Advertisement
YOU ARE HERE: LAT HomeCollections

Hired Wrong Chief

April 26, 1987

Victor F. Zonana's very fine article concerning the model that Seafirst Corp. has set for BankAmerica ("Seafirst Comeback Offers Model for Rescuer B of A," March 29) mainly indicates that Zonana is far too diplomatic.

From the article itself, it is completely apparent that B of A already had a magnificent bank manager in the organization when the board of directors decided to bring back A. W. Clausen to head the parent company.

Richard P. Cooley, Seafirst's chairman, has a longstanding record of banking excellence. Clausen, on the other hand, did nothing notable during his prior term with B of A, other than approve huge foreign loans that are now turning sour. And a financial writer has described Clausen's stewardship at the World Bank as "less than distinguished."

Maybe there is something to the charge that Clausen came back to B of A because of his old cronies on the board. For the benefit of all concerned, why shouldn't Cooley and Clausen swap jobs?

W. D. MURPHY

Canoga Park

Advertisement
Los Angeles Times Articles
|
|
|