Sunday, May 14, 2006

Capitalists of the week: Herbert and Marion Sandler

In 1963 Herbert and Marion Sandler bought a California thrift for $3.8 million called Golden West Financial. They nurtured it for 43 years and this week the Oakland-based company agreed to sell itself to Wachovia Bank in a $25 billion cash and stock deal.

Herbert and Marion Sandler are this week's Capitalists of the Week, hands down.
Marion, 75, and Herbert, 74, share the title of co-chief executive at Golden West. Both said they believe they made the right decision to relinquish their ownership and control of Golden West.

"We feel good about Wachovia," Marion Sandler said. "They are a good company. It is an amazing cultural fit. They are employee-oriented. Their benefits package is even better than ours. They understand customer service. They are very philanthropic and community-oriented."
Congratulations, Herbert and Marion!

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