Billionaire Roland Arnall, who created the subprime mortgage industry that caused thousands of homeowners to lose their homes, died last week at age 68. His wealth also made him a top contributor to President Bush and then Ambassador to the Netherlands.
Arnall gave me my first job while I was still in graduate school. He was both the most brilliant and brutal businessperson I have ever met. Working for him had to be 100 times worse than attending military boot camp. I lasted almost five years and learned more than any MBA program could teach me. But I also learned to treat people ethically and with kindness, something I saw lacking in Arnall.
Despite his cutthroat work ethic, Arnall was beyond generous. During his lifetime, he gave away literally tens of millions of dollars to worthy causes, usually with no fanfare. He also gave to individuals in need who found their way to his office and were never turned away empty handed.
Not surprisingly, every obituary of Arnall includes discussion of Ameriquest, his subprime mortgage company that was targeted several times by the U.S. government for unscrupulous lending practices, and fined to the tune of $325 million dollars. Most obits brushed over his philanthropy while focusing on his subprime industry involvement.
I knew Roland when he was a mere millionaire and not a billionaire. Back then, he lived very well being worth $300 million or so. But I guess it wasn't enough. He aspired to amass a true fortune of $1.5 billion and succeeded when he got involved in the sleazy subprime lending business.
As a result, his legacy is one of greed and not deed, despite all the good he did in his lifetime.
Was it worth it Roland?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment