Customer Reviews

Dead Bank Walking: One Gutsy Bank's Struggle For Survival And The Merger That Changed Banking Forever

5 star:		(13)
4 star:		(1)
3 star:		(2)
2 star:		(2)
1 star:		(1)

 

 

I was there during the period of this book, at a lower level of Security Pacific. I found the book almost unbelievably exciting and scary. It explains much about what was happening to the "troops" that we could not understand. Smith did a good job of keeping the true problems away from all of us, including employees and the public, as he no doubt had to in order for the merger to succeed. All in all, anyone with any interest in banking and finance should find this an exciting and informative book.

Having read other books (Den of Thieves, Barbarians at the Gate, etc.) written on some of the other deals which took place in the late eighties and early nineties, I was looking forward to something similar with "Dead Bank Walking."

While the book certainly delivers an informative account of Security Pacific's rise and eventual merger with Bank of America, it also offers the perspective of one of the deal's main decision makers. Instead of the 'Monday Morning Quarterback' approach of most business retrospectives, Smith offers the reader the opportunity to understand all of the factors which influenced this mega-merger and the eventual aftermath.

I'd recommend this book to anyone involved in the financial services industry or considering a career in finance.

That "Dead Bank Walking" has re-ignited debate on mergers and, in some cases, reopened old wounds, is a testament to its penchant for paring close to the bone. It is almost sacrilege for the chairman of a huge corporation to confess that when the chips are down shareholders are more important than employees. I am by no means an apologist for mass layoffs, but as an attorney I appreciate how rare it is for an executive to state what is harsh but truthful: That executive management has a legal fiduciary obligation to the shareholders of a corporation, and that this factor plays the key role in any decision to merge. Mr. Smith resoundingly makes his argument that Security Pacific Bank had no serious alternative--an ugly truth, but a truth nonetheless. This is the first time I have seen a CEO admit the un-admittable with conviction, humility, and some measure of self-rapprochment. Mr. Smith obviously regrets that he and BofA Chair Richard Rosenberg had to lay off so many employees--I read between the lines and sensed he is haunted by it--but is honest and courageous enough to say it was the right solution to an insurmountable problem. Readers who prefer the sugar-coated version are advised to steer clear of "Dead Bank." But for those in search of authenticity and clarification, this book is quite simply a revelation.

In my estimation Chairman Smith has little to gain and much to lose by writing this book; it is the type of book a CEO never writes. A CEO is supposed to go off quiety to his corner with his golden parachute and never be heard from again. The style and fecundity of the writing is evidence of how important it was to Smith to relate this story and engage readers without condescension. The prose is vital but comprehensible. Any literate individual will immediately understand the momentous issues at stake. Smith manages to find humor in unlikely places. I have read a number of CEO manuscripts that never made the cut to published works and I can attest not only to the fact that Smith is an unusually adept author, but how rare indeed it is for an executive to be able to express himself in words to the degree that they provoke a heartfelt emotional response in the reader. I applaud the writing of this book and hope that it inspires other high level executives to speak the unspeakable.

I bought this book because it looked like a people-book about big deals and mergers and I was surprised by how gripping it was. It is also extremely funny. It is not like any other business book I have ever read. I came away with a sense of the participants as people. It is also well written. The first half of the book is about how Security Pacific got into trouble with banking regulators and some famous dealers like Trump and Peter Uebberoth. This part of the book is fast and hilarious and fascinating. The second half is about the merger of Security Pacific and Bank of America,and here the story really took focus and became quite intense. I can't remember getting so emotionally involved in a story about business. I would recommend this book to anyone interested in business and banking--especially if you are sick of books promoting companies that masquerade as business stories.

3-1/2 stars.

Mainly of interest to people employed in the banking/financial services industry, especially those with some connection to Bank of America or Security Pacific - like me. Don't imagine this book would thrill the average reader; agree with comment that potential buyers should wait for the book to end up in the bargain bin.

This book caught my attention in the first few pages, then held it throughout. I found every element one might expect in a great read, except sex. I found myself hating the villans and cheering the good guys through the struggle. Great intrigue about power struggles in the banking industry and with government regulators. As I moved through the book, I was eager to finish work each evening so I could reward myself with another chapter of Dead Bank Walking.

One-third an attempt at executive character rehabilitation in the best PR-spin fashion, one-third an attempt at "it wasn't our fault" based on the SODDI (Some Other Dude Did It) defense, and one-third "mea culpa" for the wrongs that we committed by others.

Mildly amusing as an historical recollection of events during trying times, but even better as an insight into the "gentleman's club" that was banking.

It's all here: the arrogance, the posturing and the inability to listen to those subordinates who clearly sounded the alarms before the iceberg was struck.

Bottom-line: wait for the book's appearance on the remainder table at $1.99 and congratulate yourself on being fiscally responsible enought to evaluate the contents based on the reviews.

Dead Bank Walking is a fascinating account of the rise and demise of a stalwart California Bank. Smith's narration is personal, and it eloquently captures the excess and arrogance that accompanied big business in the 80's. More importantly, it brings the complexity of senior management decision making to life by providing the content and detail required for the reader to effectively walk in the shoes of this aggressive CEO. Smith takes you inside the emotional roller-coaster of his mega-merger. From the comedic meetings with the period's renegade personalities to the devastating effects FIRREA's fine print had on Security Pacific's solvency, this book is a great read. You won't put it down!

It's been 6 years since this book was published, and I finally felt compelled to read it. I started at Security Pacific in 1984 and worked in Security Pacific's Community Relations department for 8 years working my way up the corporate ladder to Vice President at SPC's headquarters building in Los Angeles. I also held a similar Public Relations position in the "New BofA" and relocated my family from LA to San Francisco in 1992. I worked for BofA in SF until the year 2000. When NationsBank bought BofA in 1998, I was offered a job in Charlotte, NC. I chose not to relocate to Charlotte and I left BofA in 2000.

In my Community Relations position, I had access and worked with Bob Smith, Dick Rosenberg, Dave Coulter, and Hugh McColl. Many of you from the SPC/BofA family will disagree with me because you want to "point fingers" at someone for the sale of SPC to BofA in 1992 and the sale of the ol' BofA to NationsBank in 1998. But, let me tell you, Bob Smith at SPC and Dave Coulter at BofA were the BEST CEO's to work for. They cared about the company, the employees, the community, and the shareholders. Bob Smith and Dave Coulter are leaders who I admire. I watched all four of these CEO's closely "in front of the cameras" and "behind the scenes." I would want my teenage children to live the values of Bob Smith and Dave Coulter. Bob and Dave taught me valuable life-long lessons. As for Dick and Hugh...

It's been 14 years since the merger. If you ever worked at SPC -- or if you worked at BofA in the 1980's or 1990's - READ THIS BOOK!

I enjoyed the book thoroughly. The unique writing style helped. It reads like a novel but, contains research data that makes it "an education."

I have no concept as to what it would be like to be on either side of the deal. However, I was impressed by Robert Smith's approach to objectivity and it took a great deal of courage to reveal some of the facts and make some of the statements which are part of the work.

I have recommended the book to several of my clients and I look forward to receiving "feedback" from them.

One more thing - despite the many intrigues and complexity of data, the book is remarkably easy to read.