FDIC claims Lynnwood bank CEO bullied board over pay

Our news partner, The Seattle Times, reports that a lawsuit by regulators against the founder and former chief of City Bank, Conrad Hanson, paints him as bullying the board of directors into paying him sky-high bonuses before the Lynnwood bank’s 2010 failure.

For 2006, he proposed a $1.6 million cash bonus on top of a $600,000 salary, according to a $41 million negligence lawsuit the Federal Deposit Insurance Corp. filed last Monday.

“Let’s Cut To The Chase!” Hanson wrote in a September 2006 email to the board, according to the suit. “If the group thinks my request and recommendation are inappropriate for any reason, I’M PREPARED TO STEP DOWN!”

Read the story here.


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