Hired Wrong Chief
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Victor F. Zonana’s very fine article concerning the model that Seafirst Corp. has set for BankAmerica (“Seafirst Comeback Offers Model for Rescuer B of A,” March 29) mainly indicates that Zonana is far too diplomatic.
From the article itself, it is completely apparent that B of A already had a magnificent bank manager in the organization when the board of directors decided to bring back A. W. Clausen to head the parent company.
Richard P. Cooley, Seafirst’s chairman, has a longstanding record of banking excellence. Clausen, on the other hand, did nothing notable during his prior term with B of A, other than approve huge foreign loans that are now turning sour. And a financial writer has described Clausen’s stewardship at the World Bank as “less than distinguished.”
Maybe there is something to the charge that Clausen came back to B of A because of his old cronies on the board. For the benefit of all concerned, why shouldn’t Cooley and Clausen swap jobs?
W. D. MURPHY
Canoga Park
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