Good News


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Posted on Wed, Feb. 25, 2009

Leonard Abess Jr., the Miami banker who quietly gave $60 million of his own money to his loyal staff, was hailed Tuesday night by President Barack Obama as a symbol of hope in uncertain times.

''In my life, I have also learned that hope is found in unlikely places; that inspiration often comes not from those with the most power or celebrity, but from the dreams and aspirations of ordinary Americans who are anything but ordinary,'' Obama said to a joint session of Congress as Abess watched. He was seated with first lady Michelle Obama.

''I think about Leonard Abess, the bank president from Miami who reportedly cashed out of his company, took a $60 million bonus, and gave it out to all 399 people who worked for him, plus another 72 who used to work for him,'' Obama said.

'He didn't tell anyone, but when the local newspaper found out, he simply said, `I knew some of these people since I was 7 years old. I didn't feel right getting the money myself.' ''

The chamber rose to its feet in applause, and Abess flashed Obama a thumbs-up.

Joining Abess in the first lady's box, Geneva Lawson, a 51-year employee at City National Bank of Florida, and one of the 471 staffers stunned by their boss' largess.

In a telephone interview from Washington, before his national television debut, Abess told The Miami Herald he felt humbled and ''more than a little nervous'' about all the attention he is getting.

Abess, 60, gave out the hefty bonuses last November after selling a majority stake in City National Bancshares. He made no effort to attract public attention to his generosity. His story became public this month only after he mentioned it offhandedly in an interview with The Herald.

''Those people who joined me and stayed with me at the bank with no promise of equity -- I always thought some day I'm going to surprise them,'' he said. ``I sure as heck don't need [the money].''

Abess' story -- coming at a time when bankers are under widespread criticism for greed and recklessness -- was picked up or followed by numerous media outlets around the world, including in Brazil, Great Britain, Poland, Italy, Mexico, France and Hong Kong. And it earned him and Lawson the prime seats at the speech, and a pre-speech reception.

Obama himself decried some of the practices in his speech. ''This time, CEOs won't be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet,'' he said. ``Those days are over.''

In exchange for an 83 percent stake in the business, the Spanish bank Caja Madrid paid $927 million in November. Abess retained a minority share and is still chief executive officer at City National.