The Spirit of Generosity

Now this is a nice story. It's a real antidote to the excessive amounts of greed and selfishness which seems to pervade this country.

This guy, Leonard Abess, Jr., was mentioned in President Obama's (I just love saying that) speech to Congress last night, because he gave away $60 million of his own money to his employees recently. I had not heard a word about this until last night. It just confirms that our media prefers to dwell on the BAD news.

You just KNOW this guy is a Democrat, or at least NOT a Republican, because there is simply NO WAY a Republican would EVER conceive of doing this. If I'm wrong, I'll be pleasantly surprised.

Miami banker who gave away $60 million gets front-row seat to Obama speech

From left, Joyce Andrews, Peggy Foulkes, Jack LaMont, Leonard Abess Jr., Virgina Dunn, Linda Naueton, Carleatha Barbarby and Shirley Taylor surround their boss Leonard Abess Jr, CEO of City National Bank. Abess gave $60 million to employees after selling the bank to a Spanish bank.
CHARLES TRAINOR JR / MIAMI HERALD

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BY MARTHA BRANNIGAN AND LESLEY CLARK

WASHINGTON -- Leonard Abess Jr., the Miami banker who quietly gave $60 million of his own money to his loyal staff of 399 current and 72 former workers, plans this evening to be watching President Barack Obama's speech to a joint session of Congress from first lady Michelle Obama's box.

Geneva Lawson, a 51-year employee at City National Bank of Florida, also will join the first lady for the speech. Lawson, the safe-deposit custodian at the Miami Beach branch, is among the 471 staffers and former staffers who were stunned by their boss' largess.

In a telephone interview from Washington, D.C., Tuesday afternoon, Abess told The Miami Herald he feels humbled and ''more than a little nervous'' about all the attention he is getting.

Abess said he and Lawson are scheduled to go to the White House at 7 p.m. ''They said there will be a reception, and a bus will take us over'' [for Obama's speech to the joint session of Congress.]

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

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 the chief executive officer at City National.

The original story is here. Way to go, Leo!