Bank]] would acquire Golden West. This merger was completed in October 2006. Herb's last day at Golden West was February 2007. Herb and Marion are now attempting to give away the billion dollars that they made from Golden West. |
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Revision as of 15:11, 21 November 2007
Herb Sandler, together with his wife Marion Sandler, is the co-founder and co-chief executive of Golden West Financial Corp. in Oakland, the parent company of World Savings Bank, one of the US's largest savings and loans with assets of almost $80 billion, deposits of $46 billion and 9,300 employees as of November 30, 2003.
The Sandlers were married in 1961 and purchased Golden West in 1963.
Golden West, which operates 477 offices in 38 states including California, is also one of the largest residential lenders in the United States, originating $25.1 billion of mortgages during the first nine months of 2003 and almost $27 billion in 2002. Under the Sandler's management, Golden West generated a 20 percent average annual compound growth over a 35-year period. This prompted Jason Jennings, author of "Less is More" to describe their company as "one of the most efficient and productive money machines on the planet".[1]
The Sandlers are known for their thriftiness as business managers. In an interview in 2002, Marion Sandler explained why the company has no receptionist at its executive offices:[2]
"I can't imagine paying someone to sit out there all day doing nothing but smiling and greeting people."
In May, 2006, Herb announced that Wachovia Bank would acquire Golden West. This merger was completed in October 2006. Herb's last day at Golden West was February 2007. Herb and Marion are now attempting to give away the billion dollars that they made from Golden West.
Democratic activism
According to New York Times reporter Matt Bai, the Sandlers, along with Democratic donors George Soros and Peter Lewis established America Votes "to coordinate various get-out-the-vote drives during the 2004 election". The Sandlers also sent their son-in-law, Steven Phillips, as their representative to the October 2005 meeting of the Democracy Alliance at the Chateau Elan near Atlanta, Georgia.[3]
The Sandlers also donated $2.5 million to Moveon.org.