(nearly) Dead Bank Walking Passing through the expanding 1980s threat of Latin American ....

by Smith, Robert

• ISBN13: 9798350916379
• ISBN10: 8350916370
• Format: Paperback
• Copyright: 2023-11-06
• Publisher: BookBaby
• More Book Details
• Purchase Benefits

Summary

This short story explores the actions of Security Pacific Bank, the U.S. Government, politicians, regulatory officials, and many major U.S. banks and bankers in the 1970s and 80s as they dealt with economic disruptions in Latin America (Mexico, Central America, and South America). The threatening matters, actions and decisions of this period seriously impacted economic stability throughout the Americas and nearly collapsed the U.S. Banking System. Of specific note is what took place at Security Pacific, and its efforts to avoid collapse. This period and its difficulties are commonly referred to as the LDC Debt crisis.
These troubles resulted from U.S. bank financing, including Security Pacific, of numerous growth and infrastructure projects throughout Latin American. This was a time in which the environment and leadership in many of these countries began drifting toward Communist or Socialist leadership and policies. Of particular concern during this period were the political change and events taking place in Latin America and the longstanding and ongoing threats and influence emerging from communist Cuba.
The book explains the causes and effects of the crisis as well as its ultimate cost to the banking industry. The store takes the reader through trips to Latin American, often humorous situations plus stressful personal encounters with Latin American leaders. The meetings include times spent with both Chilean dictator General Augusto Pinochet and Mexican billionaire Carlos Slim. The writing also details how the strategic plan of Security Pacific Bank's select workout team and their creation of debt for equity swaps resulting in exceptional returns. It also explains how Chile and its economic leaders, called the "Chicago Boys," plus our Chilean Security Pacific team made recovery from this difficult situation possible.

Author Biography

Robert Smith advanced from a training program teller to become Chief Executive Officer, over his 30-year career with Security Pacific Bank. During this time the banking enterprise grew to become the fifth largest U.S. bank, untile he directed the bank's combination with Bank of America in 1992. After his retirement he formed and investment banking firm and later as community bank in Orange Country, California. Following these successful ventures he bagan writing about banking, leadership, religion and a journaling guide for the elderly. He has penned seven books led by Dead Bank Walking, his chronicle of the events surrounding his bank's troubled times and eventual merger. He holds and undergraduate degree from the Univerisity of Southern California and a Juris doctor in law from Van Norman University. Among other educational actovotoes he attended the Advanced Management and Leadership program at Oxford University following his extended career in banking and finance. During his extended career he had served on several corporate and charitable boards including six NYSE companies.