TellMeYouLoveMe said:
Quote:
But if someone wants to say that Ron is a bad guy because he was the CFO of a failed thrift in 2008, I do not believe that is accurate or fair.
Two questions:
1) If that were true, why didn't ALL the banks in the industry fail? His job was to be the leader of the organization, did he do that?
2) Would you or Ron be as forgiving if it was your employee that lost $3 billion? Why is that standard different from what you're asking? Does that sound hypocritical to you?
We replaced one shady hustler with another. Baylor needs a housecleaning
I'm not here to defend Ron Murff. He was in leadership roles at both BU and GB which both had major institutional failings, and that looks terrible on the surface. However, just a few FACTS to add to the discussion:
- He was not CFO of Guaranty Bank. He was never CFO of Guaranty Bank.
- He was CFO of Guaranty Financial Services which was Guaranty Bank, Guaranty Insurance, & Guaranty Residential Lending.
- I don't know exact date but pretty sure he was done with that role by 2005 - 2006.
- I'm sure he was involved in the purchase of the mortgage backed securities (which were all Triple A rated), but there's no way in hell he was the sole decision maker.
- Those securities had to be purchased as Guaranty Residential Lending ceased operations around 2005 or so and without GB being able to purchase the originated mortgages from GRL they had to purchase the mortgage backed securities to fulfill requirements of thrift charter.
- Ron Murff did not run GRL into the ground. That was some other moron that mis-managed a mortgage origination company at a time when every other mortgage originator was printing money.
- Murff's last few years ('05 or '06 through '09) were spent as president of the retail bank of Guaranty Bank. If you know anything about Guaranty Bank (which you obviously don't based on reading your comments here), you'd know that the president of the retail bank at GB held ZERO sway over anything. GB was a commercial bank run by the commercial side of things (interim construction lending & residential construction lending). The retail bank consisted only of 100 banking centers in Texas & California. It held about $11B in deposits.
Again, not defending the man as he held high level positions presiding over failures at BU and at Guaranty, but this stupid narrative that he ran a $17B (asset-size) bank into the ground by himself is crazy.
It reminds me of the narrative that Briles "knew" Sam U had beat up his girlfriend at Boise when he accepted his transfer. That narrative was repeated so many times it became fact, even though our friends Paula and Mark said in their stupid book that that narrative was total BS. But it was repeated over and over and is generally accepted to be factual now. It drives me crazy when people say that Murff ran a $17B bank into the ground by himself. The guy obviously has his faults but good Lord this is a stupid narrative.