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Share the Wealth with Bank Employees


Open Letter to George Leis, president and chief operating officer of Santa Barbara Bank & Trust.

As a customer of Santa Barbara Bank & Trust I would like to make a suggestion regarding the Union Bank takeover.

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From what I have discovered, SBBT had been in trouble and was restored to a healthy state under the tutelage of some Texan financiers. I congratulate them on their ability and its resulting good fortune.

At the same time I would like to implant the following notion. Without the SBBT employees the great success realized would not have been possible. Therefore, my suggestion is that the Texan financiers reward each SBBT employee with a bonus in the spirit of sharing some reasonable part of the great profits reaped.

This would be a very healthy measure to take to reestablish a healthier more reasonable, more democratic form of capitalism – and just plain decent!

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It could probably be calculated in a way to cost the selling owners very little with a considerable savings in taxes.

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As an example, if the profit has been great perhaps 10% of the net profit be designated as a bonus to be distributed among SBBT employees and that would become an expense lowering the profit and thereby lowering the pending taxes.

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> There is no law demanding this action. Nevertheless, it will be a great boon to American capitalism to demonstrate to all that the financially powerful are concerned with a reasonable share for their employees when there is a great success as in the case of SBBT.

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Thank you for your consideration in this matter.

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