A SilverDoctors Exclusive:
I thought I would opine on JS Kim’s recent SD editorial- Breaking Bad With Big Bank CEO’s. You’ve probably read Kim’s work. Many like us lived what he has spoken of in this and other essays. In my experience, what JS Kim writes is very accurate.
I was mid level corporate officer; my name on the annual report; top salesman 4 years; the 4th largest shareholder of the bank, right behind the President, Chairman of the Board and a private investor.
We could have coined the term ’Muppets’ when referring to our clients. I never recall a single client referred to in a positive manner.
The only thought was how to extract the maximum yield without killing the herd. One stated policy was called “Bump Rate”.
Senior officers referred to that policy when renewing lines of credit. The loan officers jacked the rate when renewing a credit line, knowing that the client would accept that rather than move his accounts.
Many of our office meetings resembled a cross between a carney barker shilling cheap thrills rides and Torquemada questioning his victims.
We hit our clients with the highest rates possible when originating loans. The Preferred Lender Program was our tool to get the deal through underwriting and closed before a competitor was able to reach into our pockets and take the client.
The snarling and gnashing of teeth of bankers fighting over their prey made resembled hyenas going after a wildebeast.
I thought I would opine on JS Kim’s recent SD editorial- Breaking Bad With Big Bank CEO’s. You’ve probably read Kim’s work. Many like us lived what he has spoken of in this and other essays.
That might have disturbed the order of things. LOL