WEATHER »

Service Schmervice


I was shocked early this week to see our Board of Supervisors honoring a onetime local bank for 50 years of service. The former Santa Barbara National Bank, then Santa Barbara Bank & Trust, now Union Bank owned by Japanese investors, was founded by honest local lawyers who did a superb job until the talent ran thin and Ed Birch and George Leis, both with minimal experience, took over management.

Mistakes were the rule, and eventually the $35 stock was valued less than a dollar! All-night negotiations with a Texas investor were catastrophic for local investors, and eventually he sold to Japanese investors. Local investors who had been loyal to the bank lost close to a billion dollars — many their life savings! Local media ignored the crisis.

How can county government honor the bozos who were responsible for this fiasco and are still running the show?



event calendar sponsored by: