Herbert Sandler
Herb Sandler, together with his wife Marion Sandler, co-founded 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. 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 were 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. Mr. Sandler's last day at Golden West was February 2007.
Political activism
The Sandlers gave 17,422,751 shares of Golden West Financial Corporation stock worth $1.3-billion to the Sandler Family Supporting Foundation in 2006.[3]
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.[4]