Dead Bank Walking

This book caught my attention in the first few pages, then held it throughout. I found every element one might expect in a great read, except sex. I found myself hating the villans and cheering the good guys through the struggle. Great intrigue about power struggles in the banking industry and with government regulators. As I moved through the book, I was eager to finish work each evening so I could reward myself with another chapter of Dead Bank Walking.

That "Dead Bank Walking" has re-ignited debate on mergers and, in some cases, reopened old wounds, is a testament to its penchant for paring close to the bone. It is almost sacrilege for the chairman of a huge corporation to confess that when the chips are down shareholders are more important than employees. I am by no means an apologist for mass layoffs, but as an attorney I appreciate how rare it is for an executive to state what is harsh but truthful: That executive management has a legal fiduciary obligation to the shareholders of a corporation, and that this factor plays the key role in any decision to merge. Mr. Smith resoundingly makes his argument that Security Pacific Bank had no serious alternative--an ugly truth, but a truth nonetheless. This is the first time I have seen a CEO admit the un-admittable with conviction, humility, and some measure of self-rapprochment. Mr. Smith obviously regrets that he and BofA Chair Richard Rosenberg had to lay off so many employees--I read between the lines and sensed he is haunted by it--but is honest and courageous enough to say it was the right solution to an insurmountable problem. Readers who prefer the sugar-coated version are advised to steer clear of "Dead Bank." But for those in search of authenticity and clarification, this book is quite simply a revelation.In my estimation Chairman Smith has little to gain and much to lose by writing this book; it is the type of book a CEO never writes. A CEO is supposed to go off quiety to his corner with his golden parachute and never be heard from again. The style and fecundity of the writing is evidence of how important it was to Smith to relate this story and engage readers without condescension. The prose is vital but comprehensible. Any literate individual will immediately understand the momentous issues at stake. Smith manages to find humor in unlikely places. I have read a number of CEO manuscripts that never made the cut to published works and I can attest not only to the fact that Smith is an unusually adept author, but how rare indeed it is for an executive to be able to express himself in words to the degree that they provoke a heartfelt emotional response in the reader. I applaud the writing of this book and hope that it inspires other high level executives to speak the unspeakable.

Having read other books (Den of Thieves, Barbarians at the Gate, etc.) written on some of the other deals which took place in the late eighties and early nineties, I was looking forward to something similar with "Dead Bank Walking."While the book certainly delivers an informative account of Security Pacific's rise and eventual merger with Bank of America, it also offers the perspective of one of the deal's main decision makers. Instead of the 'Monday Morning Quarterback' approach of most business retrospectives, Smith offers the reader the opportunity to understand all of the factors which influenced this mega-merger and the eventual aftermath. I'd recommend this book to anyone involved in the financial services industry or considering a career in finance.

I bought this book because it looked like a people-book about big deals and mergers and I was surprised by how gripping it was. It is also extremely funny. It is not like any other business book I have ever read. I came away with a sense of the participants as people. It is also well written. The first half of the book is about how Security Pacific got into trouble with banking regulators and some famous dealers like Trump and Peter Uebberoth. This part of the book is fast and hilarious and fascinating. The second half is about the merger of Security Pacific and Bank of America,and here the story really took focus and became quite intense. I can't remember getting so emotionally involved in a story about business. I would recommend this book to anyone interested in business and banking--especially if you are sick of books promoting companies that masquerade as business stories.